These Problems with Trust Administration Could Harm Your Inheritance
Trust administration occurs after a death and is supposed to be an easier way to transfer assets than the probate process. Administering a trust does not require court oversight unless there is a problem, and the process of administering a trust can be much quicker than the probate process. The issue is, however, that sometimes problems can arise during trust administration and can put beneficiaries in a difficult position.
If you are going to inherit money or property through a trust, it is a good idea to work with an experienced attorney to find out what the rules are for trust administration and to make certain that the process of administering the trust goes as smoothly as possible.
Zimmer Law Firm can provide invaluable help to beneficiaries throughout the process so beneficiaries can protect an inheritance. Give us a call at 513.721.1513 to find out more.
Problems During Trust Administration
A number of different problems could occur during the administration of a trust, any of which have an adverse impact on the inheritance of a beneficiary. Some of the issues that could arise include:
- Mismanagement of trust assets. The trustee could be incompetent at managing the assets in the trust or could intentionally mismanage trust assets. Either could result in the value of trust assets being reduced and an inheritance being adversely affected.
- Breach of fiduciary duty: A fiduciary duty exists when a trust relationship is created. This is the highest duty under the law, and it means that the trust administrator or trustee must act in the best interests of trust beneficiaries. If a trustee acts to enrich himself and engages in self-dealing, this is a breach of the fiduciary duty. The beneficiaries suffer due to the resulting lost value of their inheritance.
- Trust contests: The validity of the trust could be challenged. This could lead to an expensive fight over whether the trust is legally valid and whether it should be administered according to the trust document. The cost of this fight can result in damage to the value of an inheritance and can result in the beneficiaries having to wait a very long time to inherit as the process of determining the validity of the trust occurs. If the contest is successful, it is possible that the trust will be declared invalid and the designated beneficiaries of the trust may not receive the inheritance as the trust document had directed.
These are just a few of many issues that could arise during trust administration in Ohio which could affect an inheritance that has been left in a trust. Whenever a problem arises, from a trustee waiting too long to begin the trust administration process to a trust being challenged, beneficiaries should make certain they have appropriate legal representation from an experienced attorney. In fact, it is a good idea for any trust beneficiary to have legal representation to make sure that the trust administration process proceeds in an appropriate and timely manner.
How Does a Trust Administration Lawyer Help
A lawyer with experience in the administration of trusts in Ohio can provide assistance to trustees who have to fulfill all of their responsibilities as the trust is administered. Our legal team can guide trustees in meeting deadlines, following all Ohio laws, and following all of the instructions of the trust creator. With our help, trustees can significantly reduce the chances that problems will arise and trustees can respond swiftly to any issues during the administration of a trust.
Zimmer Law Firm can also provide guidance and representation to beneficiaries who need help avoiding issues during the administration process and who need advice on responding to problems. We can monitor the trust administration process to help you to determine if anything is going wrong. If a problem occurs, we can assist with taking appropriate legal action, up-to-and-including pursuing a lawsuit against a trustee for breach of fiduciary duty.
Getting Help from a Trust Administration Lawyer
Trust administration is too important for trustees and trust beneficiaries to go through on their own. You need legal advice to ensure that you make smart choices to fulfill your obligations or to protect your inheritance.
To learn more about the ways in which an experienced attorney can provide help with the process of administering a trust, you can give us a call at 513.721.1513 to speak with a member of our legal team. You can also join us for a free seminar to find out more about trusts under Ohio learn and to learn more about the process used to administer a trust after its creator has passed away.