Attorneys Helping Trustees Fulfill Their Duties
The successful administration of a trust nearly always requires the skilled assistance of an experienced lawyer. At Delzer, Coulter & Bell, P.A., you receive dependable guidance in the fulfillment of your fiduciary duties. From law offices in Port Richey, the firm serves clients throughout the North Suncoast area of Florida. The firm’s board certified attorneys are here to support you throughout the administration of the trust, handling all tasks from real estate transfers to the preparation and filing of estate and income tax returns. Turn to the firm with confidence for all your trust administration needs.
Responsibilities 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
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. The beneficiaries are more likely to waive formal trust procedures when they see you are represented by experienced trust attorneys.
Trust Administration Costs
Court costs, publication expense, bond premium expense 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 and the legal advice needed by you as trustee. You are also entitled to reasonable 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.
Manage A Trust Effectively With Help From A Board Certified Attorney
The attorneys at Delzer, Coulter & Bell, P.A., offer a free 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 a Florida board certified elder law attorney, both with the experience you need. Complete our online inquiry form or call 877-815-4218.