“In the End, Who’s In Charge“
What is Trust Administration?
Simply, trust administration is the legal process that administers your trust.
What are the Advantages of Trust Administration?
Saving Time, Money & Heartache!
Allowing us to handle your Trust Administration relieves you of the endless, mandatory legal procedures needed to administer your trust which include:
- Inventorying the assets of the trust.
- Assessing the value of the assets.
- Filing tax Returns on behalf of the trust.
- Notifying potential creditors.
- Notifying beneficiaries.
- Paying debts.
- Attending hearings and filing court ordered reports.
Is Trust Administration a Mandatory Process?
- Your trust must be processed and administrated according to the Florida statutes.
- You must have an attorney to proceed with this process.
When Does This Process Begin?
- Trust Administration begins immediately upon the death of the settlor.
- Time sensitive deadlines and court dates must be adhered to regarding the estate settlement.
Common Questions About Trust Administration
Who administers the trust after I die?
After your death, a successor trustee administers your trust.
Who selects the successor trustee?
- You select the successor trustee.
- If your successor trustee is not knowledgeable about the law and accounting, your attorney can assist in selecting the trustee.
Can my attorney also be the successor trustee?
Yes! Your estate attorney is already familiar with your desires and may be best person to administer it.
Who else can be a successor trustee?
Any resident of Florida who is at least 18 years old and is mentally competent can be appointed as the successor trustee.
Who cannot be a successor trustee?
Anyone who is under 18 years old, convicted of felony, or who is mentally or physically unable to perform the proscribed duties of the trust cannot be a successor trustee.
When and how do I select a successor trustee?
Selecting a successor is usually done when you create the trust. However, as you see by the list of responsibilities, this is an incredibly important decision which will influence the effectiveness of your estate. It is prudent to consult with an attorney when making this important decision.
What are the responsibilities of the successor trustee?
The successor trustee:
- Has a duty to be loyal and impartial to all beneficiaries of the trust.
- Must make sure the trust assets are in an interest bearing account that keeps the trust productive.
- May invest in prudent opportunities.
- Must keep the beneficiaries apprised of the trust status.
- Must file tax returns, distribute income, keep records, and handle expenses.
For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation. It’s a Wild world. Are you protected?