Trust is a complex issue in philosophy. There is comparatively little settled agreement among philosophers on what trust is or what its features are, but many agree that it can be either instrumental or morally valuable and that the value it has depends on how well it is warranted. Whether trust is justified is a matter of how trustworthy the person or institution is and how well-grounded the reasons for trusting them are, and it can also depend on whether this person has an incentive to do the right thing.
Some philosophers argue that for a person to trust someone, the latter must have some level of competence and willingness to do what is expected. This is called a principle of sufficient reason. Others disagree about this, and they also differ on the extent to which one needs to have access to these reasons in order to rationally trust someone.
Despite these differences, most philosophers agree that some form of trust is rational. They may disagree about whether or not it is “truth-directed” or “end-directed”, and they tend to agree that there are certain kinds of things that must accompany trust for it to be justified (as mentioned above). These include the goods that can benefit the person who is being trusted, the trustee, or society in general.
There is much discussion about these goods, but some philosophers argue that they are in fact not sufficient to justify a given act of trust. For example, some people who want to argue that therapeutic trust is rational claim that the patient must be able to explain why they should be trusted. Others argue that this is not possible because of the nature of therapeutic relationships and the ways in which they are characterized.
A trust is a legal entity that can own and hold assets such as cash, real property, stocks, bonds, personal property and even life insurance proceeds. The settlor, or grantor, creates the trust by signing a legal document that transfers ownership of these assets from their name to the name of the trust. The trustee of the trust must administer these assets according to the terms of the trust document.
Irrevocable trusts can be very useful for reducing Ohio state and federal estate taxes, protecting assets from creditors and lawsuits and avoiding probate, a lengthy legal process. It is best to consult with a local estate planning attorney for additional guidance on creating a trust.
If you would like to discuss how a trust can protect your assets, please contact us to schedule an appointment. Our firm is based in Columbus, Ohio and represents clients throughout the state. We will work with you to minimize taxes, fees and expenses. We do not charge any fee for our initial consultation and can provide references upon request. Depending on the type of trust you choose, it is possible to avoid taxes by making your irrevocable trust the owner and beneficiary of life insurance policies.