Trusts in Westerville, Ohio

Simplify Asset Distribution Through Trusts

Creating trusts can help you secure your assets, ensure the well-being of your loved ones, and achieve your long-term financial goals. However, the process can be complex, and it’s crucial to ensure that your trust is established, managed, and administered in compliance with Ohio’s legal requirements. To help you make informed decisions and effectively navigate Ohio’s trust landscape, our Westerville trust attorney is here to guide you every step of the way.

Quick Summary:

In this article, we will discuss the nature of trusts, various types, the benefits they bring, and the complexities of trust creation and management.

  • Defining Trusts and Their Use: A trust document outlines terms and conditions for managing and distributing trust assets, which can include various types of property. It is a legal tool for distributing property privately, potentially minimizing estate costs and avoiding probate.
  • Benefits of Trusts: Trusts can avoid probate, reduce estate taxes, preserve confidentiality, and offer asset protection. They provide control over asset distribution and asset management, ensuring your wishes are followed.
  • Types of Trusts: Common types of trusts include revocable trusts, irrevocable trusts, testamentary trusts, and special needs trusts.
  • Setting Up a Trust in Ohio: Creating trusts in Ohio requires adherence to state-specific legal requirements and a thorough understanding of trust types.
  • The Role of an Estate Planning Lawyer: Our Westerville trust attorney will guide you through the entire process, ensuring compliance with Ohio’s legal requirements.

If you’re considering creating a trust in Ohio or need assistance with an existing trust, our Ohio estate planning lawyers at the Law Office of David Bale are here to help. We provide comprehensive legal services for trusts in Ohio, tailored to meet your specific needs and goals. Schedule a free consultation with us today to learn more about your estate planning options in Ohio.

Defining Trusts and When They Can Be Used

A trust is an estate planning tool that can potentially minimize estate costs and distribute property to beneficiaries outside of probate court, as a private transaction. Under trust distributions of property, a third party, called a trustee, holds assets for beneficiaries. The trustee is responsible for distributing assets to the beneficiaries according to the directions in the trust.

A trust agreement or document is a legal document that outlines the terms and conditions of the trust, specifying how the trust assets will be managed and distributed. The assets transferred into the trust by the grantor may include real estate, investments, bank accounts, personal property, or any other valuable items. 

Benefits of Trusts

A trust is a versatile and valuable legal tool with numerous advantages for individuals and families in estate planning and wealth management. By creating a trust, you can achieve several key benefits that help protect your assets, streamline the transfer of wealth, and provide for your loved ones. Here are some of the primary advantages of establishing a trust:

Avoid Probate

Some trusts are not subject to probate court. For these trusts, the trust beneficiaries can receive the assets quicker, cheaper, and more privately than through a will. Probate can be time-consuming, costly, and subject to public scrutiny, but assets in a trust can be distributed to beneficiaries more quickly and privately. The advantages of these trusts include fewer court fees and reduced expenses.

Estate Tax Planning

Trusts are powerful tools for minimizing estate taxes. Various types of trusts can help reduce the tax liability of your estate, allowing more of your assets to pass to your beneficiaries.


Unlike wills, which become part of the public record during the probate process, the terms and details of a trust remain private. Creating a trust allows you to keep your financial affairs confidential and out of the public eye.

Asset Protection

Certain types of trusts, such as irrevocable trusts, offer strong asset protection. Trusts can help you ensure proper management of life needs if there is an incompetency of a beneficiary and distribution to beneficiaries at the end of life. These can shield your assets from creditors, lawsuits, and other legal claims, ensuring that your wealth is preserved for your intended beneficiaries.

Control Over Asset Distribution

Trusts give you greater control over how your assets are distributed to beneficiaries. You can specify when and under what conditions beneficiaries receive their inheritances. Trusts can protect your estate from financial mismanagement by your beneficiaries.


Revocable living trusts provide flexibility during your lifetime. You can amend, revoke, or make changes to the trust’s terms as circumstances evolve.

