Those with significant estates designate a trustee to manage their property and the distribution of assets once they passed. However, according to Dennis P. Faller Attorney, who specializes in estate planning for residents of Wapakoneta, OH, it’s not uncommon for beneficiaries to feel powerless and uninformed about their role in the inheritance and process.

To avoid confusion, the attorney explains what rights beneficiaries retain:

• Accounts of Estate Management by the Trustee: Annual accounts are typically required, but beneficiaries can make a written request for additional records as to how the trustee is managing the estate. This reassures them that the trustee is acting by the trustor’s wishes. 
• Receipt of All Pertinent Information: Beneficiaries are entitled to receive information about the trust, including how it’s set up and how assets are to be distributed. Often just having and understanding this information can clear up a lot of confusion about each person’s role. 
• Removal of Trustee: If a trustee fails to perform their job by the trustor’s wishes, beneficiaries can have them removed and replaced with someone else. This ensures there’s always someone they can depend on in the position. 
• End the Trust. Assuming all beneficiaries and the court are in agreement, the trust can be terminated if its purposes have been met or if it’s no longer possible to fulfill them. Trusts are commonly terminated because of illegal subject matter, disputes between beneficiaries, or if the trustor was found to be mentally incompetent at the time the document was written. 

Although the trustee-beneficiary relationship can be tense at times, understanding these rights will put involved parties at ease. If you have questions or concerns about an existing trust or you need help with estate planning, turn to Dennis P. Faller Attorney. He provides quality and compassionate guidance through every step of the process. Call today at (419) 738-4578 to schedule a consultation with an attorney. You can also visit the law firm’s website to learn more about the various services offered.