Trust Administration Can Be Complex
The estate planning attorneys at Russo, Rosalina & Co., LPA, are experienced in trust administration. We often receive calls from people who are perplexed by what they must do to fulfill their obligations after a person who owned a trust dies.
There are many types of trusts. They can be complex estate planning tools, not do-it-yourself projects. Failure to properly administer the trust of a deceased person can result in civil and criminal action against you.
Some trusts are set up to avoid the probate process. After the person who established the trust dies, the assets in the trust must be retitled or liquidated and transferred to the beneficiaries or a successor trustee.
Our law firm can advise trust fiduciaries — those with the responsibility for administering the trust — or we can manage the process for them. Because we have decades of experience in estate planning and administration, we are able to handle even complex issues efficiently and cost-effectively. We make sure the administration of the trust complies with all the requirements of the Ohio Trust Code.
Trusted Guidance In All Estate Administration Matters
Most of our trust administration clients come to us for advice and representation after the person who owned the trust has died. We also represent clients who need help administering aspects of their trusts while they are living.
For example, a person may have transferred his or her home, car and financial accounts into a trust and later accumulated other assets in his or her own name. The assets would have to go through the probate process, defeating the purpose of the trust. Our lawyers are able to retitle or re-register these assets so that the trust, not the individual, owns them. We can also prepare and file annual accounts and other reports, as required.
We Are Ready To Review Your Situation
To learn more about our services, please use our online contact form or call the Cleveland trust administration lawyers at Russo, Rosalina & Co., LPA, to schedule a free consultation. With offices in Parma and Mayfield Heights, we represent clients throughout northeast Ohio.