Types of Trusts

Several different types of trusts can be structured to serve a variety of purposes. The two primary distinctions involve revocable and irrevocable trusts.

Revocable Trust

A revocable trust is also sometimes referred to as a living trust or an “inter vivos trust”. The grantor(s) usually retain control over the trust assets during their lifetimes. They can dissolve the trust at any time if their circumstances or wishes change, or sell and control all the assets during their life if they are competent. 

The grantor is typically named the trustee, but provision is made for a successor trustee in the event of death or incapacity. The assets of a revocable trust may pass without probate if the trust owns the assets or they are outside of the probate court’s assets. A revocable trust normally is considered irrevocable upon the death of the grantor.

Irrevocable Trust

An irrevocable trust transfers the assets out of the grantor’s estate during their lifetime. This can be beneficial if the grantor’s goal is to reduce potential estate taxes and limit tax liability on income generated by trust assets during their lifetime. 

An irrevocable trust may also protect estate assets in the event of a legal judgment against the grantor or a beneficiary. The grantor loses control of the assets once the irrevocable trust is established subject to some exceptions, and the trust cannot be altered or dissolved.

Testamentary Trust

A testamentary trust is created within a person’s will and only takes effect upon the grantor’s death. These trusts are often used to provide for the ongoing financial needs of minor children, and individuals with special needs, or to distribute assets to beneficiaries gradually.

Special Needs Trust

Special needs trusts are designed to benefit individuals with disabilities while preserving their eligibility for government assistance programs. These trusts allow individuals to receive financial support without disqualifying them from Medicaid or Supplemental Security Income (SSI).

State laws and personal goals help determine which type of trust is most appropriate for a given situation. Anyone seeking to establish a trust should speak with our Westerville trust attorney with estate planning experience to discuss their options. Please feel free to contact The Law Office of David G. Bale today if you have any questions about whether this option is right for you and your family!

Setting Up a Trust in Ohio

Creating a trust in Ohio involves several steps and requires careful consideration of your specific goals and circumstances. Here’s a general outline of how to create a trust in Ohio:

1. Determine Your Objectives

Before you start, it is advisable to assess and identify your financial and estate planning goals. Consider what assets you want to place in the trust, who the beneficiaries will be, and when and how you want your assets distributed.

2. Select a Trust Type

Determine the type of trust that best suits your needs. Common types include revocable living trusts, irrevocable trusts, testamentary trusts, special needs trusts, and more. Your choice will depend on your objectives.

3. Choose a Trustee

Select a trustee to manage the trust and carry out your instructions. The trustee can be yourself, a family member, a friend, or a professional trustee. Ensure the trustee is trustworthy and understands their responsibilities.

4. Create the Trust Document

Our Westerville trust attorney will help you draft the trust document based on your instructions. The document outlines the terms and conditions of the trust, designates the beneficiaries, specifies how assets should be managed, and details the trustee’s responsibilities.

5. Sign the Trust Document

Once the trust document is prepared, review it carefully, and sign it in the presence of a notary public. Your attorney will guide you through this process and ensure that the document is executed correctly.

The Role of an Estate Planning Lawyer in Creating Trusts in Ohio

Creating a trust is a critical step in estate planning, which is why it’s essential to have our Westerville trust attorney by your side, especially when navigating the complex legal landscape of trusts in Ohio. We will ensure that your trust complies with the current statutes, preventing potential legal issues in the future. We will help you make informed decisions about funding the trust, selecting a trustee, and determining the most tax-efficient strategies to achieve your goals.

At the Law Office of David Bale, we understand the unique challenges and opportunities you face when it comes to protecting your assets and ensuring your wishes are carried out. Our estate planning law firm is committed to providing tailored solutions that align with your goals and protect your financial legacy. Don’t leave your estate planning to chance—schedule a free consultation with us now to start your path toward comprehensive and secure estate planning in Westerville, Ohio.

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