Understanding Trusts in Ohio: Revocable vs. Irrevocable & How They Protect Your Assets

When it comes to estate planning in Ohio, creating a trust is one of the most effective tools to protect your assets, avoid probate, and ensure a smooth transfer of wealth to your loved ones. But not all trusts are created equal—and knowing the difference between a revocable and an irrevocable trust can make a major impact on your financial future.

At SELPH LAW, we help Ohio families and individuals choose the right trust structure for their unique goals. Here’s what you need to know.

What Is a Trust?

A trust is a legal entity that holds and manages assets on behalf of a person or group (the beneficiaries). The person creating the trust (the grantor) appoints a trustee to manage those assets according to specific instructions.

✅ Trusts are powerful tools because they allow for:

Avoidance of probate

Privacy (unlike wills, trusts are not public record)

Asset protection

Efficient and controlled distribution of wealth

Revocable vs. Irrevocable Trusts: What’s the Difference?

Both types of trusts are valuable—but they serve different purposes.

🔁 Revocable Living Trust (aka Living Trust)

This is the most common type of trust used in estate planning.

Key Features:

You can change, update, or revoke it at any time while you’re alive.

You maintain control of the assets placed in the trust.

Assets pass to your beneficiaries without going through probate.

Ideal For:

People who want to retain flexibility

Those looking to avoid probate

Families with minor children or blended families

Downsides:

Offers limited protection from creditors

Included in your taxable estate

🔒 Irrevocable Trust

Once created, this type of trust cannot be changed (in most cases). You give up control of the assets, but gain significant legal and financial protection.

Key Features:

Assets are removed from your estate (reducing estate taxes)

Offers strong protection from lawsuits and creditors

Can help with Medicaid planning

Ideal For:

High-net-worth individuals

People wanting to protect assets from nursing home costs or lawsuits

Families seeking to minimize estate taxes

Downsides:

Less flexibility

Assets are no longer directly accessible by the grantor

What Can You Put Into a Trust?

Almost any type of asset can be transferred into a trust, including:

Real estate

Bank accounts and investments

Business interests

Life insurance policies

Personal property and valuables

✅ Pro Tip: Only assets titled in the name of the trust avoid probate. Funding your trust correctly is just as important as setting it up.

Benefits of Using a Trust in Your Estate Plan

Avoids probate (saving time and money)

Keeps your financial matters private

Reduces the risk of legal disputes among heirs

Allows for detailed, controlled distribution (e.g., staggered inheritance)

Protects beneficiaries with special needs

Shields wealth from creditors, lawsuits, or Medicaid claims (in irrevocable trusts)

How SELPH LAW Helps You Create the Right Trust

At SELPH LAW, we walk you through every option and design a custom trust that reflects your goals, assets, and family situation.

We help with:

Creating revocable or irrevocable trusts

Transferring and titling assets into the trust

Coordinating your trust with your will, POAs, and healthcare directives

Updating your estate plan as life changes

📞 Call (614)-453-0971 to schedule a personalized trust consultation today.

Final Thoughts: A Trust Is Protection You Can Put in Writing

Whether you’re focused on probate avoidance, asset protection, or long-term care planning, a properly designed trust gives you control, clarity, and peace of mind.

Let SELPH LAW help you protect what you’ve worked so hard to build.

Understanding Trusts in Ohio: Revocable vs. Irrevocable & How They Protect Your Assets

Understanding Trusts in Ohio: Revocable vs. Irrevocable & How They Protect Your Assets

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