For Trust Administration, You Need Knowledgeable Port St. Lucie Lawyers
While a trust helps to simplify the transfer of property, it does not manage itself. Trust administration refers to the steps required to administer a trust after someone passes away.
At The Siegel Law Firm, P.A., we help with all steps of trust administration. We are a family-owned law firm that has served South Florida since 1982. With offices in Port St. Lucie and Jupiter, we work with clients whose loved one lived in Florida as well as clients whose loved one resided out-of-state.
What Exactly Is Trust Administration?
Trust administration is the process of managing assets held in a trust after the creator passes away. Often, it is not a standalone process. Sometimes, a person dies with some assets in a trust and others in their name. In those cases, we may handle trust administration side-by-side with a probate case.
The process begins by identifying all trust property. This includes checking beneficiary designations and ensuring proper trust funding. Our firm ensures every piece of the puzzle fits together so the intended heirs receive their inheritance.
Rights Of The Beneficiary
If you are a beneficiary, you are entitled to know how the assets are being managed and when you will receive your share. Your rights as a beneficiary include:
- The right to receive a copy of the trust document
- The right to receive an annual accounting of income and expenses
- The right to know the identity and contact info of the trustee
- The right to receive distributions in a timely manner
- The right to petition the court if the trustee is not acting fairly
If you feel your rights are being ignored, a probate attorney can help you seek a solution.
Duties Of The Trustee
A trustee is someone who manages the assets of a trust. The trustee has a great deal of responsibility. Trustees are fiduciaries, which means they have an obligation under Florida law to act in the best interests of the beneficiaries at all times. The primary duties of a trustee include:
- Notifying beneficiaries
- Gathering trust assets
- Obtaining a federal tax identification number
- Paying debts and taxes from the trust funds
- Keeping accounting records
- Making mandatory distributions
- Investing trust assets
If a trustee makes a mistake, they could be held personally liable. That is why our trust lawyers work closely with trustees to ensure they meet every legal requirement. We help you avoid common traps that lead to family conflict or legal trouble.
What Does A Trust Administrator Do?
A trust administrator manages the day-to-day tasks required to settle the trust. This can include handling paperwork, coordinating with banks and working with accountants. Our firm acts as a guide for these administrators to make the process move quickly.
What Is The Difference Between A Trustee And A Trust Administrator?
A trustee is the person legally named to hold the title to the assets. They have the final authority to make decisions. A trust administrator is the professional who performs the work and provides the legal guidance; for example, a lawyer or a law firm.
How Much Does A Trust Administrator Cost?
The cost of administration usually depends on the complexity of the trust. Fees typically come directly out of the trust assets, not out of the trustee’s pocket. When acting as trust administrators, we discuss all costs upfront so there are no surprises for the family.
Who Is The Best Person To Manage A Trust?
The best person is someone reliable, organized and honest. They do not need to be a financial whiz, but they must know when to ask for help. Many people choose a family member, while others prefer a professional to avoid family tension. We help you weigh these options during the planning stage.
Let Our Family Help Yours
Our trust attorneys at The Siegel Law Firm, P.A., handle everything from simple estates to complex guardianship and estate administration matters. We have served Jupiter and Port St. Lucie for decades, and we will be here when your family needs us most. To schedule a completely free consultation, please call us in Jupiter at 561-680-4959, call us in Port St. Lucie at 772-292-0780 or send us an email.