Flynn, Py & Kruse
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trust & probate administration Archives

The primary differences between revocable and irrevocable trusts

When a person has financial stability, personal satisfaction and overall contentment with his or her life, it can be difficult to think about planning for the future. However, the more proactive people in Ohio are about creating a valid, customized and legal plan for their future, the more confidence they can have that things will be organized and understandable if anything were to ever happen to them.

Creating a living trust for the family home

Often, trusts are associated with significant assets, so people in Ohio who do not have financial wealth may think that their best estate planning option is a simple will. However, if they own a home, a living trust may be an excellent idea. 

What you need to know about probate in Ohio

At Flynn, Py & Kruse, we are aware of the many misconceptions about wills and probate that could confuse people in Ohio. In particular, you may have heard that it is important to "avoid probate." This advice is relevant in some circumstances, but the probate process does not always create cause for concern.

What does a will executor do?

If you are looking at creating your first will in Ohio or perhaps are planning to review and maybe update your existing will, it is important to be clear about what is required of the person who you will identify as the executor of your will. While many people may think the best person for this role is a spouse, adult child or other close relative, the decision about who to appoint as your will's executor should not be made on familial relation but on the skill and ability of the person.

What is a trust?

During your estate planning process in Ohio, you may be asked if you want to create a trust. According to The Motley Fool, a trust is basically an account set up for the benefit of someone else. It gets a little more complicated than that, though. Trusts usually have rules and guidelines. They also often have a trustee, who is appointed to manage the trust for the beneficiary.

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