Legal Question in Wills and Trusts in Ohio

End of Trust

My gran left her estate in a trust with her children as the beneficaries and at their death I receive everything. Does this mean the trust is no longer active and I'll be responsible for any/all estate/inheritance tax? When does the trustee step out of the picture? Do I have any legal reprocutions towards the trustee if I find any misappropriation of funds or loss of $ due to bad investments? Should I look into a will for what to happen if i pass before my gran's children in regards to the estate?


Asked on 11/03/05, 10:55 am

1 Answer from Attorneys

Re: End of Trust

The trust is in existence throughout the life of your grandmother's children and then for as long as it indicates for you. The estate taxes will have been paid at her death, prior to you receiving the funds. The Trustee will be done once the final distribution is made to you. A trustee has fiduciary obligations to maintain the trust estate and invest it appropriately and is liable if they don't do so. It would be a good idea to have your own will that would handle the distribution of your assets, whether or not you have received the funds yet.

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Answered on 11/03/05, 11:59 am


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