Leading in Probate and Trust Administration in Cleveland, Ohio
As a leading probate law firm in Cleveland, Ohio, My Ohio Estates has many years of dedicated experience in all kinds of probate proceedings, including the administration of intestate and testate estates and ancillary probate of property in Ohio connected to out-of-state probate cases. At My Ohio Estates, the firm offers legal counsel to beneficiaries, executors and administrators, and individual and institutional trustees.
Efficiency and Proficiency in Ohio Probate and Trust Administration
My Ohio Estates is a leading law firm in Cleveland, Ohio for estate administration. One of the firm’s goals in probate and trust administration is to carry out the terms in the trust or will in a method that protects property and asset values along with the interests of the beneficiaries. With many years of experience in estates and probate practice, the firm provides personalized and accessible client service. The firm takes a proactive approach to their work. The experience and dedication found at My Ohio Estates sets the firm apart from other law firms. To obtain prompt and dependable client service, consider contacting My Ohio Estates today by scheduling your free initial consultation over the phone or online.
Probate and Trust Administration
After a loved one has passed away, his or her estate might go through a process called probate administration in the Ohio probate court system. In this process, the probate court oversees the management and distribution of the decedent’s property and assets. If the decedent created a well-drafted living trust, asset beneficiaries can expect to avoid the court probate process, but the named successor trustee will need to administer the distribution of the assets in accordance with the terms of the trust. The time needed to fulfill the probate process will depend on the complexity of the decedent’s estate, along with local rules and the probate court’s schedule.
All probate estates are unique; nonetheless, they will predominantly involve the following actions: The completion of an appropriate application with the probate court; Providing notice to the heirs named in the Will and statutory heirs when no Will has been left behind; Appointing an Executor (if there is a valid Will) or an Administrator (if there is no Will) for an estate; The named or appointed Executor or Administrator will need to take an inventory of the estate assets and appraise them; Debts of the estate might need to be paid to the rightful creditors; If necessary, estate assets might need to be sold; When applicable, payments of the taxes should be made. As of 2013, no estate tax will be imposed by Ohio on estates of those who passed in Ohio on or after the first of January, 2013. Finally, the distribution of the property and assets will need to be made to the beneficiaries.
Understanding Trust Administration in Ohio
Trust administration involves a set agreement between the maker of the trust, referred to as the grantor, and the trust’s administrator, referred to as the trustee. The agreement will set how the property in the trust will be managed after the asset owner’s death. It will also provide how and when the assets will be distributed to the trust beneficiaries.
The Ohio Trust Code sets the requirements and duties of trustees. Trustees have to comply with the terms set forth in the trust, as well as the state Trust Code. Trustees have to keep all estate beneficiaries reasonably informed with regard to the trust’s administration. They will also need to provide reasonable information of the material facts necessary to protect the interests of the beneficiaries. Trustees must protect the property in the trust and they have a duty of confidentiality, under which they are obligated to administer the trust in good faith, in accordance with the trust’s terms, and in the best interests of the beneficiaries. The Ohio Trust Code also sets the standard when it comes to investing assets in the trust and how trustees should conduct themselves.
Dilemmas in Trust Administration
Generally, trustees in Ohio are fiduciaries and they are bound to act in the best interests of the trust beneficiaries. Unfortunately, trustees often face dilemmas with regard to their duties. Although a majority of trustees will perform with the best intentions, they may fail to anticipate challenging scenarios that could happen in the course of the trust’s administration. By considering potential pitfalls and challenges in advance, a trustee can better prepare for how these situations can be handled.
As previously mentioned, the Ohio Trust Code sets the duties imposed on a trustee. Trustee duties are, in various ways, analogous to the duties lawyers have to their clients. Although lawyers have clear guidance when it comes to dealing with a conflict of interest, state law does not provide this sort of guidance for trustees. Therefore, in the course of the trust’s administration, trustees can encounter challenges where guidance may have been beneficial.
When a quandary arises in the administration of the trust, a trustee can be frequently placed in a position where he or she will have to choose between honoring certain duties while violating others. The answer to these types of dilemmas will often lay in the language set forth on the trust or the facts stated on the trust. Additionally, state law can also help steer the trustee in the right direction.
Work With an Experienced Probate and Trust Administration Attorney serving Cleveland, Ohio
The death of a loved one is never easy. My Ohio Estates is sensitive to the practical, emotional, and personal implications of a recent death. A very important objective for the firm is to allow grieving family members to support each other through the challenges faced as a result of their loved one’s passing while the firm focuses on the procedural and legal demands of the estate’s administration.
My Ohio Estates helps families avoid quandaries that can arise as a result of the terms of the trust or because of how a trust is being administered. To schedule a complimentary consultation with My Ohio Estates, consider contacting the firm today.