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.

How Does The Trust Administration Process Start?

The trust administration process begins right after the grantor’s death. At that point, the trustee steps in to carry out the terms of the trust. If the trust is a revocable living trust, it becomes irrevocable after the grantor’s passing, meaning the terms can no longer be changed.

The trustee:

• Gathers important documents, including the estate plan, living trusts and the death certificate
• Notifies beneficiaries
• Identifies and manage assets
• Settle any debts or taxes owed by the estate

Working with experienced estate attorneys is key during this stage. They help ensure the trustee avoids mistakes and follows Ohio’s legal requirements. If a trustee was influenced to act unfairly, this could raise concerns about undue influence, which might lead to legal disputes.

What Are The Basics Of The Trust Administration Process In Cleveland, Ohio?

In Ohio, the trust administration process follows specific steps to manage the property and honor the decedent’s wishes. The process includes:

• Review the trust document: Understand the terms of the revocable living trust or irrevocable trust.
• Accept the role of trustee: The person named must formally agree to act.
• Notify beneficiaries: Let all heirs know about their rights and what to expect.
• Inventory the trust assets: List and value all assets covered by the trust.
• Pay debts and taxes: Use trust assets to settle outstanding obligations.
• Distribute the remaining assets: After debts are paid, distribute assets according to the trust.

An estate planning law firm can assist with each of these steps, helping ensure the trustee complies with state laws and avoids personal liability.

What Should You Look For When Choosing A Trustee?

Selecting a trustee is a crucial step in creating your estate plan. This person or institution will manage your living trusts, oversee finances and communicate with beneficiaries. For revocable living trusts or irrevocable trusts, the trustee should be someone you deeply trust.

Look for someone with the following qualities:

• Strong organizational and financial skills
• A clear understanding of family dynamics
• Ability to act fairly and without bias
• No history of undue influence or conflicts of interest
• Willingness to work closely with an estate planning law firm

Experienced estate attorneys can also serve as trustees or help guide your selection to help ensure your wishes are protected.

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.