When it comes to trusts and the handling of them, it can often be overwhelming. As the trustee, you will be managing the trust and keeping the best interests of the beneficiaries in mind and keeping overview of the trust upon the death of the trust creator. With an Ohio trust administration checklist, some of the worry associated with the overview of an administration can be alleviated!
This checklist will provide a general overview of steps needed to take as a trustee to help you get a better understanding on what an Ohio trust is all about. In the case of the death of the trust creator, or settlor, processing the trust can be complicated. As a trustee, this Ohio trust administration checklist will help give you a place to start in that process.
Different Types of Trusts
As with many different legal proceedings, there are different kinds of trusts and specific administration steps that must be taken for each one. Trust agreements serve as estate planning tools for a wide variety of individuals to take handle of their assets during their life and after their death.
You will want to know what kind of trust you will be handling and consulting an Ohio trust attorney to be sure that you are aware of any specifications related to a trust is recommended! But for a general idea of the different trusts, here are five that are often utilized:
- Irrevocable Trust
- Testamentary Trust
- Special Needs Trust
- Retirement Trust
- Revocable Trust
Ohio Trust Administration Checklist for When A Settlor Has Passed Away
While the specifics to each trust will vary, there are common steps that you as a trustee will generally need to follow when a settlor has passed away. These steps include:
- Get a copy of the death certificate of the settlor.
- You will need to identify the beneficiaries of the trust.
- Give the beneficiaries of the trust notice of the settlor’s death.
- You will need to do inventory of the assets that are owned by the trust. This might include having assets appraised to determine their overall value.
- In order to take inventory, an employer tax identification number will often need to be acquired from the Internal Revenue Service as well as an estate bank account.
- Be sure to establish a system for keeping records of the trust property, assets, and investments. Thorough record keeping will be beneficial to you, the beneficiaries, and the court in the long run.
- Undertake a review of the various investments that the trust owns.
- Repay any debts that may be owed by the trust. The trust may be responsible for covering the costs of certain debts and being in the know on these debts is very important.
This Ohio trust administration checklist is a great general place to start when it comes to serving as a trustee for someone’s estate and getting started in the administration process after the settlor’s death.
Depending on each individual situation, every step in this Ohio trust administration checklist may not be required. To learn more about the specific steps that may apply to your own experience as a trustee, it is important to reach out to a trust administration lawyer.
If you are looking for experienced and trusted guidance when it comes to trust administration in Ohio, contact the Tompkins. Our attorneys will be able to assist new or experienced trustees in navigating the often-complicated process of handling trust administration. Working through your Ohio trust administration checklist will be handled by experienced hands!
