Cleveland Trust Administration Lawyers
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.
What Is Trust Administration?
Trust administration is the legal process of managing and distributing a trust’s assets after the grantor (the person who created the trust) has passed away or become incapacitated. It involves helping to ensure the trust is properly executed according to the terms outlined in the trust agreement and in compliance with state and federal laws.
For Cleveland residents, this process can be complex due to Ohio-specific laws that govern trust administration. A trustee, the person appointed to manage the trust, is responsible for helping ensure the assets are distributed as the grantor intended, managing any legal documents and maintaining records.
What Are The Obligations And Duties Of A Trustee?
A trustee is responsible for managing a trust and must act in the best interest of the beneficiaries while fulfilling legal and financial obligations. These duties include:
- Managing and safeguarding trust assets
- Filing necessary legal documents and tax returns
- Distributing assets to beneficiaries according to the trust terms
- Maintaining accurate and transparent records of all financial transactions
- Communicating with beneficiaries and resolving disputes, if necessary
- Acting with honesty, loyalty and impartiality toward all beneficiaries
Mismanaging the trust or failing to perform any of these duties could result in legal challenges. Trustees require the assistance of an attorney with extensive experience in estate planning to help ensure everything is handled properly, especially when managing large or complex estates.
When Should You Contact A Trust Administration Attorney In Cleveland?
You should contact a trust administration attorney in Cleveland as soon as possible if you are named as a trustee or beneficiary of a trust and need help with the process. An attorney with experience in handling probate and estate administration cases can provide legal services to assist with the preparation of legal documents, ensure all trust assets are managed correctly and guide you through any disputes that may arise.
Trust administration can become particularly challenging when handling large estates or multiple beneficiaries, so having legal support is crucial.
Additionally, if you are unsure of your obligations or if you are facing resistance from other parties involved in the trust, a Cleveland-based attorney can provide clarity and ensure the process proceeds smoothly. Trust administration attorneys can also help ensure all state-specific regulations are met, reducing the risk of legal complications.
We Are Ready To Review Your Situation Beginning With A Free Consultation
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 (440-847-8289) and Mayfield Heights (440-663-1535), we represent clients throughout northeast Ohio.