Trust Administration
Attorneys Helping Trustees Fulfill Their Duties
The successful administration of a trust often requires the skilled assistance of experienced attorneys. At Schwarz & Harris, P.A., we provide compassionate and dependable guidance to help you fulfill your fiduciary duties effectively. Based in Charlotte County, Florida, our attorneys are here to support you throughout the administration of the trust. Trust us for all your trust administration needs.
Responsibilities of a Trustee
When you are designated to administer a living trust, you have specific 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. When a trust is administered correctly the first time, as required by Florida law, beneficiaries are more likely to terminate the trust when they see that you are represented by experienced trust attorneys. This confidence in proper administration can lead to a smoother process and less conflict among beneficiaries, in addition to eliminating the liability of the trustee upon termination of the trust.
Trust Administration Costs
Court costs, publication expenses, bond premiums, and other expenses associated with probate are eliminated with trust administration. The primary costs involved in trust administration consist of expenses related to: (1) the administration of the trust (2) transferring assets from the trust and (3) the legal advice you need as a trustee. You are also entitled to reasonable compensation for your time and labor as a trustee. This compensation reflects the responsibilities you undertake to ensure the trust is managed effectively and in accordance with the law.
Contrary to popular belief, living trusts do not avoid estate taxes. While the savings on probate costs can be significant, 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 in transferring it to the beneficiaries or selling it. Regardless of how the property is managed, a qualified trust attorney must prepare the necessary deeds and other required trust documents.
Manage a Trust Effectively with Help from an Experienced Trust Attorney
At Schwarz & Harris, P.A., we offer consultations to evaluate the trust procedures required for your specific circumstances. Our team of experienced and trusted attorneys has the experience you need to navigate this complex area. Complete our online inquiry form or call us at 941-625-4158, extension 401 to get started.
