Ohio Trustees Account
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How to fill out Ohio Trustees Account?
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FAQ
The trustee acts as the legal owner of the asset. They're responsible for managing the assets, filing taxes and distributing assets as necessary. In Ohio, they must also keep ?adequate records of administration? and keep the beneficiaries informed as to the administration, distribution and status of the trust.
Under current Ohio law, a trustee shall, within sixty (60) days after accepting its duties as trustee, notify the current beneficiaries of a trust of the trustee's acceptance of the trust, together with the trustee's name, address, and telephone number.
Trustees have a duty to inform a beneficiary of the existence and terms of the trust and of the general nature of their interest. Beyond these duties, establishing what information and documents a beneficiary is entitled to see is not always clear cut and it is a common issue that arises when dealing with trusts.
Generally speaking, a trustee cannot withhold money from a beneficiary unless they are acting in ance with the trust. If the trust does not indicate any conditions for dispersing funds, the trustee cannot make them up or follow their own desires.
Unless the beneficiary expressly requests a copy of the entire trust instrument, the trustee may furnish to the beneficiary a copy of a redacted trust instrument that includes only those provisions of the trust instrument that the trustee determines are relevant to the beneficiary's interest in the trust.
A trustee has a fiduciary duty to act in the best interests of both current and future beneficiaries of the trust and can be held personally liable for any breach of that duty.
Trustee Salary in Ohio Annual SalaryMonthly PayTop Earners$65,816$5,48475th Percentile$53,933$4,494Average$38,626$3,21825th Percentile$32,908$2,742