Attorney James C. Bates graduated from the University of Akron School of Law and has focused on the estate planning and elder law field for over a decade. He recently appeared before... more
Attorney James C. Bates graduated from the University of Akron School of Law and has focused on the estate planning and elder law field for over a decade. He recently appeared before the Ohio Supreme Court challenging the States collections practices with regard to estate recovery and wrote an article on the topic for the OSBA Law You Can Use series. Jim is the author of The Basics of Trust Pl... view profile
A trust is an arrangement whereby someone owns and manages money or property for another person's benefit. Like a guardianship, a trustee has decision-making authority over the trust property, but no court is involved in the trustee's action–the person who creates the trust defines the scope of the trustee's power. There are many different trust types, including probate trusts, income trusts, spendthrift trusts, and educational trusts. For example, a living trust allows you to manage your property while you are alive and to direct who will manage it if you become incapable of doing so. In essence, you choose your own “guardian” in advance and avoid having the court do it for you. A trust attorney reviews the many reasons for establishing a trust with you, and can ensure your trust will be legally valid.