Cleveland Living Trusts Attorney

Legal Services for Living Trusts in Cuyahoga, Lake, & Lorain Counties

A properly structured living trust serves as the anchor of a comprehensive estate plan, offering privacy, efficiency, and authority that a standard will cannot equal. Unlike a will, which becomes a public record subject to the delays of the probate court, a living trust enables the private transfer of assets immediately upon the death of the grantor. 

Law Offices of Daniel McGowan, LLC drafts comprehensive trust documents for clients throughout Northeast Ohio that strictly govern the preservation and distribution of wealth according to specific directives. We move beyond document generation to focus on successful implementation. A trust left unfunded remains a hollow shell. We guide clients through the critical process of transferring assets into the trust, verifying that the legal vehicle functions as intended when it matters most.

Call (216) 616-7592 or contact us online to schedule a consultation with a living trusts attorney in Cleveland today.

Bypassing Probate with a Living Trust

For many families, the Revocable Living Trust serves as the primary vehicle for estate planning. This instrument allows you, the "Grantor," to retain full authority over your assets during your lifetime: buying, selling, and spending remain unchanged. The legal distinction lies in titling assets in the name of the trust. Upon your passing, the "Successor Trustee" assumes authority to distribute assets to beneficiaries, bypassing court intervention.

We draft these instruments to address specific family dynamics. This involves creating sub-trusts for minor children to prevent them from receiving a lump sum at age 18 or establishing provisions for beneficiaries who struggle with financial management. The trust also mandates care protocols in the event of incapacity, authorizing your successor to manage expenses without the necessity of a public guardianship proceeding.

The Mechanics of Trust Funding

Trust funding (the process of legally transferring ownership of assets to the trust) is essential for the plan to function. We prepare the necessary deeds to transfer real estate in Cuyahoga, Lake, and Lorain Counties into the trust. This process involves drafting and recording a "Memorandum of Trust" (pursuant to Ohio Revised Code Section 5301.255) with the County Recorder, which provides public notice of the trustee's powers while maintaining the confidentiality of the specific details of the inheritance.

We provide specific directives for retitling bank accounts, brokerage portfolios, and business interests. We also advise on the complex interaction between trusts and retirement accounts (IRAs and 401(k)s), verifying that beneficiary designations are structured correctly to avoid the immediate income tax triggers associated with improper funding.

The Ohio Legacy Trust: Domestic Asset Protection

For clients in high-liability professions or those seeking to insulate assets from future creditors, we utilize the Ohio Legacy Trust under ORC Chapter 5816. This sophisticated "Domestic Asset Protection Trust" permits the grantor to shield assets from future lawsuits while retaining specific rights, such as receiving income or vetoing investment decisions.

Establishing a Legacy Trust requires strict adherence to statutory formalities, including the execution of a "Qualified Affidavit of Solvency" to demonstrate that the transfer is not fraudulent. We assess whether this advanced vehicle aligns with your financial profile and draft the instrument to withstand legal scrutiny, providing a fortified layer of security for your accumulated wealth.

Secure your assets and maintain your privacy. Call (216) 616-7592 or contact us online to consult with a Cleveland living trusts lawyer today.