Skilled, Confident Guidance In Matters Of Probate And Trust Administration
Whether you’ve been named as the executor of a loved one’s estate or have been placed in charge of the assets in a trust, you have an important responsibility on your shoulders. Thankfully, you don’t need to handle it on your own.
Instead, contact Legacy Law Firm, LLC, for experienced guidance and sound legal advice. We work with trustees and estate executors as they fulfil their practical, legal and financial duties to honor the wishes of decedents.
Supporting Executors Every Step Of The Way
You were likely chosen as executor because you are trustworthy and responsible. Those traits will serve you well, but you could really use the assistance of a legal professional as you handle tasks such as:
- Collecting and cataloging all assets listed in the will
- Contacting estate creditors and paying final estate debts
- Contacting listed heirs
- Distributing assets to heirs in accordance with the will
- Preparing a final tax return and paying any owed taxes on behalf of the estate
- Making regular court appearances, as needed
When you contact us, we can take care of most of the difficult and complex work on your behalf, leaving you free to focus on supporting friends and family during this trying time.
Trusts Can Be Complex To Administer
Compared to a will, a trust allows for much more precision and control over how and when assets are distributed to beneficiaries. That’s the upside. A potential downside is that trusts need to be administered by a trustee, often after the grantor (the person who created the trust) has passed away.
This is a complex process, and a trustee can potentially be held liable for failing to fulfill their duties to beneficiaries. These duties and obligations may include:
- Managing the assets in the trust
- Filing any necessary tax documents
- Distributing assets to beneficiaries in accordance with the terms of the trust
- Maintaining records of the administrative work performed
- Communicating with beneficiaries to inform them of the work being done and the status of the trust
Thankfully, our firm is here to help. If you’ve been named as a trustee, attorney Andrew Popp is ready to help you meet your obligations and efficiently carry out the terms of the trust. Working with a knowledgeable attorney is one of the best ways to avoid mistakes and any appearance of impropriety (such as breach of fiduciary duty).
Understanding Compensation For Executors And Trustees In Ohio
One of the first questions many people ask after being appointed as an executor or trustee is whether they are entitled to compensation. In Ohio, executors are generally permitted to receive payment for their work, and the amount is often tied to a statutory fee schedule approved by the probate court. Compensation is meant to reflect the time, responsibility and complexity involved in administering an estate, not simply the value of the assets.
Trustee compensation is handled somewhat differently. Trust documents often specify how a trustee is to be paid. If the trust is silent, Ohio law allows for reasonable compensation based on the work performed. Determining what is reasonable can be complicated, especially when beneficiaries disagree or when the trust administration involves ongoing asset management. Proper documentation and court approval, when required, help prevent disputes over fees.
Fulfilling The Notice Obligations To Beneficiaries
One common pitfall for trustees arises early in the administration process. Under Ohio law, when a trust becomes irrevocable, which most often occurs upon the death of the grantor, the trustee generally has 60 days to notify qualified beneficiaries. This notice must inform beneficiaries of the trust’s existence and provide key information about their rights.
Many individuals handling trust administration on their own overlook this requirement or misunderstand when the deadline begins. Failing to provide timely notice can expose a trustee to legal challenges and claims of misconduct, even when no harm was intended. Meeting notice obligations promptly helps establish transparency, builds trust with beneficiaries and reduces the risk of early disputes that can derail the administration process.
Bringing Trust Administration To A Proper Conclusion
Trust administration does not end simply because assets are distributed. There is a formal winding-up process that helps protect trustees from future claims. This process often includes making final distributions, resolving any outstanding expenses or taxes and preparing a clear accounting of all actions taken during administration.
A critical step at this stage is obtaining Receipt and Release agreements from beneficiaries. These documents confirm that beneficiaries have received their distributions and release the trustee from future liability related to the administration. Without these releases, trustees may remain exposed to claims long after the trust appears to be closed.
Once all duties are complete, the trust can be formally terminated in accordance with its terms and Ohio law. Properly closing out the trust provides clarity and finality for everyone involved.
Discuss Your Legal Options With An Attorney For Free
From our office in Cuyahoga Falls, Legacy Law Firm, LLC, proudly serves clients throughout the surrounding areas of Ohio. We are pleased to offer free initial consultations to all prospective clients. If you have questions or want to learn more about how our firm can help, call us at 330-529-7070 or send us an email.