Legal Question in Wills and Trusts in Ohio
Is the administrator of a trust allowed to borrow money against the trust, for personal gain, while managing the assets? This administrator is also a beneficiary of the trust. Are the other beneficiaries allowed to see the documents involved in the management of the trust?
2 Answers from Attorneys
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The provisions of the trust need to be evaluated to answer your questions regarding the trustees right to borrow money against the trust. Most trust do not allow this but there may be rare circumstances that one may allow a trustee to borrow money. Most trusts require an annual accounting to the beneficiaries of the trust. That is another provision which should be evaluated in order to property answer your question. You can contact my office for further evaluation or assistance, www.socrateslegal.com.
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