Some estate planning commentators caution naming a spouse as a trustee, emphasizing the importance of trustee independence from the trust creator. This concern is not based on case law or statute. As of 2023, no instances were found where naming a spouse as a trustee compromised asset protection in domestic asset protection trusts across various states, including Ohio.
Notably, Ohio law does not prohibit spouses from serving as trustees. If concerns arise, the trust’s creator has the authority to replace the spouse as trustee with an independent trustee. (See Ohio Revised Code: Ohio Legacy Trust)
- Legacy Trusts Explained – Discover how a Legacy Trust offers solid asset protection. (1 of 3)
- Legacy Trusts for Married Couples – Learn how these trusts safeguard personal assets and small business interests while allowing distributions to spouses, children, or grandchildren. (2 of 3)
- SLAT Conversion Strategies – With uncertainty surrounding the Federal Estate Tax exemption, see how a Legacy Trust can be seamlessly converted into a Spousal Lifetime Access Trust (SLAT) to remove assets from exposure to future estate taxes for added flexibility. (3 of 3)