Category: Guardianship

A Sharpened Tool

By Benjamin F. Farah
October 31, 2017 Category: Wills, Estate Planning, Guardianship, Transfers To Minors

Delaying the Distribution of Property to a Young Person A sharpened tool is available for those who want to delay the distribution of property to a beneficiary over age 21, but who do not want to incur the expense of setting up aTrust. While there are good reasons to set up a Trust, thanks to a change in Ohio law, a Trust is not the only way to delay distribution past 21. In Ohio, if a beneficiary is under 18 at the time property is to be distributed, that property is paid to a court appointed Guardian. Management of the property in aGuardianshipis under Court supervision. At age 18, the property in the Guardianship will be distributed to the beneficiary. In our Wills, we said that if a beneficiary is under 21 at the time he or she is to receive property, the property is to be distributed to a Custodian under the Ohio Transfer to Minors Act. This would tie the property up until age 21. Usually, an 18 year old beneficiary is less mature than a 21 year old. We have yet to find a client

Categories
Wills (2)
General (2)
Estate Planning (2)
Pets (1)
Guidance (1)
Probate (1)
Business Transactions (1)
Guardianship (1)
Transfers To Minors (1)
+ Show More

River Law Logo

We provide legal services to individuals and their businesses, primarily in the areas of Estate Planning (will, trusts, & powers of attorney), Probate, working with Small (closely held) Businesses, Medicaid Planning and Real Estate transactions.

Office Hours

Monday-Friday: 8:30am to 5pm

Saturday: By Appointment

Sunday: Closed


Privacy Policy | Disclaimer

Contact Info

You can always contact us via email or phone.

Location Icon | River LAw1154 Linda St.
Rocky River, OH 44116
Phone Icon | River Law (440) 331-0801
Email Icon info@riverlaw.com

© , Farah Roberts Ltd. Powered by Virteom Logo Virteom