Trusts are an important part of the estate planning services offered at Jonathan C. Turner Law Office, LLC. While a trust is not part of every estate plan, some individuals may benefit substantially from establishing one. Trust attorney Jonathan Turner works closely with estate planning clients to determine whether a trust may be advantageous. For clients who create a trust, he drafts customized legal documents that establish the trust consistent with the client’s objectives.
In advising clients on estate planning, Jon Turner provides individualized services based on the personal and financial circumstances of the client. He gets to know each client and understand their needs, goals, and wishes, before suggesting whether the client may benefit from including a trust in their estate plan.
Jon’s professional skill and personable manner immediately make clients comfortable. He is an attentive listener who always answers questions and addresses concerns. As part of his exclusive focus on estate planning, Jon establishes a close working relationship with each client, which builds the client’s confidence in his approach and skill. He communicates effectively and thoroughly, making certain that the client understands every part of their estate plan.
As a trust attorney, Jon explains how the client’s trust will work, what it accomplishes, and how it addresses the client’s goals. He meticulously drafts every trust document, to ensure that the trust serves the intended purposes and complies with all applicable federal and state laws.
A trust is a special type of legal arrangement in which a designated trustee holds, manages, and distributes the trust property to the named beneficiaries. Laws impose significant fiduciary duties on a trustee, to ensure that every trust is properly maintained and administered.
Creating a trust requires the grantor or settlor (person establishing the trust) to execute a complex legal document that establishes the arrangement, defines all the terms that apply to the management and distribution of assets, designates the trustee, and names the beneficiary or beneficiaries of the trust. After a trust is created, the trust also must be funded before it becomes effective. Trusts are funded in different ways, depending on the type of trust.
Control over distribution is a primary characteristic of a trust that distinguishes it from other types of property transfers during a person’s life or on death. When you set up a trust, the terms of the trust document control distribution of the trust assets and property. In contrast, if you use a will to distribute property, you cannot control the distribution or the use of the transferred asset. At the conclusion of probate of a will, a beneficiary receives full ownership of the gifted property and can use or dispose of it in any manner they choose.
The trust document governs the allowable purposes for distributions by the trustee, based on the grantor’s intentions. For example, a trust may include distributions that are age-based or used for specific reasons, such as education, healthcare or other life necessities, or life-enriching experiences like travel. The grantor may also control whether distributions are limited only to interest generated by the trust property or whether amounts from the trust principal are subject to distribution.
The unique characteristics of trusts make them a valuable tool in estate planning. A trust can achieve estate planning objectives that cannot be accomplished otherwise. However, it is essential to consult with an experienced trust attorney before you set up a trust. Attempting to establish a trust on your own using a form or online service to create a trust is a serious mistake. Using the do-it-yourself (DIY) approach to create a trust can have disastrous consequences.
There are many different types of trusts that serve a wide range of purposes. All trusts are characterized as revocable or irrevocable and as inter vivos (living) or testamentary.
As the term implies, a revocable trust can be changed or terminated by the grantor at any time. In contrast, an irrevocable trust, once established, cannot be changed or terminated by the grantor or anyone else, except that a court may modify an irrevocable trust under limited circumstances. Federal and state laws require some trusts to be irrevocable, because of the purposes the trusts serve.
An inter vivos or living trust is one established by the grantor during their lifetime. In contrast, a testamentary trust is one that the grantor creates to become effective only on the grantor’s death. An estate plan may include either a living trust or a testamentary trust, depending on the purpose of the trust and the grantor’s objectives.
As a trust attorney, Jon Turner helps clients determine whether they may benefit from setting up a trust and what type of trust best serves their objectives. Trusts can address a number of common estate planning concerns.
Avoiding probate of an estate is frequently an estate planning goal. If an estate does not have to go through the probate process, estate administration typically takes less time and costs less, beneficiaries receive property sooner, and the financial details of the estate remain private. Including a revocable living trust as part of an estate plan is one way to avoid probate. Guidance of an experienced trust attorney is essential if you wish to avoid probate by using a trust.
Individuals with minor or adult children and grandchildren may use an asset protection trust to secure their financial legacy for the next generations. A trust also may be used to protect the inheritance of a beneficiary who is not financially responsible or control distribution when there are other concerns about how a beneficiary may use an inheritance.
A trust can accomplish other important purposes as well. For example:
Specifically defined trusts may be used to minimize taxes and achieve other asset protection goals. In all cases, a trust must be precisely written and established to satisfy the applicable legal criteria. As a trust attorney, Jon Turner helps clients with all types of trusts.
Estate planning is not a one-size-fits-all process. In some situations, a trust can provide significant benefits. In other situations, a client’s estate planning goals can be accomplished without a trust.
To determine whether you can benefit from establishing a trust or whether an estate plan without a trust best serves your needs, it is crucial to talk with a knowledgeable trust attorney. When you count on Jon Turner for estate planning services, he gets to know you and understands your personal and financial circumstances and your goals before he recommends the most suitable structure for your estate plan.
Jon customizes your estate plan and recommends only the services you need. If a trust provides benefits as part of your estate plan, Jon explains how a trust can accomplish your objectives and ensures that you establish the right type of trust for your needs.
Jonathan C. Turner Law Office is conveniently located in Springboro, Ohio. Jon welcomes inquiries about trusts and estate planning from residents who live in Springboro and neighboring communities in Warren, Butler, and Montgomery Counties, including Centerville, Dayton, Franklin, Kettering, Lebanon, and Miamisburg. To schedule a consultation, please call 937-790-WILL or 937-790-9455, or use the online scheduling form.
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