When the person who created a trust passes away, the successor trustee steps in to manage and distribute the trust’s assets. It’s an important job with real legal duties, and many trustees are family members doing it for the first time. Sawyer & Sawyer, P.A. helps trustees in Winter Park carry out the trust’s terms correctly, and helps beneficiaries understand what to expect.
A Trustee’s Duties in Florida
- Follow the terms of the trust
- Act in the beneficiaries’ interests, not your own
- Keep beneficiaries informed and provide trust accountings
- Keep trust assets separate and invest them prudently
- Keep accurate records of everything that comes in and goes out
When a revocable trust‘s creator passes away, Florida law also requires the trustee to file a notice of trust with the court in the county where that person lived.
What Trust Administration Involves
Trust administration usually includes taking inventory of the trust’s assets, notifying beneficiaries, paying valid debts, expenses and taxes, managing property and investments along the way, and making distributions under the trust’s terms. Because assets held in a trust generally avoid probate, the process is usually faster and more private than settling an estate through the court.
Trust Administration in Winter Park
About 1 in 4 Winter Park residents is 65 or older. A revocable trust changes in important ways when its creator passes away, and the successor trustee takes charge from that point.
At death, the trust becomes irrevocable and needs its own tax ID. The trustee settles final debts, and the trust’s terms then decide whether assets go to beneficiaries outright or stay in trust for someone who needs ongoing protection.
A Winter Park resident’s trustee files the notice of trust in Orange County, at the Orange County Courthouse in downtown Orlando. From that notice to the final distribution, we guide Winter Park trustees through the tax ID and each step the trust calls for.
Figures: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates.
From Our Podcast: Trustee Selection Secrets: What Every Family Needs to Know Before Signing
A trust can hand its trustee more than authority. It can also hand them direction. In this episode of the firm’s Life, Legacy & Wealth podcast, Tom Moss explains how “desired behaviors” clauses give trustees clear guidance and can reduce family conflict before it starts. For the person who will one day carry out a trust, that guidance can make hard calls clearer.
Why Winter Park Families Work With Sawyer & Sawyer
Sawyer & Sawyer, P.A. is a family firm that has served Central Florida since 1994. We treat every client as an extension of our family, and we focus on people before the paperwork.
- Cary L. Moss, Esq., Managing Partner. Concentrates on estate settlement, probate, trust administration, long-term care planning and estate planning. Served five years on the Board of Directors of the Academy of Florida Elder Law Attorneys, including a term as president.
- Thomas P. Moss, Esq., Senior Attorney. Focuses on estate planning, guardianship and estate settlement. Former Co-Chair of the Orange County Bar Association’s Estate, Guardianship and Trust Law Committee.
Our office at 8913 Conroy Windermere Road in Orlando is about 30 minutes from Winter Park.
Frequently Asked Questions
How long does trust administration take?
It depends on the assets and the trust’s terms. Simpler trusts can often be wrapped up within months. Trusts that continue for beneficiaries, or that hold real estate or a business, take longer.
I’ve been named successor trustee. What do I do first?
Start with an inventory. Learn exactly what assets you control, review the accounts and investments, make sure any real estate is properly insured, and confirm who the beneficiaries are and what the assets are meant to accomplish. Then manage the trust according to its terms, acting solely in the beneficiaries’ best interest. Lean on attorneys, CPAs and financial advisors when you need guidance.
Should we choose a family member or a professional trustee?
It depends on your family. In a family that gets along, a loving relative brings compassion and personal knowledge no professional can match. A professional trustee, such as a bank trust department, brings experience, investment and tax support, and emotional distance, in exchange for a more formal relationship and fees. When conflict is likely or a beneficiary is combative, a professional is often the smarter choice.
Related Reading
- Why Choosing the Right Trustee Matters More Than You Think
- Understanding Wills, Trusts, and Probate in Florida
- A Revocable Trust Won’t Protect You From Creditors, and Other Things Florida Families Get Wrong
Other Services in Winter Park
Estate Planning · Supplemental Needs / Special Needs Planning · Probate · Guardianship · Medicaid Planning · Winter Park
Trust Administration Across Central Florida
Orlando · Windermere · Winter Garden · Horizon West · Clermont · Ocoee · Orange County · Seminole County · Osceola County · Lake County
Directions to Our Office From Winter Park
Talk to a Trust Administration Attorney Serving Winter Park
Call (407) 909-1900 or send us a message to set up a consultation. Our office is open Monday through Thursday, 9 AM to 5 PM, and Friday, 9 AM to 12 PM.