What You Need To Know About Trust Administration In Ohio
When parents pass away, managing their trust can be overwhelming for successor trustees, who often find themselves navigating this process for the first time. If you find yourself working around this scenario, an experienced Ohio trust administration lawyer can help you understand your responsibilities and guide you through each step of the administration process.
At Hurley Law, LLC, we have over 130 years of combined experience working with trusts and estates, providing compassionate and knowledgeable support to Middletown and Cincinnati families. Our team is dedicated to making sure that the trust administration process is handled smoothly and in accordance with Ohio laws from start to finish.
What Is Trust Administration?
When a person passes away, trust administration involves managing and distributing the trust’s assets according to the terms of the trust. The key steps involved are:
- Inventorying and valuing assets
- Notifying beneficiaries
- Paying debts and taxes
- Distributing assets to beneficiaries
- Keeping detailed records
A Hurley Law, LLC, attorney can guide you through the Ohio trust administration process, guaranteeing compliance with state laws and facilitating a seamless transition of assets to the intended beneficiaries.
What Is The Beneficiary Notification Requirement?
Ohio has specific laws that govern trust administration, requiring that trustees act in the best interest of the beneficiaries. One of the key regulations is the requirement for trustees to keep beneficiaries informed. According to Ohio Revised Code Section 5808.13, trustees must:
- Inform beneficiaries about the trust and their right to request a copy of the trust document
- Provide updates to beneficiaries regarding trust administration and significant changes or transactions
- Furnish annual reports detailing the trust’s assets, liabilities, receipts and disbursements
Your Hurley Law, LLC, lawyer will help you understand the legal details of administering a trust in Ohio, better ensuring that you fulfill your duties as a successor trustee with confidence and peace of mind.
Get Legal Guidance Today
Don’t hesitate to reach out if you are wondering where to begin administering a trust or need assistance handling the process. Call 513-318-9893 or email us to schedule a consultation and start the process with experienced legal guidance.