The Perla Law Firm, LLC - Estate & Trust Administration
Trust Administration
Understand how our lawyers can assist with Trust Administration
Trust administration is the process of carrying out the terms of a trust agreement.
The trust agreement serves as a written instruction manual for how trust assets should be managed, used, and distributed. A trustee must understand and follow those instructions while also complying with the Ohio Trust Code and the trustee’s fiduciary duties.
After a trust becomes irrevocable, or when a trustee begins acting, the trustee is responsible for managing trust assets, communicating with beneficiaries, making distributions, keeping proper records, and complying with the terms of the trust and the Ohio Trust Code.
Serving as trustee is an important legal responsibility. Even when family members agree, a trustee must follow the trust document, meet fiduciary duties, and avoid mistakes that could lead to disputes or personal liability.
Our office represents trustees through the trust administration process. We help trustees understand their duties, prepare required notices and reports, address beneficiary questions, properly document decisions, and administer the trust as efficiently and carefully as possible.
The Ohio Trust Code sets forth requirements of a Trustee in regard to keeping beneficiaries informed, safeguarding trust property, investing Trust Assets, and the conduct of a Trustee.
Lack of counsel can result in potential lawsuits for a Trustee who fails to comply with the Trust Agreement or violates the Ohio Trust Code. Similarly, beneficiaries without counsel can be harmed by being denied information and benefits they are entitled to under the Trust. Whether you are a Trustee or Beneficiary, lack of knowledge of your responsibilities or rights can be costly.
The Ohio Trust Code sets out important duties for trustees, including duties related to keeping beneficiaries informed, safeguarding trust property, investing trust assets, maintaining records, and acting in the best interests of the beneficiaries.
Trustees who act without proper guidance may unintentionally violate the trust agreement or the Ohio Trust Code, which can lead to disputes, delays, or personal liability. Even when beneficiaries are cooperative, a trustee must understand what information must be provided, when notices or reports are required, how distributions should be handled, and how decisions should be documented.
Our office represents trustees throughout the trust administration process. We help trustees understand their duties, comply with the trust agreement and Ohio law, communicate with beneficiaries, and avoid costly mistakes.
Trust Administration attorneys you can rely on
Contact our office today to schedule a consultation.
When you pass away, if your assets (like your house, bank accounts, or car) are only in your name without a designated beneficiary, joint owner or a trust, they will need to go through a process called probate.