Tag: cleveland beneficiary attorney

Lessons for Trustees and Beneficiaries Part IV- Fiduciary Duties

Fiduciary duties are duties owed by a Trustee to the Beneficiaries of a Trust.  One of those duties is the duty of Impartiality.  Impartiality means that if a Trust has two or more beneficiaries, the Trustee has a duty to treat all beneficiaries fairly.  Fairly does not necessarily mean equally; It all depends on the terms of the Trust.  The terms of a Trust can state that one beneficiary should be favored over another.  For example, when the beneficiaries of a Trust are a spouse and children, the spouse is often favored during her lifetime.  If that is the case, then the Trustee must follow … Read the rest

Lessons for Trustees and Beneficiaries Part III – Investing Trust Assets

A Trustee has a duty to invest and manage trust assets.  How to go about investing Trust assets depends upon the goals of the Trust, Ohio law, and the beneficiaries’ needs.  The goals of the Trust can be determined by simply looking at the Trust language.  Ohio law dictates that a Trustee consider a number of factors when making investment decisions:  The general economic conditions, the possible effect of inflation or deflation, the expected tax consequences of investment decisions or strategies, the role each investment plays within the overall trust portfolio, the expected total return… Read the rest