Why A Trust Needs to Be Funded

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By Bethany Smith

Your trust has been signed so everything is now probated-protected and can be put in the drawer and forgotten – correct? False. This is one of the biggest misconceptions when it comes to the creation of a trust. A signed trust serves no purpose if there are no assets funded to it.When we talking about funding a trust what does that mean? Funding a trust involves retitling assets to the name of the trust in order to avoid probate. For example if a checking account is held in a your individual name with no beneficiaries identified, then it will have to go through the time consuming and sometimes expensive process of being probated with the court. However if the same account has been titled to your trust, then it will avoid probate and follow the distribution you set up in your trust.

Therefore if you have a trust it is important to remember when it comes to funding your trust is to properly title new assets to your trust so they are also protected from probate.

Leaving Money to Minors

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By Attorney Dan Vu

If you are a parent or a grandparent of a minor, and you wish to leave money to the minor, there are a few things you need to consider. First, a minor cannot manage their own inheritance. They will need a custodian or guardian appointed. If you have not chosen one, when the time comes, the courts will choose one for you. But like anything that goes through the court system, there are problems: you will likely end up paying a significant amount of attorney’s fees, and of course, the court-appointed guardian could end up being someone you would never have chosen. So if you wish to leave something to a minor, make sure you appoint the custodian that will manage the inheritance until the minor is of age. [Read more…]

Informational Elder Law Workshops Available Around Ohio

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By Lori McBride

In spite of the storms this winter, Attorneys Thom Cooper and Mitch Adel have been on the road, providing free informational workshops to seniors and their families throughout Ohio.

In February, we were in Ahsland, Clintonville, Frankfort, Greenfield, Westerville, Etna, Granville, Mount Gilead, Hilliard, Deleware, Upper Arlington, Urbana , Bellefontaine, Loveland, Milford, Spencerville and Cridersville.

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Do you need a Plan or Trust Review?

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By Bethany Smith

Many people believe that once their trust has been signed, they can place it somewhere for safe keeping and forget about it. That can be a costly misconception. Trusts are fluid documents, meaning they can be changed and should be kept updated. That is why at Cooper, Adel & Associates, our attorneys recommend a review of work done with our firm every three to five years.

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