Under the Ohio Trust Code, a revocable trust (sometimes also known as a “living trust”) is a trust that the grantor can amend (change) or revoke (cancel) during his or her lifetime. The grantor’s spouse or a trust company also often serves as trustee.
Is a trust better than a will in Ohio?
A living trust provides an important layer of privacy after your death. Unlike a will, a living trust does not become a public record. Unlike the beneficiaries of a will, the recipients of the property in a trust will not be liable for inheritance or estate tax.
Who is a beneficiary of a trust in Ohio?
“Beneficiary” does not include any charitable organization that is not expressly designated in the terms of the trust to receive distributions, but to whom the trustee may in its discretion make distributions.
Can a trustee revoke a trust in Ohio?
Probably. In Ohio, the trustee of a revocable trust has a duty only to the settlor (not to future beneficiaries), even if the settlor is incapacitated. Ohio law also states that if a person can revoke a trust only with another person’s consent, it is considered revocable if the person whose consent is necessary does not hold an adverse interest.
Who is a beneficiary surrogate in Ohio Revised Code?
(D) “Beneficiary surrogate” means a person, other than a trustee, designated by the settlor in the trust instrument to receive notices, information, and reports otherwise required to be provided to a current beneficiary under divisions (B) (8) and (9) of section 5801.04 of the Revised Code.
What is a special needs trust in Ohio?
Generally, parents, individuals with a disability, and lay people refer to any trust that protects a person’s eligibility for benefits as a “special needs trust.” However, the State of Ohio and its employees identify a “special needs trust” as a specific type of trust commonly called a “payback trust.”
