Trust Administration

A person may have set up a Trust as part of his or her estate planning.  This might have been for tax planning purposes, or for other reasons.  Upon that person’s death, the trust will need to be administered. 

If you are the trustee, congratulations! You have some work to do.

If the trust was not fully funded, then assets belonging to the trust must be transferred to the trust.  Probate assets may have to pass through the administration of a probate estate.  If the assets are non-probate assets, they will pass outside the probate estate to the trust.

Ohio law requires certain notifications be given to beneficiaries at the start of the administration of the trust.  The trust may have to obtain a bank account-- if there is not already one in the trust--and a tax identification number.

If the trust was only partially funded during the decedent’s lifetime and some assets needed to go through probate, the executor administering the probate estate may have the power to ask the trustee to with provide funds to the executor to fund the administration.

Under the terms of the trust, the trustee may be required to hold the trust funds for a time and to make periodic distributions to a beneficiary, either in amounts specified in the trust, or as determined in the trustee’s discretion.  If payments are discretionary, you will have to decide whether and how to exercise your discretion.

Under Ohio law, and sometimes under the terms of the trust document itself, the Trustee is required to report the trust’s activities to the beneficiaries each year – what the trust received and what it paid out.  The trust will likely have to file an income tax return, provide tax statements to beneficiaries, and perhaps pay taxes.

Eventually, it will be time for the trustee to make final distributions from the trust and close it out.

Each of these steps requires consideration and care.  We can help you through the maze, to help make sure that you properly complete each step when it needs to be done.  If you are overwhelmed at the prospect of administering a trust, or just need help with a particular part of trust administration, please contact us.

Items of Interest
The rise of personal computers, the internet, and now smart phones have revolutionized our lives, and how we transact business.  When “getting our affairs in order”, we need to remember the impact of ...
A sharpened tool is available for those who want to delay the distribution of property to a beneficiary over age 21, but who do not want to incur the expense of setting up a Trust.  While there are go...
When people travel to new and different places, they will often use a guide to help them get to where they want to go. In the exploration of the US, when the west was a vast wilderness, explorers used...
At any time during your life, you can choose to become an organ and tissue donor. This is a personal decision that you should take time to carefully consider. While there are many valid considerations...
In addition to making arrangements in your Will for your pet, it is imperative that you take additional steps to protect your pet. It could take days or even weeks for someone to read and probate your...

Quick Connect

Loading Form...
Loading Form...
Newsletter Sign Up