Ohio Trusts and Estates Attorney Alan J. Rapoport
Revocable Trusts ● Irrevocable Trusts ● Charitable Remainder Trusts
more than 35 years of experience Working to Preserve the Rights, the Independence, and the Dignity of Individuals.
Trusts are extremely useful estate planning tools available for estates of any size. There are many advantages to using trusts, including avoiding probate, gaining peace of mind, and creating a legacy for your heirs (spouse, children, or grandchildren), your favorite charity, or any other beneficiary of your choosing
For more information about using trusts as part of your estate plan, contact the law office of Ohio trusts and estates Alan J. Rapoport for a free consultation.
Cleveland, Ohio Trusts and Estates Attorney
Trust lawyer Alan J. Rapoport can help you with many types of trusts, including, but not limited to:
- Irrevocable and revocable trusts
- Living trusts
- Charitable remainder trusts
- Discretionary trusts
- Fixed trusts
- Special needs trusts
Selecting Your Trustee
When creating a trust, it's essential to choose a trustee who you truly expect to honor the terms of the trust and who is responsible enough to see that they are carried out. Ohio trusts and estates attorney Alan J. Rapoport is an AV-Rated attorney with over 35 years of experience drafting trusts, counseling trustees, and acting as a trustee himself.
What Does a Trustee Do?
Trusts are often favored as an estate planning tool because of their potential to minimize or delay estate / inheritance taxes and to allow a greater level of control over how one's assets are distributed after death, after the assets are placed in trust, or both.
- Beneficiary. A beneficiary is the entity for whom property is held in trust. A beneficiary can be a person, such as a husband, wife, son, daughter, or grandchild, or an organization, such as a charitable organization, a non-profit corporation, a church, or other religious organization.
- Settlor. The person who creates the trust is called the settlor. The settlor of a trust can dictate when and how trust assets, trust income, or both are to be managed and distributed to a beneficiary. For example, the settlor could include a provision in the trust directing the trustee to distribute the trust assets when the beneficiary reaches a certain age. Such provisions allow the settlor to prevent, the transfer of money, perhaps a large sum of money, to beneficiaries who are too young or too irresponsible to manage the money on their own.
- Trustee. The trustee is the person responsible for managing the trust in accordance with the settlor's instructions. For example, the trustee's responsibilities may include, but is not necessarily limited to, reinvesting income (if any) generated by the trust, protecting and preserving the assets of the trust, ensuring that the trust is utilized and maintained for the exclusive benefit of the beneficiary, and ensuring that trust property, trust income, or both are distributed in accordance with the settlor's wishes. If income generated by the trust assets, the assets themselves, or both, is intended to be paid out over a long period of time, the trustee is responsible for seeing that these payments are made in the correct amount and at the correct time.
- Fiduciary Duty. The trustee's responsibilities and obligations regarding the trust, including the trustee's general duty of "good faith" owed to the beneficiary, are often referred to as the trustee's fiduciary duty. For example, while the trustee controls the trust, that is, the trustee has "legal title" to the trust property, the fiduciary duty owed by the trustee to the beneficiary prevents the trustee from spending the trust property in any manner that is inconsistent with the purpose of the trust or as provided in the trust instrument.
Contact Ohio Trusts and Estates Attorney Alan J. Rapoport
For a free initial consultation to learn more about trusts, contact the law office of Alan J. Rapoport today.