Why I Often Recommend Living Trusts

It was the mid-1980s, and living trusts were a seldom-used estate-planning tool. While I was researching a case in Xenia, however, I discovered the living trust legal theory and immediately knew it could be the perfect solution for many individuals and couples.

Fast forward to today, when living trusts are a popular tool for lawyers when drafting estate plans. I am partly responsible for their popularity in Ohio, as I have spoken about their usefulness at legal and financial conferences in the Dayton area and throughout the state.

Why Living Trusts Are Powerful

Here is why I appreciated living trusts in the mid-1980s and why I still use them now:

  • Living trusts, also known as revocable living trusts, can help you avoid probate
  • With a living trust, you do not relinquish control of your assets
  • They can help to keep your affairs private
  • They can reduce taxes
  • They can help to eliminate family conflicts

While living trusts are a powerful tool, there is a downside: they are worthless if they are not written and constructed correctly; a poorly crafted living trust can send your estate directly to probate. I know this because in my probate administration practice, I routinely see living trusts that were poorly written and did not keep the estate out of probate.

Ohio's Frustrating Probate Laws

The state of Ohio has never adopted the Uniform Probate Code, which was completed in 1969 and was intended to be used in all 50 states. As a result, Ohio's probate process is famously time-consuming, expensive and frustrating.

That is why I work so hard to help my clients avoid probate. When I am the administrator for an estate that must go through probate, my vast experience with Ohio probate makes it possible to move it through probate as quickly and efficiently as possible.

How To Contact Me

Do you need an attorney for wills and trusts, will contests or estate and probate administration? Contact the office of David A. Haffey, Esq. LLC, in Beavercreek, Ohio. Call 937-705-5241 or contact me online.