Cleveland Trust Administration Attorneys Guide Successor Trustees
Ohio lawyers provide legal services to clients managing trusts
Once a grantor establishes a trust, either he or a trustworthy fiduciary must act as trustee for the trust assets. When the grantor dies, a trustee named in the trust documents must act as administrator, seeing to necessary tasks according to state law and the terms of the trust. Trust administration requires careful attention to each detail of the grantor’s wishes, as well as sound legal advice to avoid missteps for which a trustee can be held personally liable. Attorneys at A. Sirvaitis & Associates act as administrators and provide reliable legal guidance to trust administrators. We have ample experience in both rolls on a wide variety of trusts, including:
- Credit shelter trusts (CST)
- Incentive trusts
- Living trusts
- Generation-skipping trusts
- Qualified Terminable Interest Property (QTIP) trusts
- Qualified Personal Residence Trust (QPRT )
- Charitable remainder trusts
- Irrevocable life insurance trusts
The attorneys at A. Sirvaitis & Associates provide highly ethical and reliable administration services to a variety of trusts, maintaining the fiscal strength of these entities to serve beneficiaries through the intended life of the trust.
Meticulous administrative services
Our attorneys have provided advice to administrators and capably managed all duties related to trust administration, including:
- Communication with beneficiaries
- Investment of assets
- Management of assets, including real property
- Collection from debtors and payment of creditors
- Preparation of accountings
- Preparation of tax returns
- Distributions to beneficiaries
In the exercise of these duties, we proceed in good faith according to state law and the grantor’s desires as expressed in the trust’s documents.
Sound advice to trustees
A trustee can be personally liable for mistakes or omissions that result in losses for the trust. We offer sound advice to trustees to ensure accurate and complete compliance with all aspects of trust administration. If you have been named a trustee, we strongly recommend that you retain professional assistance from a trustworthy source.
Contact a reliable source for trust administration legal services
To schedule a consultation with A. Sirvaitis & Associates, call our Cleveland, Ohio office at 216-692-1222 or contact our firm online.
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