There are many advantages to using a trust to distribute an individual’s property. A trust allows for the distribution of assets before the person’s death, separates assets from those tied to a will, is kept off public record, and bypasses probate. However, trusts require a trustee to oversee them, and those responsibilities can be daunting. That is why many trustees rely on an attorney’s help to ensure they perform their trust administration responsibilities correctly.
If you have been named as a trustee of a trust in Ohio, you probably have a lot of questions about your duties and how to perform them according to the terms of the trust and the law. Port Legal can help. We’ll guide you at every step to ensure responsible trust administration throughout the whole process. We make trust administration easier and more efficient for you and all involved and ensure no trust assets or beneficiaries get overlooked.
We’ll help you list, value, and oversee trust assets accurately and according to the trust’s instructions and Ohio law.
Bills don’t automatically disappear after death. We’ll help you identify and pay outstanding debts connected to the trust and make provisions for dependent beneficiaries in the meantime before major distribution of assets begins.
There are many steps to distributing assets. From identifying beneficiaries to transferring trust assets to them and everything in between, Port Legal offers detailed guidance so everything goes smoothly.
Sometimes creating a sub-trust is helpful for tax reasons or to protect assets for a surviving spouse, but may require some decisions from the trustee. We can help you make the right ones.
Life insurance, retirement plans, social security, and other death benefits need to be claimed and put in an account for safekeeping. We’ll walk you through how to do this.
There are a few reasons to dissolve a trust, including when all assets are distributed. Whatever the reason, Port Legal can help with the paperwork and filings.
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Trust administration begins when the grantor appoints a trustee to manage the trust and distribute trust assets upon their death. The trustee is required by law to protect these assets and the interests of the trust beneficiaries. At every point, the instructions of the trust, which are the grantor’s wishes, should be followed.
A trustee is responsible for several trust administration tasks that can be done with the guidance of an attorney. Typically trust administration involves taking an inventory of assets and perhaps having their values appraised. Taxes and other debts related to the trust must be paid and tax returns filed. Investments may need to be managed. Finally, trust beneficiaries must be notified, and their share of the trust will be legally transferred to their names.
At every step, there are trust documents that need prepared and submitted and deadlines to watch. Trusts must be managed according to state laws. A trustee who fails to act in the interest of beneficiaries can be held liable for lost assets. However, with the help of a trusted attorney, trust administration can go smoothly and to the satisfaction of all involved.
Trusts and other legal matters can be confusing, but it’s important to do them right. With the help of Port Legal, you never have to worry about making the wrong decision or missing an important detail. Our firm is dedicated to providing tailored legal services that consider every angle of your situation and work with you to find the right resolution and prevent disputes.
Estate planning and trust administration is one of our specialties. Our expert attorneys help Ohio clients set up trusts to protect their assets and advise the trustees managing those assets with the greatest consideration to the grantor’s wishes. Together we can work through the trust administration duties to achieve a happy outcome for everyone.