Trusts Attorney In Cuyahoga Falls

A trust has more power than any other kind of document in an estate plan. It allows you to control basically anything about the treatment of your assets, “who, what, where and how.” The only limits on what a trust can do is what you want to accomplish with one, and that’s where we come in.

At Legacy Law Firm, LLC, led by trust attorney Andrew Popp, we help people in the Greater Akron-Canton area including Cuyahoga Falls, Hudson, Stow and Peninsula with estate planning and probate issues. With his experience working with trusts and his commitment to personalized attention and consideration, he makes our clients feel heard and valued. A trust is a smart choice for almost any asset protection situation, but they are challenging to get right without guidance.

What A Trust Can Do

Trusts are often used to avoid probate, protect assets from Medicaid and reduce tax consequences. However, there are further capabilities of a trust, such as controlling how assets are used, protecting an asset from irresponsible spending, providing for an incapacitated adult and designating funds for charity.

However, to get the right effect from your trust, you need to choose the right type of trust, such as:

• Spendthrift trusts
• Living trusts
• Revocable trusts
• Charitable trust
• Special needs trusts

There are many different types of trusts available under Ohio law. Andrew Popp will explain all the available options and help you craft the right trust for your situations.

How Trusts Work

A trust is not just a legal document. It is its own legal entity that holds funds and other assets for the use of other parties, who are called beneficiaries. Trusts are administered and maintained by one party – called the trustee – for the benefit of the beneficiaries.

As the person creating and funding the trust, you’re called the grantor. But you can set many conditions for the trustees as you create it. Once you’ve established your trust, it will have to follow whatever conditions you create for it. You retain control.

What Do You Want To Know?

In estate planning, trust creation is a major area that people struggle with understanding. We want to fix that by answering any questions you have, such as:

What is the difference between a will and a trust?

We went over what trusts are and how they’re created. A will is just a document. The assets of your estate remain in your possession and when you pass, the probate system moves to tax and resolve your estate and debts.

While your assets are in a trust, they are not in your estate. Those assets can forgo probate and avoid estate taxes.

Can I be the trustee of my own trust?

You absolutely can be a trustee of a trust you create, and this is often the case with Revocable Living Trusts. However, if you intend to use your trust as part of your estate plan, you will need to create a successor trustee or choose a different trustee entirely.

How do I choose the right type of trust?

Since there are so many types of trusts, it’s a conversation you need to have with an experienced attorney.

Call Us Today To Learn About Trusts

When you have dozens of options, Andrew Popp can be the trust attorney to guide you to the right choice. Call us today at 330-529-7070 or send an email using this online form.