Trust Administration is the process of setting up the distribution of an estate.
A revocable trust is a form of testamentary instrument that is used as will substitute.
If a decedent had a properly drafted and funded trust in Florida, probate is generally not required. This is of particular importance to Florida residents, since Florida’s probate system can be cumbersome and family members often live at great distances.
Unlike a will, a trust is a private document and need not be filed with the probate court. Nonetheless, the successor trustee must still take steps to administer the trust:
- Beneficiaries must be contacted and kept informed
- The trust-maker’s assets gathered and invested
- Any debts paid
- Potential creditors notified
- Taxes filed and paid
- Assets and/or income distributed to the beneficiaries in strict compliance with trust provisions.
Our attorneys can help the successor trustee deal with the complexities of trust administration in Florida.