How to Settle an Ohio Living Trust
In Ohio, the laws and process for settling living trusts are much the same as they are in other states. A person is appointed to settle the trust. This person is known as the trustee. If you are the trustee you will be responsible for settling the entire estate. Trusts take less time to settle than wills because they don't get caught up in probate court so the process is faster.
Other People Are Reading
Instructions
-
-
1
Hire an attorney. The attorney ensures that all the proper paperwork is taken care of and will walk you through the process of settling the trust. When someone dies, it can be a stressful time so having someone who knows exactly what to do will be a big help to you.
-
2
Assess the debts that the deceased's estate left behind. These should be paid first so that the remainder of the estate can be distributed. You should also pay all estate taxes at this time. This will ensure that you do not get stuck with any of these taxes.
-
-
3
Contact the beneficiaries that are listed in the trust. They may need to come from a distance, so give them as much notice as you can.
-
4
Distribute the designated assets amongst the beneficiaries. The attorney will be able to help you with the best way to do this. After you have finished the distribution, the trust will be officially settled.
-
1
