A trustee must receive letters of appointment from a Probate Court prior to commencing administration of a testamentary trust. The Court will not issue letters of appointment unless the trustee signs a written acceptance of the trustee’s duties. The trustee must acknowledge that he may be removed for failing to perform his duties and is subject to possible penalties for converting property held in trust.
The authority of a trustee is defined and limited by the terms of the trust instrument. The trustee has the power to carry out the duties that are imposed by the terms of the trust instrument. The trustee has only the authority granted by the trust and cannot exceed the limits of the authority so granted. The trustee implements the intent of the settlor of the trust; this intent is determined from the terms of the trust.
The trustee must file an inventory with the probate court of all assets under his control and file an accounting of all additions and expenditures from the trust every two years pursuant to O.R.C. Section 2109.303
TRUSTEES ARE STRONGLY ENCOURAGED TO RETAIN LEGAL ASSISTANCE IN CONNECTION WITH THE FILING OF ACCOUNTS AS THIS IS AN INVOLVED, COMPLICATED PROCESS. ONCE AGAIN, AS A REMINDER OUR PROBATE COURT DEPUTY CLERKS ARE NOT ATTORNEYS AND CANNOT ASSIST YOU IN THE PREPARATION OF YOUR ACCOUNT.