Knowledgeable Chagrin Falls and Cleveland Trust Administration Attorneys
Experienced estate planning counsel for clients throughout Ohio
There is a lot at stake when administering a trust. Not only is the administrator, or trustee, responsible for carrying out the wishes of the grantor (the maker of the trust), but he or she also owes a duty to the beneficiaries of the trust. Not everyone is suited to this responsibility. At Gertsburg Law, our knowledgeable trust administration lawyers in Chagrin Falls and Cleveland diligently work to protect you and your family during the trust administration process. When you work with us, you may rest assured that your attorney understands the necessary steps to properly administer a trust and distribute the assets in accordance with the grantor’s wishes.
A reliable trust administrator
Appointing the right trust administrator can help avoid disputes later. You want someone you can trust to handle your estate with care and efficiency, but whose end goal is to ensure your wishes are carried out. When choosing a trustee, consider the following:
- The importance of impartiality. Individuals often name family members or friends to administer their trusts, but this may sometimes prove problematic. An impartial administrator, with no connections to the beneficiaries, can be a more appropriate choice.
- Statutory requirements. The numerous laws and regulations involved in trust administration can prove challenging to someone with no prior experience in this area.
- The trustee’s time constraints. When you leave behind significant assets, you need a trustee who has the time to devote to their management and distribution, especially when there are multiple beneficiaries or complex instructions. Choose an administrator who can handle these challenges, and is willing to do so for an unspecified amount of time.
- Conflicts of interest. When your estate encompasses multiple trusts, significant assets, or multiple beneficiaries, it might not be possible to find a completely neutral party in your trusted circle of loved ones and advisors. A paid administrator, such as a trust attorney or other “institutional” trustee, may help you avoid these conflicts of interest.
Our seasoned Cleveland estate planning lawyers administer trusts with impartiality and extensive knowledge of all legal requirements. We take your wishes seriously and diligently work to ensure that they are carried out appropriately.
Comprehensive representation through every phase of the trust administration process
The trust administration process can prove challenging. It requires the trustee to carry out the wishes of the grantor, while considering interests of the trust beneficiaries. In addition, all of this must be done in compliance with complex laws and rules. Generally, the administration process includes a combination of the following:
- Providing required notifications to all trust beneficiaries
- Managing any real property included in the trust, which may include the coordination of a sale or other conveyance
- Collecting all assets included in the trust from banking or investment accounts
- Paying the debts and taxes of the decedent (if applicable)
- Ensuring an adequate accounting of all assets into and out of the trust
- Distribution of the trust assets as directed by the grantor
It is also important to note that the administrator owes a fiduciary duty to the beneficiaries of the trust. This significant duty requires the administrator to put the interests of the trust ahead of his or her own. Our Cleveland trust administration attorneys understand the legal ramifications of fiduciary duties. At Gertsburg Law, we put the interests of our clients first on a daily basis. We can provide you with the same level of dedication as administrators of your trust.
An experienced Chagrin Falls wills and trusts lawyer for your trust administration needs
The attorneys of Gertsburg Law offer dependable trust administration guidance and services. We diligently work to provide our wills and estate clients with quality representation from a group of talented and dedicated attorneys. Our team proudly provides estate planning services to the residents of Cleveland and Chagrin Falls, Ohio. Contact our office today at 440-683-6383 or fill out our contact form to schedule an appointment.