Understanding The Legal Process of Estate and Trust Administration in Ohio
An estate and trust administration is a requirement for almost everyone at their death. Seif & McNamee helps families across Southern Ohio and out-of-state executors and trustees involved with estates in southern Ohio with the details and requirements of estate and trust administration.
Our Ohio estate and trust administration attorneys provide immediate attention to assist you with your loved one’s final affairs. This process enables us to help you resolve liabilities and minimize the depreciation and dissipation of the assets. Through our extensive experience in probate court, we have developed a unique and efficient process to meet the requirements of Ohio law. Your duties as a fiduciary (executor, administrator, or trustee) and the deceased’s final wishes are our top priorities.
Understanding Ohio Estate Administration
The most critical phase of the estate administration process begins after the passing of a family member. The priority is to locate the deceased’s original will, asset information, and liabilities. Immediate attention is necessary to minimize any depletion of the estate. A simplification of the probate process is the transfer of the deceased’s assets to living persons and the resolution or payment of all deceased’s liabilities.
This process is a court-supervised procedure to ensure following Ohio’s laws. The asset distribution depends on the will, or if no will exist, Ohio’s law identifies the default recipients of the assets and liabilities. This process is typically not quick or easy and requires someone experienced to guide the family through the process. An Ohio estate administration lawyer can help you with your loved one’s final affairs and help you administer their estate.
Understanding Ohio Trust Administration
When a person dies leaving a valid trust in Ohio, trust administration becomes necessary to carry out the wishes of the decedent as written in their trust. A trust is a contractual relationship in which trust assets transfer from a trustor to a trustee. Regardless of the type of trust chosen, the grantor must name a trustee upon the trust’s creation. The trustee is responsible for administering the trust once it becomes active. An Ohio trust administration attorney can help you navigate the legal process.
What is the Role of an Ohio Trustee?
A trustee in Ohio takes legal ownership of the assets held by a trust and assumes responsibility for managing those assets and carrying out the purposes of the trust. A trustee has a fiduciary duty to act in the best interests of both current and future beneficiaries of the trust and can be held personally liable for any breach of that duty.
The Value of Working with a Trusted Estate and Trust Administration Lawyer
Everyone’s goal should be for the settling of the estate to go smoothly. Understanding the attorney’s role and the trustee’s role will go a long way towards achieving that goal. Work with a trusted estate and trust administration attorney, and you can rest assured that you are not alone through the estate and trust administration process.
Seif & McNamee, LLC is here to help you and your loved ones understand business law, personal injury, estate planning, elder law, probate, collections, and municipal law. Our experienced Ohio lawyers are here to help you accomplish more. We welcome you to contact our Chillicothe or Waverly law firm to learn more about how we can help you achieve favorable results in business and personal legal matters in Southern Ohio, statewide, and across the Midwest.