Franklin Ohio Living Trust with Provisions for Disability

• Category: Trusts - Living Trusts
• State: Multi-State
• County: Franklin
• Control #: US-0651BG
• Format: Word; Rich Text

Description

A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust. A Franklin Ohio Living Trust with Provisions for Disability is a legal document that allows individuals to maintain control over their assets while providing for the possibility of disability or incapacity. This type of living trust helps ensure that an individual's financial affairs and personal care are managed according to their wishes, even if they become unable to make decisions for themselves. Key provisions in a Franklin Ohio Living Trust with Provisions for Disability may include: 1. Granter: The person creating the trust, also known as the settler or trust or. 2. Trustee: The individual or entity responsible for managing the trust assets on behalf of the granter, typically the granter themselves initially, and a successor trustee if the granter becomes disabled or incapacitated. 3. Beneficiaries: Individuals or entities who will inherit or receive benefits from the trust, either during the granter's lifetime or upon their disability or passing. 4. Disability Provision: A clause that outlines the process and requirements for determining the granter's disability or incapacity, which triggers the activation of the provisions in the trust. 5. Successor Trustee: A designated individual or institution who takes over the management of the trust if the granter becomes disabled or incapacitated. This trustee should be someone trusted and capable of making important financial and personal care decisions on the granter's behalf. 6. Power of Attorney: The trust may allow the trustee or another appointed individual to make legal, financial, and healthcare decisions for the granter, ensuring that their wishes are respected even if they cannot express them directly. 7. Distribution of Assets: The trust can outline how the granter's assets will be managed and distributed during their disability, and how they will be distributed upon their passing. This provision ensures that the granter's estate plan is followed and minimizes potential disputes among beneficiaries. Different types of Franklin Ohio Living Trust with Provisions for Disability may include: 1. Revocable Living Trust with Disability Provisions: This type of trust can be modified or revoked by the granter until their disability or incapacity occurs. It provides flexibility and control over assets while offering protection in case of disability. 2. Irrevocable Living Trust with Disability Provisions: Unlike a revocable trust, an irrevocable trust cannot be changed or revoked once established. This type of trust may be used to protect assets from potential creditors or for tax planning purposes while still accounting for provisions for disability. 3. Special Needs Trust: This specific trust is designed for individuals with disabilities who may depend on government benefits. It allows assets to be held in trust and used to supplement government assistance without jeopardizing eligibility. In summary, a Franklin Ohio Living Trust with Provisions for Disability is a comprehensive legal document that ensures an individual's assets are managed and their wishes are followed in case of disability or incapacity. Different types of living trusts may be suitable depending on the specific goals and circumstances of the granter. It is advisable to consult an experienced attorney specializing in estate planning to determine the most suitable trust for one's needs.

A Franklin Ohio Living Trust with Provisions for Disability is a legal document that allows individuals to maintain control over their assets while providing for the possibility of disability or incapacity. This type of living trust helps ensure that an individual's financial affairs and personal care are managed according to their wishes, even if they become unable to make decisions for themselves. Key provisions in a Franklin Ohio Living Trust with Provisions for Disability may include: 1. Granter: The person creating the trust, also known as the settler or trust or. 2. Trustee: The individual or entity responsible for managing the trust assets on behalf of the granter, typically the granter themselves initially, and a successor trustee if the granter becomes disabled or incapacitated. 3. Beneficiaries: Individuals or entities who will inherit or receive benefits from the trust, either during the granter's lifetime or upon their disability or passing. 4. Disability Provision: A clause that outlines the process and requirements for determining the granter's disability or incapacity, which triggers the activation of the provisions in the trust. 5. Successor Trustee: A designated individual or institution who takes over the management of the trust if the granter becomes disabled or incapacitated. This trustee should be someone trusted and capable of making important financial and personal care decisions on the granter's behalf. 6. Power of Attorney: The trust may allow the trustee or another appointed individual to make legal, financial, and healthcare decisions for the granter, ensuring that their wishes are respected even if they cannot express them directly. 7. Distribution of Assets: The trust can outline how the granter's assets will be managed and distributed during their disability, and how they will be distributed upon their passing. This provision ensures that the granter's estate plan is followed and minimizes potential disputes among beneficiaries. Different types of Franklin Ohio Living Trust with Provisions for Disability may include: 1. Revocable Living Trust with Disability Provisions: This type of trust can be modified or revoked by the granter until their disability or incapacity occurs. It provides flexibility and control over assets while offering protection in case of disability. 2. Irrevocable Living Trust with Disability Provisions: Unlike a revocable trust, an irrevocable trust cannot be changed or revoked once established. This type of trust may be used to protect assets from potential creditors or for tax planning purposes while still accounting for provisions for disability. 3. Special Needs Trust: This specific trust is designed for individuals with disabilities who may depend on government benefits. It allows assets to be held in trust and used to supplement government assistance without jeopardizing eligibility. In summary, a Franklin Ohio Living Trust with Provisions for Disability is a comprehensive legal document that ensures an individual's assets are managed and their wishes are followed in case of disability or incapacity. Different types of living trusts may be suitable depending on the specific goals and circumstances of the granter. It is advisable to consult an experienced attorney specializing in estate planning to determine the most suitable trust for one's needs.