Legacy Planning Law Group knows that the best way to help our clients is to understand their post-death administration needs and help them find the right solution and path forward. If you’re interested in learning more about our trust administration services as part of our unique Estate Settlement Program, please book your free 15-minute phone call with us today!
Trust administration refers to the trustees’ management of trust property according to the trust document’s terms and for the benefit of the beneficiaries after the trust maker’s death. There are specific steps that are required to safeguard effective trust administration. Many of the steps are similar to the steps taken for probate and estate administration. One big difference is that, unlike probate, trust administration is a private process not supervised by the court system.
One of the first steps requires the trustee to identify all the Florida trust assets, such as real estate and bank and investment accounts, and transfer the title of those assets into the trustee’s name as the successor trustee. The successor trustee in Florida must pay the trustmaker’s debts and satisfy his or her liabilities, including taxes. The trustee must keep a detailed accounting of the trust. This process involves using trust funds to wind up the deceased’s affairs and overseeing all trust activity, including deposits and distributions from the trust.
Finally, once the assets have been collected, the debts have been paid, the tax returns have been filed, and the liabilities have been satisfied, the trustee will distribute the remaining trust assets. The terms of the trust document will order how the trust assets should be dispersed among the beneficiaries. An experienced Jacksonville, Florida probate and trust administration attorney can help a trustee understand and navigate the process for completing the terms of a trust in Florida.
Our experienced Jacksonville probate attorneys can provide trust administration services as part of our unique Estate Settlement Program. If you are a trustee, or you would like to assign a trustee, please contact our law office to learn more about your options.
Legacy Law Planning Group is here to help you and your loved ones understand estate planning, elder law, post-death administration, and business planning in Duval County, Florida. If you’re interested in learning more about our legal services from our experienced Jacksonville, Florida probate and estate administration attorneys, please don’t hesitate to contact us by booking a call today.
If you are committed to solving your planning needs and want to work with our skilled and experienced team, the first step to get started is booking your 15 minute phone call.
During the call, we will find out what your planning needs are so we can see if we can help you. We will also figure out if we would be a good fit for each other.
At the end of the call, we will set up a time to meet with the team and create a plan that will protect your family and preserve your legacy.