Trust administration is the process of managing or settling trust matters, either during the trust owner’s incapacity or after death. It is an important process that requires legal guidance.
Each trust administration is unique and requires the consultation of an experienced Florida trust administration attorney to understand the course of action to be taken. No matter the size of the trust, all trust administrations require numerous steps so that it is done lawfully and accurately.
The trust administration process is governed by Florida statute known as the Florida Trust Code and is found in Chapter 736 of the Florida Statutes. These laws have specific requirements that each trustee must follow when managing or administering a trust. If not done properly, a Trustee may be exposed to liability.
Call us today for a consultation on your trust administration matters or questions at 941-879-9980 or email us at email@example.com. Zoom meetings or video conferencing are gladly available.
What is Trust Administration
If you are named as a Trustee or Successor Trustee, you are tasked under Florida law with administering the trust for the benefit of the trust owner or of the beneficiaries. Trust administration must be done in accordance with the terms of the Trust documents. Administration that occurs after death involves the payment of final expenses, gathering assets, transferring titles, determining taxes and then finally distributing trust monies to the appropriate beneficiaries. It is an important job for Trustees that has legal consequences.
Administration that occurs during a trust owner’s incapacity involves paying expenses and making important investment and care decisions. The guidance of an experienced trust administration attorney will make both of these processes, either during incapacity or after death, smoother, and less worrisome and burdensome. Our job is to advise you through this legal process and to protect you from liability as a fiduciary while keeping the best interests of the incapacitated trust owner or of the beneficiaries the focus of the process.
Overview of the Process
When the time comes for trust administration, as Trustee or Successor Trustee it will be your responsibility to:
- Gather and provide all trust documents to your legal advisor
- If incapacitated, become highly knowledgeable of the trust owner’s needs and expenses
- Obtain the contact information of all the beneficiaries
- Sign Acceptance documents to officially take on your role as trustee
- Determine the value and nature of all trust assets
- Consult with other professionals such as an accountant or financial advisor
- When the trust owner passes away, to legally notify your beneficiaries of the start of final trust administration
- Pay final expenses and debts
- Prepare an accounting
- Obtain releases and receipts from beneficiaries
- Distribute trust assets as authorized by the trust document
Call for a Consultation Today
We are happy to help with all of your Florida trust administration needs so please call us for a consultation today at 941-879-9980 or email us at firstname.lastname@example.org. Zoom meetings or video conferencing are gladly available.