A trust allows Ohio residents to control how beneficiaries receive their portion of a deceased’s estate. It can also help sidestep probate costs and eliminate the need to work with the court for the transfer of wealth. Although you may name anyone over the age of 18 as a trustee, there are benefits to having a professional administer the trust.
According to Smart Asset, a trustee handles the contents of a trust, including real property and other assets. As part of the fiduciary duties, the trustee must protect and preserve the trust, keeping the assets it contains separate from their own property. They must also defend the heirs and assets against legitimacy challenges.
Expertise
Ensuring trust management proceeds smoothly is a complex process. Depending on the assets and your plans for your heirs, it might require a broad range of financial, legal and social skills. If the trustee makes an error that reduces the estate’s value, the beneficiaries may file a claim against this individual to recover damages.
Impartiality
A trustee must handle the complexity of family dynamics. The creation and implementation of a will can bring family issues to the surface. When a dispute arises, it often becomes an emotionally charged environment. If you name a family member as a trustee, it can put them in a difficult position that may result in a family rift.
Beneficiaries may pressure your trustee to act per their wishes, not yours. However, a professional trustee is an unbiased third party. As they are separate from the family, they can often diffuse emotional outbursts and hold firm to their fiduciary duties.
