An advantage of an inter vivos revocable trust, which becomes irrevocable upon the settlor’s death, is that the trust typically avoids all probate court filings. However, the lack of filings with the probate court can also be a double-edged sword for trustees who wish for a swift absolution of all claims associated with an irrevocable trust’s administration in Ohio.
The Ohio State Bar Association (OSBA) recently approved a policy that will advocate for a change in Ohio law to provide finality outside of probate administrations. This proposed legislation should be of great interest to institutional trustees in the state.
My colleagues David Bloomfield and Elizabeth Arentz explain in this Porter Wright Law Alert.
