Trust Administration Attorneys Helping Trustees Fulfill Their Duties
In order to accomplish estate planning objectives through a trust, a comprehensive plan must be developed and implemented. Delzer, Coulter & Bell, P.A., is staffed with attorneys who are board-certified legal specialists and experienced legal assistants committed to providing clients with the advice and assistance needed to provide the tax, privacy and flexibility benefits that trusts can deliver.
At our firm, you will receive dependable guidance in the fulfillment of your fiduciary duties. From our law office in Port Richey, we serve clients throughout the North Suncoast area of Florida. Our lawyers can help you successfully administer a trust, handling all tasks from real estate transfers to the preparation and filing of estate and income tax returns. Whether you are a family member who has been named a successor trustee, or someone serving as a financial adviser or in another role as a professional trustee, you can turn to the legal staff at Delzer, Coulter & Bell, P.A. for confident guidance in all your trust administration needs.
Responsibilities And Obligations Of A Trustee
When you are designated to administer a living trust, you have certain responsibilities under the Florida Trust Code. These include:
- Acting solely in the interest of the beneficiaries
- Acting impartially with regard to multiple beneficiaries
- Using reasonable care, skill and caution
- Incurring only reasonable expenses
- Keeping clear, distinct and accurate records
- Providing legal notices and accounting to the beneficiaries
Acting as a trustee is time-consuming work. You should take a look at your personal circumstances to determine if you will be able to perform the duties of a trustee. Probably the greatest pitfall of having a friend or family member act as a trustee is the failure of the “nonprofessional” trustee to understand and appreciate the extent of their legal fiduciary responsibilities when acting as trustee.
Trust Administration Costs
Court costs, publication expenses, bond premium expenses and other expenses associated with probate are eliminated with a trust administration. The costs of trust administration primarily consist of:
- Expenses associated with the transfer of assets from the trust
- Legal advice needed by you as a trustee
- Compensation for your time and labor as a trustee
Contrary to popular belief, living trusts, as such, do not avoid estate taxes. The savings and probate costs can be significant, but estate taxes still must be paid if the value of the reported assets exceeds the federal estate tax exemption. When real estate is owned by the trust, there will be costs involved with its transfer to the beneficiaries or its sale by the trust. Regardless of how the property is handled, a qualified trust attorney must prepare a deed and other required trust and tax documents.
Answers To Key Trust Administration Questions That New Trustees Have
Are trusts governed by a court, like probate cases are?
No. Unlike probate, the administration of a trust does not require court supervision. If the beneficiaries of the trust are well-known to each other, they may be willing to waive some of the formal procedures of the Florida Trust Code. This greatly simplifies the process and reduces the costs incurred by a formal trust administration. Beneficiaries are more likely to waive formal trust procedures when they see you are represented by experienced trust attorneys.
Do I need a lawyer to represent me as a trustee during trust administration?
The successful administration of a trust nearly always requires the skilled assistance of an experienced lawyer. Legal guidance helps you comply with Florida law, avoid liability and manage complex tasks like tax filings and asset transfers.
What happens if the original trustee dies?
In some cases, such as with living trusts in Florida, the original trustee may be the person who established the trust (also known as the grantor). You may have been named a successor trustee, who takes over the administration of the trust after the grantor/original trustee becomes incapacitated or dies.
Manage A Trust Effectively With Help From A Board-Certified Trust Administration Attorney
The attorneys at Delzer, Coulter & Bell, P.A., offer a consultation to provide an evaluation of the trust procedures required in your circumstance. Wayne R. Coulter is a Florida board-certified wills, trusts and estates attorney, and Rebecca C. Bell is a Florida board-certified elder law attorney who is also board certified in wills, trusts and estates. To set up your initial consultation, complete our online inquiry form or call us at 727-361-2894.