If you have been named a Trustee, it is highly advisable that you seek the guidance of an experienced Ohio estate planning attorney. When you become a trustee, you take on a huge responsibility, and should you make a mistake, you can be personally liable.
What is a Trustee?
A trust is the legal arrangement through which a person holds legal title to property for another person. The person holding the property is the “trustee” and the person for whom they are holding the property for is the “beneficiary.”
What does a Trustee Do?
A trustee has quite a few duties, which often include:
- Locating assets
- Investing assets
- Distributing assets to the beneficiaries
- Filing taxes
- Tracking income and expenses
There are many aspects of managing a trust that are difficult for someone without a financial background to understand. It is your right, as the trustee, to decide to hire an attorney and an accountant. The fees paid to the attorney and accountant will be taken from the trust. While choosing to hire professionals to assist you does mean the amount of money in the trust will be slightly affected, it is considerably better
