Advantages and Disadvantages of Trusts Columbus OH

Before you set up a trust, find out if there are any advantages or disadvantages that may affect your decision.

Local Companies

Polaris Financial Services
614-264-3864
7129 Hilmar DR
Westerville, OH
Financial COMFORT Consulting, LLC
614-595-0784
P O Box 751
Brice, OH
Wellman Tax & Business Advisors, Inc.
614-991-5107
5650 Blazer Pkwy
Dublin, OH
AmerAssist
(702)9975446
8415 Pulsar Pl
Columbus, NV
Chase
(614) 263-7911
3655 N High St
Columbus, OH
U S Bank
(614) 885-6620
7832 Olentangy River Rd
Columbus, OH
Natcity Investments
(614) 445-3720
3735 S High St
Columbus, OH
Keybank
(614) 761-2522
7460 Sawmill Rd
Columbus, OH
Huntington National Bank
(440) 324-2999
7 Easton Oval
Columbus, OH
Fifth Third Bank
(614) 262-4888
3407 Cleveland Ave
Columbus, OH

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Before you set up a trust, find out if there are any advantages or disadvantages that may affect your decision.

  • Advantages of a trust
  • Are there any disadvantages of a trust?

Advantages of a trust

A living trust sounds a lot like a will. What are the advantages of a living trust over a simple will?

The biggest advantage of the living trust is that any property transferred to the trust during your lifetime will pass directly to your beneficiaries. The trust property will not have to go through a probate court. The advantages of avoiding probate are that:

(1) no probate fees are due on property passing outside of probate;
(2) the property will pass immediately to the beneficiaries; and
(3) the terms of the trust remain private.

Keep in mind that property disposed of by will passes through probate and is therefore subject to probate fees and the delays normally associated with probate. Furthermore, when a will is probated, it becomes a public document that can be obtained and read by anyone.

A trust is also a good way to make gifts to minor children or to provide for the care of elderly parents. It is also used by people getting on in years who are concerned with their own possible future incapacity.

Are there any disadvantages of a trust?

Aside from the need to draft a trust document and then transfer assets to the trust, there are no serious drawbacks to creating a living trust and placing the bulk of your property in the trust.


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Featured Local Company

Polaris Financial Services

614-264-3864
7129 Hilmar DR
Westerville, OH
www.columbusfinancial planningpros.com

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