Legal Question in Wills and Trusts in Ohio

What does the trust say about this?

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The answer is it depends; there are many factors that must be evaluated before it can be determined whether or not you have personal responsibility for debts attached to trust property.

Generally, as a fiduciary (Trustee) one has no personal responsibility for the liabilities associated with their fiduciary duties, so long as they have not abused or violated those duties. This general rule may not apply to revocable trusts, or to irrevocable trusts where the Trustee is also the maker of the Trust and retains certain powers.

In addition, if there are legal issues surrounding the debts, such as fraudulent transfer issues (intentionally attempting to place assets beyond reach of known or anticipated creditors) then this, in and of itself, can give rise to liability on the part of the Trustee.

These are some examples, and it is not an exhaustive list. You should consult an experienced estate planning attorney in order to have a comprehensive evaluation of the issues. My office is located in Westlake, Ohio; if you would like further information or assistance with your legal issue, please feel free to contact me at 440.899.7710.

I wish you the best of luck with your situation.

Not usually, and normally when you as trustee have mismanaged the funds to the detriment of the trust and to your benefit.