Revocable vs. Irrevocable Trusts: Which One Is Right for You in Ohio?

Creating a trust can be a powerful way to manage your assets, provide for loved ones, and ensure your wishes are carried out. In Ohio, two of the most common types of trusts are revocable trusts and irrevocable trusts. While both serve important roles in estate planning, they differ in flexibility, control, and protection. Understanding these differences can help you decide which option best suits your goals.

What Is a Revocable Trust?

A revocable trust, sometimes called a “living trust,” allows you to maintain full control over your assets during your lifetime. You can amend, add to, or revoke the trust at any time. Common benefits include:

• Flexibility – Change or update terms as your circumstances shift.
• Avoiding probate – Assets in the trust can be transferred to beneficiaries without court involvement.
• Privacy – Unlike wills, trusts generally are not public record.

However, because you maintain control, the assets in a revocable trust are typically not shielded from creditors or lawsuits.

What Is an Irrevocable Trust?

An irrevocable trust, once established, generally cannot be altered or revoked without beneficiary consent. By transferring assets into this type of trust, you give up ownership and control. Benefits may include:

• Asset protection – Creditors typically cannot reach assets in an irrevocable trust.
• Tax advantages – Certain irrevocable trusts can reduce estate taxes.
• Medicaid planning – May help protect assets if long-term care is needed.

The trade-off is reduced flexibility, since changes are much more difficult to make.

Choosing the Right Trust for You

The decision between a revocable and irrevocable trust depends on your priorities:

• If you want control and flexibility, a revocable trust may be the better fit.
• If asset protection or tax planning is more important, an irrevocable trust may be the right choice.

Because every family’s situation is different, it’s wise to consult with an Ohio estate planning attorney.

At Singler Law LLC, we help individuals and families in Cincinnati create tailored estate plans that meet their needs. Whether you’re considering a revocable or irrevocable trust, we can guide you through the process.