Trustees have important fiduciary obligations and duties which are set forth in the specific trust and in the Ohio Trust Code. Trustees are responsible to carry out the terms of a trust and are responsible to its beneficiaries and third-parties with whom a trustee may deal.
Our attorneys assist trustees with such matters as trust interpretation, income and principal distribution, dealing with beneficiaries, required notifications and accountings, and the filing of tax returns on behalf of the Trust. When a trustee is ready to “wind-up” the Trust, we assist with the efficient termination and dissolution of the trust.
Those who are considering accepting a trusteeship should consult our attorneys, who will be able to advise as to the duties and responsibilities of the trustee under the Trust document and under Ohio law.