When someone creates or establishes a Trust, the trust property must be controlled in accordance with the terms of the Trust. Depending on the types of assets held in the Trust, the value of those assets, and the rules governing the Trust, administering a trust can be fairly simple or very complicated.
Although there are many types of trusts, all trusts share one common element in that they are managed by a trustee. The trustee is chosen by the person who creates the trust and has a “fiduciary” duty to act in the best interests of the beneficiaries of the trust. The beneficiaries of a trust are the ones who will be receiving the trust property. Fiduciary duties of a trustee include the duty to administer the trust in a reasonable and impartial manner. Following and ensuring compliance with the duties of a trustee can be complex and daunting, this is precisely why many successor trustees employ attorneys to assist with administering their loved one’s trust after their death. If you are the successor trustee of a trust in Florida, our office can help guide you through the process to navigate all of your duties as trustee, including proper trust accountings to all beneficiaries, payment of taxes and debts of the trust, and releasing you from liability associated with the trust administration.