A Jacksonville Trust Administration Administration Attorney Can Help You Navigate the Process In Florida
Many estate plans include trusts, which are a way for a person who makes the trust (trustor) to maintain control over their assets while alive and have their remaining property distributed upon their death. They are able to accomplish this by being both the trustor and the initial trustee, which is the person that administers the trust. Once they pass away, however, a different trustee will take over the administration of the trust. The trustor typically names this trustee, and trust administration can be complex as the trustee must follow the rules of the trust as well as any other applicable laws. At Dixon Law, Dale Dixon is an experienced Jacksonville trust administration attorney who can walk you through this process when you are responsible for administering a Florida trust.
Duties of Trust Administration in Florida
While many different types of trusts can be utilized for different purposes, the most common trust used in estate planning is a revocable, living trust. When a trustee administers a revocable trust, they have important duties and responsibilities, including the ones listed below.
Determination of Trust Assets
One of the responsibilities of the trustee is to determine what assets are actually in the trust. This task can be more complicated than it seems, as some assets may not have actually transferred into the trust until the trustor died. When you are administering a trust, it is a good idea to first look at the trust itself to see if it contains a list of assets. Recent financial statements can also be helpful.
Maintaining Accounts & Records
The trustee must keep accurate and detailed records and accountancy of everything they do for the trust. While this helps track trust assets, it is also beneficial in case the trustee is ever accused of any wrongdoing, such as theft from the trust. A Jacksonville trust administration attorney can help ensure that all accounts and records are accurate and complete.
Informing Beneficiaries & Asset Distribution
The trustee is tasked with keeping the beneficiaries informed of what is happening with the trust. When the time is appropriate, the trustee is also responsible for distributing assets to the beneficiaries. There are rules and guidelines the trustee must follow when distributing assets, which sometimes leads to unhappy beneficiaries.
Trust Administration Fees
The statutes governing trusts and trustees in Florida take into consideration the amount of work involved in trust administration, and state that “any person, including an attorney, who serves as a trustee is entitled to receive reasonable compensation; and Compensation payable to the trustee is in addition to any attorney fees payable to the attorney or the attorney’s firm for legal services rendered to the trustee.”
Speak With Jacksonville Trust Administration Attorney Dale Dixon
Trust administration can take an extensive investment of time, and even then, it leaves most novices second-guessing their decisions. At Dixon Law, we know how to administer trusts and can handle the process for you, alleviating the headache trust administration can bring. Contact us today to schedule a consultation with Dale Dixon, a Jacksonville trust administration attorney.