Individuals may create trusts for many reasons, including to circumvent probate, provide for disabled loved ones without compromising their Social Security benefits, or gain a tax benefit. Trusts are repositories for your assets, and you can oversee them as the trustee or designate another in the role of trustee.
The person who creates a trust is the grantor or settlor, who places faith in the trustee to manage and then distribute the trust assets to beneficiaries when the settlor dies. Trustees have a fiduciary duty to act in the best interest of the beneficiaries of the trust from inception to distribution. Our Coral Gables trust administration lawyers work with you during the entire process to properly fulfill the settlor’s wishes.
Once the settlor dies, all trusts become irrevocable and the trustee’s role in protecting the settlor’s assets turns to distributing them to named beneficiaries. The trust administration process for Coral Gables residents entails depositing the original will with the Probate Court, acquiring death certificates, and abiding by distribution according to the trust agreement.
According to Florida Statutes § 732.901, the decedent’s will must be deposited with the Miami-Dade Circuit Court, Probate Division, if that is the county the decedent resided in, within 10 days of death. To settle insurance policies and other assets that may transfer on death by beneficiary designation, the trustee will need certified copies of the death certificate, usually provided by the funeral home handling interment or obtained by the trust administration attorney.
The trustee reviews the trust to ensure the settlor’s wishes are followed explicitly. Often, the surviving spouse’s share of trust property will be held in trust shares for the spouse’s benefit, and then distributed after the surviving spouse dies to successor trust beneficiaries; while other disbursements to children, charities, or additional beneficiaries may be made following the death of the settlor.
Veliz & Associates P.A. have been part of the Coral Gables community for years, and their trust administration attorneys know how best to implement an estate plan.
Trustees are bound by the grantor’s wishes, enumerated in written detail in the trust document. Once it is time for the trust to be administered, the trustee:
Inheriting assets held in another state, such as real property, may lead to beneficiaries having to file and pay taxes in that state. Relevant parties should talk to a Coral Gables attorney for guidance on any of these aspects of trust administration.
Trustees benefit from openly communicating with beneficiaries to avoid complaints about what may be a lengthy process, although it is always quicker than probate, which can take months or even years for complicated estates. The last duty trustees have to grantors is to ensure beneficiaries receive their inheritance.
Trusts exist for many purposes. Unlike some law firms that open small, satellite offices around the state but never engage in the community, we care about our neighbors, and want to help them preserve their assets for future generations and disburse them in an orderly way.
Trusts require trustees to manage and administer assets according to the settlor’s wishes once the settlor dies. To avoid making a mistake if you are named a trustee, let a Coral Gables trust administration lawyer serve as your legal guide.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
(305) 250-9917