Trust Administration in Florida

Trust administration in Florida, refers to how a trustee manages and distributes trust assets according to the grantor’s terms. Contrary to a last will and testament, a trust document rarely requires probate. It is private to you and the trust’s beneficiaries. However, trustees have legal responsibilities to honor the terms of the trust and may need to enlist the help of experienced attorneys.

At Sawyer & Sawyer, P.A., we can help you navigate the complicated trust administration process and clearly define the legal responsibilities of trustees.

Benefits of a Living Trust

If you are beginning your estate planning, you are likely familiar with the benefits of a will. Likewise, you and your family may have discussed assigning powers of attorney if you cannot manage your assets. However, your will is subject to the probate process, which could mean a lengthy waiting period for your loved ones before they can access your assets.

Conversely, a living trust allows you as Grantor and Trustee to manage your assets for as long as possible. Then, when you pass or become incapacitated, your assets are quickly transferred to your named trustee to distribute among beneficiaries. The trust includes monetary assets, real estate, and insurance policies.

Your loved ones can avoid the lengthy probate process with a trust. The trust’s instructions take effect immediately as directed by the grantor, allowing your named trustee to manage and distribute the assets with minimal hassle.

Sawyer & Sawyer’s trust attorneys and paralegals can help you draft the necessary documents for trust administration in Florida. Trustees can also rely on our firm to help them properly carry out their duties and adhere to the terms of the trust.

Trustee Duties as Defined by a Florida Trust Attorney

Trustees have quite the responsibility, but Sawyer & Sawyer attorneys can assist you in defining the duties of trustees under Florida law. If you are named a trustee, you should consider the following guidelines:

  1. Honor the terms of the trust. Upon accepting your role as a trustee, you legally agree to follow the terms as defined by the grantor. Florida law often characterizes a failure to do so as a breach of your duties.
  2. Seek legal counsel to help you correctly carry out trust administration in Florida. Trustees must act in the interest of beneficiaries to honor the terms of the trust and avoid personal liability. An experienced attorney from Sawyer & Sawyer can help you carry out your duties as outlined by the trust and distribute assets when the time comes.
  3. Prepare an accurate record of assets. As a trustee, you must provide the beneficiaries with an annual accounting of the trust. You can enlist the legal services of a Sawyer & Sawyer attorney to assist you in tracking payments, assets, and other earnings. Our attorneys can also aid you in reducing estate taxes.

Special Needs Trust

Special needs trusts provide for minor children or loved ones with special needs under your care. We can help you create a plan of action in the case of your passing or incapacitation to secure your loved ones with the care they need.

Our devoted attorneys can help you create and authorize a trust that will provide for your loved ones and secure their continued care. We can also help you select a future guardian that will step up for your loved ones when the trust takes effect.

Planning Ahead

Including trust administration as part of your estate planning may seem unnecessary, but we firmly believe such preparation will ultimately protect the future of your assets and your loved ones.

Establishing a trust can ensure a speedy and stress-free transfer of your assets when you pass and provide an additional layer of financial security for trustees and beneficiaries. We can assist you in creating a living trust, a special needs trust for loved ones in your care, instructions for distribution and care in the event of incapacitation, and much more.

With the guidance of our dedicated attorneys and paralegals, you can rest assured that your assets will be protected and your family members will be cared for, no matter what happens.

Contact an Experienced Trust Attorney Today

At Sawyer & Sawyer, we have assisted clients in trust administration in Florida, for many years. Our attorneys and paralegals provide confidential, comprehensive service that will give you peace of mind now and provide for those you love when the time comes.

Contact Sawyer & Sawyer at 407-909-1900 in Orlando, Florida, today to discuss how we can help you prepare for the future and protect what you care about most.