Franklin Ohio Trust Agreement - Revocable - Multiple Trustees and Beneficiaries

• Category: Trusts - Revocable
• State: Multi-State
• County: Franklin
• Control #: US-00648-A
• Format: Word; Rich Text

Description

This is an agreement between grantor and trustees for the purpose of establishing a revocable trust. The agreement states that the trustees shall hold and administer the income and principle of the trust for the benefit of the grantors wife and child, and any other children of the grantor born after the execution of the agreement Franklin Ohio Trust Agreement Revocablebl— - Multiple Trustees and Beneficiaries is a legal document that establishes a trust in the state of Ohio. This agreement allows multiple trustees and beneficiaries to be involved in the management and distribution of assets within the trust. A revocable trust means that the person creating the trust, also known as the granter or settler, can make changes or even revoke the trust during their lifetime. This provides flexibility and control over the trust's assets. In Franklin Ohio, there are several types of trust agreements that fall under the category of Revocable — Multiple Trustees and Beneficiaries: 1. Family Trust: This type of trust agreement is commonly used by families to protect and distribute their wealth. It allows multiple family members to act as trustees and beneficiaries, ensuring that the trust assets are managed and preserved for the benefit of the family. 2. Charitable Trust: This trust agreement is designed for individuals or families who wish to support charitable causes. Multiple trustees and beneficiaries can be named to oversee the distribution of trust assets to chosen charitable organizations. 3. Special Needs Trust: A special needs trust is created to provide financial support for individuals with disabilities while preserving their eligibility for government benefits. Multiple trustees and beneficiaries can collaborate to ensure that the trust funds are used to enhance the quality of life for the individual with special needs. 4. Testamentary Trust: This type of trust agreement takes effect after the granter's death and is specified in their will. Multiple trustees and beneficiaries can be designated to manage and distribute the assets according to the granter's wishes. 5. Living Trust: A living trust, or inter vivos trust, is established during the granter's lifetime and can be revocable or irrevocable. If it's revocable, as in this case, multiple trustees and beneficiaries can be appointed to manage and benefit from the trust's assets while the granter is alive. Having a Franklin Ohio Trust Agreement Revocablebl— - Multiple Trustees and Beneficiaries in place allows individuals to ensure seamless management and distribution of their assets during their lifetime and beyond. It offers flexibility, control, and the opportunity to involve multiple individuals in the trust's administration, making it a versatile tool for estate planning and asset protection.

Franklin Ohio Trust Agreement Revocablebl— - Multiple Trustees and Beneficiaries is a legal document that establishes a trust in the state of Ohio. This agreement allows multiple trustees and beneficiaries to be involved in the management and distribution of assets within the trust. A revocable trust means that the person creating the trust, also known as the granter or settler, can make changes or even revoke the trust during their lifetime. This provides flexibility and control over the trust's assets. In Franklin Ohio, there are several types of trust agreements that fall under the category of Revocable — Multiple Trustees and Beneficiaries: 1. Family Trust: This type of trust agreement is commonly used by families to protect and distribute their wealth. It allows multiple family members to act as trustees and beneficiaries, ensuring that the trust assets are managed and preserved for the benefit of the family. 2. Charitable Trust: This trust agreement is designed for individuals or families who wish to support charitable causes. Multiple trustees and beneficiaries can be named to oversee the distribution of trust assets to chosen charitable organizations. 3. Special Needs Trust: A special needs trust is created to provide financial support for individuals with disabilities while preserving their eligibility for government benefits. Multiple trustees and beneficiaries can collaborate to ensure that the trust funds are used to enhance the quality of life for the individual with special needs. 4. Testamentary Trust: This type of trust agreement takes effect after the granter's death and is specified in their will. Multiple trustees and beneficiaries can be designated to manage and distribute the assets according to the granter's wishes. 5. Living Trust: A living trust, or inter vivos trust, is established during the granter's lifetime and can be revocable or irrevocable. If it's revocable, as in this case, multiple trustees and beneficiaries can be appointed to manage and benefit from the trust's assets while the granter is alive. Having a Franklin Ohio Trust Agreement Revocablebl— - Multiple Trustees and Beneficiaries in place allows individuals to ensure seamless management and distribution of their assets during their lifetime and beyond. It offers flexibility, control, and the opportunity to involve multiple individuals in the trust's administration, making it a versatile tool for estate planning and asset protection.