TRUST ADMINISTRATION
We Help Trustees Navigate Through the Complexities of Administering Florida Trusts.
If you’ve been appointed as a Trustee and tasked with administering a Florida trust, it isn’t recommended to go it alone. instead, you should have a law firm who routinely assists trustees with all aspects of the Florida trust administration process. That’s where we come in!
What is a Trust? In its most basic terms, a Trust is an arrangement (typically in writing) whereby a person transfers property to another person (called a “Trustee”) who manages and administers the property for the benefit of another person or persons (called “beneficiaries”). The person who sets up the Trust is usually called a “grantor”, “settlor”, or “trustor”. There are numerous types of Trusts that you may have heard about, such as revocable living trusts, irrevocable trusts, testamentary trusts, charitable trusts, and marital trusts. Each kind of Trust has its own unique characteristics, nuances, and laws that require careful attention and analysis.
The person in charge of a Trust is called a Trustee. The Trustee is tasked with administering the Trust in accordance with the terms of the Trust document as well as applicable laws. Florida Trustees are granted a broad array of powers in administering Florida Trusts; and the Trust document itself often grants even more powers to the Trustee. That doesn’t mean the Trustee can simply run the Trust how he or she sees fit.
A Trustee is what we call in the law a “fiduciary”, who must act in the best interest of the Trust’s beneficiaries. The law imposes certain duties (which we call “fiduciary duties”) on Florida Trustees, such as a duty of loyalty, a duty of impartiality, and a duty to prudently invest Trust assets and property. A Trustee also has a duty to account to the beneficiaries of the Trust, which typically means the Trustee is required to provide annual accountings to the Trust’s beneficiaries. Failure of the Trustee to honor his or her fiduciary duties can lead to personal liability for breaches of trust.
Trusts can last for a relatively short period of time; or they can also continue for several years. During that time period, things and circumstances can change, such as marriages, deaths, divorces, births, and changes in the law. Therefore, it’s important that the Trustee be up to speed on all matters relating to the Trust. In addition to a lawyer, a Trustee should always have a solid team of professionals assembled who can advise the Trustee on other matters relating to the Trust, such as tax, financial, and investment professionals.
It is important to have a Florida Trust Attorney who can guide you through the legal aspects of administering a Florida Trust. That’s where The Silverman Law Firm comes in! We don’t just prepare Florida Trusts…we also put our knowledge of Florida’s complex Trust laws to work for you!