After a loved one chose you to administer a trust, you researched the role and all its responsibilities. Just as you may have your questions, so do other estate executors.
The American Bar Association shares common trust administration questions. When you have the right answers, you feel empowered to do a job well done.
How do you title accounts?
While trust companies, banks and investment firms have their own format for titling accounts, you may likely use the following format: “Sam Russel, Trustee, Alice Russel Trust dated January 4, 2020.”
Where do you hold trust assets?
You may open an investment account with a trust company, bank or brokerage company in the trust or estate’s name. You must make all disbursements and expenses through these accounts. Make sure you receive regular statements from these accounts.
What if a beneficiary takes issue with your decisions?
Rather than respond to beneficiary complaints, try to avoid them. Legal professionals experienced in probate and trust administration may offer you professional insights and tips. It also makes sense to keep beneficiaries in the loop regarding how you handle the trust. Depending on the beneficiary’s complaint, you could benefit from turning the matter over to a knowledgeable legal advocate.
How do you get paid?
Because of the difficulty and time involved with being a fiduciary, you may expect payment. The trust could list your compensation, or Ohio could have a schedule of fees or offer sensible compensation, which depends on estate complexity and size and the time you invest in administering the trust.
Learning as much as possible about trust administration may settle your anxieties and help you exceed your executor goals.