If someone names you as a trustee for a trust in Ohio, then you will have specific duties you must carry out upon that person’s death. The position of a trustee is one with serious fiduciary duty and moral responsibility. You need to make sure that you take this seriously. However, one of the first things you need to do is make sure that you understand your duties.
The American Bar Association explains that much of the information about your duties will be in the trust itself. You need to make sure that you understand the details of the trust. It is also important to pay attention to any special details about the trust and the distribution instructions. You must make sure that you implement the terms of the trust.
You should know that upon the person’s death, you will become responsible for the assets held in the trust. It is up to you to pay taxes and other expenses to maintain the asset. You must also protect the trust assets. You may even have to invest the assets in the trust.
You need to know who the assets in the trust go to. If necessary, you also must find the trustee when it is time for distributing them. This may require some work if beneficiaries are not aware there is a trust.
Once you distribute the assets in a trust, you will need to finalize and close it. You need to make sure all duties of the trust are complete at this time.
