Fiduciary duties are duties owed by a Trustee to the Beneficiaries of a Trust. One of those duties is the duty of Impartiality. Impartiality means that if a Trust has two or more beneficiaries, the Trustee has a duty to treat all beneficiaries fairly. Fairly does not necessarily mean equally; It all depends on the terms of the Trust. The terms of a Trust can state that one beneficiary should be favored over another. For example, when the beneficiaries of a Trust are a spouse and children, the spouse is often favored during her lifetime. If that is the case, then the Trustee must follow … Read the rest
A Trustee must take reasonable steps to take control of and protect trust property. Hence, if it is tangible property, property that you can touch and hold like antiques, an art or coin collection, cars, etc., the Trustee must take physical possession of that property and ensure that it is protected. This can mean using a safety deposit box or a secure storage unit when appropriate.
A Trustee must also keep trust property separate from his own property. Trust property should never be intermingled with a Trustee’s own property. A Trustee should keep good records concerning all trust property. … Read the rest
What is a Trust?
A Trust is a legal document that sets out the rules for the transfer of property (Ie. When the property will be distributed, How much, To whom, etc.). The person who creates the trust and is seeking to transfer his property is called the Settlor or Grantor. The person who holds onto the property is called a Trustee and the person who is to benefit from the property is the Beneficiary.
Who Has to Know About a Trust?
According to Ohio Law, unless the Trust says otherwise, a Trustee must keep all current beneficiaries of a Trust informed about the administration of the Trust. If a beneficiary… Read the rest