Trust Administration Steps to Take After a Death Occurs
Trust administration can be triggered if a person who made a trust passes away. Trust administration is an alternative means of transferring property which allows assets to be transferred outside of the probate process. When assets are transferred through trust administration, the process should be quicker and easier for the trustee and for heirs or beneficiaries than the probate process. However, the trust administrator has to understand what is involved in the process.
Zimmer Law Firm can provide invaluable assistance with all aspects of trust administration. We guide you through the steps that must be taken so you can fulfill the wishes of the deceased, care for the assets of the deceased, and facilitate the effective transfer of trust assets to beneficiaries. Give us a call to learn more about how our Cincinnati trust administration lawyers can help you.
Steps to Take in Trust Administration
During the trust administration process, the trust administrator is the one with the responsibility to oversee and manage most of the administration steps. Some of the steps that the administrator may need to take include:
- Providing notice to beneficiaries and heirs. The trust creator is called the settlor. All of the settlor’s heirs and all of the beneficiaries who have been named in the trust have to be provided with notice of the trust administration process.
- Inventorying and valuing trust assets. A trust administrator needs to do an assessment of all of the property that the trust owns and must make certain that all assets are accounted for.
- Getting a tax ID number: In most cases, a tax ID has to be obtained for the trust. The trust administrator may have to file tax forms and taxes may need to be paid.
- Completing and filing forms: Tax forms may need to be filed, as well as other paperwork and documents. The specifics of what paperwork will be necessary to submit to the state or federal government will vary depending upon where property is owned, what kind of property is owned, and what the value of property is.
- Paying necessary bills: If there is money owed by the decedent, or debt is incurred during the trust administration process, the debts that are due must be paid.
- Transferring ownership of assets: It may be necessary to re-title assets and change deeds showing ownership of real property.
- Following any special instructions left by the deceased: The trust settlor may have provided specific instructions for a trust administrator in the trust document. These instructions have to be followed.
Zimmer Law Firm can provide assistance with these steps and with doing everything else that you must do in order to fulfill your role as trust administrator. Give us a call right away when you begin the trust administration process.
Who Should Get Legal Help with Trust Administration?
If you are named as a trust administrator, you need to make certain you get appropriate legal help as soon as you can after the trust creator has passed away. You have a fiduciary duty and you must fulfill all of your obligations under both the laws in the state of Ohio and the trust document that has been created. Zimmer Law Firm will help you to ensure that you comply with your obligations under the trust so you don’t face a risk of legal action and so you make sure the trust fulfills its purpose.
If you stand to inherit because you were named as a trust beneficiary, you also want legal advice. A lot of money and property could be passed to you through the trust administration process and you don’t want the trust administrator to make any mistakes or do anything wrong that undermines the value of the assets you stand to inherit. By talking with an experienced attorney you can make certain that you have someone overseeing the trust administration process and looking out for your interests.
Getting Help from A Cincinnati Trust Administration Lawyer
Zimmer Law Firm can offer you invaluable assistance with all aspects of the trust administration process. Our legal team represents beneficiaries, as well as trust administrators and anyone who wishes to contest a trust. We know how important it is to make certain that the wishes of the trust creator are respected and that an inheritance is kept safe. Let us help.
To find out more about what is involved in the trust administration process, join us for a free seminar. You can also give us a call at 513.721.1513 to get personalized assistance with all aspects of administering a trust and winding up the affairs of the deceased after a death.