FLORIDA TRUST ADMINISTRATION WITH A JACKSONVILLE LAWYER
Trust administration in Jacksonville generally describes running and managing a specific trust on a daily basis. The role is handled by the trustee. If you are a trustee in Florida, you will have a wide range of duties to fulfill.
For example, you will need to make investments, watch out for the best interests of the beneficiaries, make legal decisions, and more. There are times when you will need to consult with a Florida trust administration attorney to ensure you comply with all the laws and terms of the trust. When the creator of the trust passes away, you will have additional responsibilities.
During the transition period, the trustee needs to perform several important tasks, which should be handled with the guidance of a skilled attorney. When properly done, trust administration in Duval County is significantly quicker, easier, and less expensive than estate administration.
UNDERSTANDING TRUST ADMINISTRATION IN JACKSONVILLE
Trust administration refers to the management of property within a trust by the trustee according to the terms defined in the trust. These terms are followed in the beneficiaries’ best interests after the trust maker’s death. Specific steps are required to safeguard effective trust administration. Many of the steps are similar to probate and estate administration. One big difference is that, unlike probate, a trust administration is a private process not supervised by the court system.
SUPPORTING A TRUSTEE IN FLORIDA TRUST ADMINISTRATION
The trustee must 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 their liabilities, including taxes. The trustee must keep a detailed accounting of the trust. This process involves using trust funds to resolve 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 define 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 of completing the terms of a trust.
NAVIGATING TRUST ADMINISTRATION WITH AN EXPERT PROBATE ATTORNEY IN JACKSONVILLE, 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 would like to assign a trustee, please contact our law office to learn more about your options.
Legacy Planning Law 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.
At Legacy Planning Law Group, we work with you to the create a plan that protects your family and preserves your legacy so you can have confidence about what lies ahead and finish the race strong.