Seminole Trust Administration Attorney
In a Florida probate estate, the personal representative is charged with carrying out the instructions left in the decedent’s will. If the decedent’s estate plan included one or more trusts, however, then it is up to the successor trustee to assume control of the trust’s assets and carry out with the decedent’s wishes. This process is known as trust administration.
Administering a Florida trust is an important fiduciary responsibility. A qualified Seminole trust administration attorney can provide invaluable guidance and legal assistance. Knudsen Law is a full-service Florida estate and probate firm that advises trustees and successor trustees on how to carry out their responsibilities in accordance with state law and the terms of the trust’s governing documents.
What Are the Steps in Administering a Florida Trust?
A common Florida trust administration scenario involves a successor trustee assuming responsibility for a revocable living trust. In a living trust, the person who created the trust (the grantor) typically serves as their own trustee while they are alive. Upon the grantor’s death, the trust instrument nominates a successor trustee to assume control.
A successor trustee must carry out a number of duties following the grantor’s death, which generally include:
- ordering death certificates, which are necessary to prove the grantor’s death to institutions that may be holding trust assets;
- locating and depositing the grantor’s will, if any, with the appropriate Florida probate court;
- filing a Notice of Trust to notify the deceased grantor’s potential creditors of the trust’s existence;
- preparing an inventory of all trust assets;
- reviewing the terms of the original trust instrument for any instructions left by the grantor;
- maintaining an account of all trust income and expenses;
- keeping the trust beneficiaries informed of the trust’s activities and progress; and
- completing distribution of the trust’s assets as directed by the trust documents.
Unlike probate estates, Florida trusts are not subject to court supervision. This means that a successor trustee does not usually have to file inventories or accountings with the probate court. The only persons who need to be kept informed of trust activities are the beneficiaries named in the trust documents. And if the beneficiaries feel that the successor trustee is not acting in the best interests of the trust, they can ask a court to sanction, remove, or replace the trustee.
It is also important to understand that trust administration and probate often occur simultaneously. Even if the grantor transferred most of their property into the trust before their death, there can still be some assets subject to probate. The successor trustee may therefore need to work with the personal representative of the estate–assuming the same person does not fill both positions–to ensure the smooth administration of both.
Reach Out to a Seminole Trust Administration Lawyer
If you are charged with serving as a trustee or successor trustee, it is in the best interests of both yourself and the trust beneficiaries to work with an experienced Seminole trust administration attorney. Contact Knudsen Law today at (727) 398-3600 to schedule a consultation.
