Florida Trust Administration Attorneys

Let us manage your most valuable assets.

Florida Trust Administration Attorneys

Let us manage your most valuable assets.

Florida Trust Administration Attorneys

Let us manage your most valuable assets.

Trust Administration

Helping Trustees Fulfill Their Duties Throughout the State of Florida

If someone has named you as a successor trustee for their living trust, you will have many responsibilities when they pass away. This is a highly important role, and you should always fully understand your duties as a trustee. It is also beneficial to ask for help from an experienced Florida trust administration lawyer who can guide you through this process while minimizing potential complications.

Responsibilities of a Trustee

The trust document should give certain instructions for how a successor trustee should proceed. However, it might not address all of the responsibilities you might have, so it is best to seek legal counsel. Some trust documents even instruct the trustee to get legal help. Some of the common responsibilities include the following:

Paying bills of the trust – A trust may contain a home or other property that requires you to pay the mortgage, insurance, taxes, and more. You will need to ensure that all necessary bills are paid on a regular basis until the trust is fully administered.

Notify beneficiaries – The law in Florida requires you to notify and provide copies of the trust to all beneficiaries. In some situations, the trust documents will clearly name all beneficiaries, though sometimes determining the beneficiaries can require legal analysis.

Inventory trust property – Trustees must identify all property and assets owned by the trust and must carefully record everything and its value. This can also include life insurance policies or IRA accounts that list the trust as a beneficiary.

Maintain accounting records – Trustees must conduct accurate and regular accounting of the trust property and debts and should keep clear records of all transactions. Beneficiaries can request information about the trust records, and these records should be complete, accurate, and readily available.

Distribute property to beneficiaries – The trust property should be distributed in strict accordance with the trust document. In some situations, the property can be distributed all at once while, in other situations, you might have to make disbursements over time. Once the property distribution is complete, you can generally close the trust.

Your Fiduciary Duty

Every trustee owes a fiduciary duty to the beneficiaries of the trust, which includes:

This is the highest legal duty and, if beneficiaries believe you breached your duty, they can bring a legal case against you. It is always wise to prevent the risk of liability by having the assistance of a skilled trust administration attorney.

Contact a Florida Trust Administration Lawyer for Assistance Right Away

Serving as a trustee can be a major undertaking, and mistakes can be costly. The Legacy Law Firm regularly works with trustees to help them navigate this process and close out the trust as efficiently as possible. If you would like more information about our services, call 954-999-9683. or contact us online today.

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