Trust Administration

    Orlando Trust Administration

    Duties of a Trustee in Orlando

    Under the terms of Florida estate planning law, the person who is appointed to manage a trust is known as a trustee. When establishing a trust, you can name virtually anyone as a trustee, whether it is a member of your family, an attorney or a bank, or you can even name yourself as the trustee. In this common arrangement, you are referred to as the initial trustee, and the party who assumes the role of trustee upon your death or incapacity is known as the successor trustee. Whoever it is, the trustee assumes certain duties and responsibilities with respect to the estate. These include, but are not limited to:

    • Investing the funds in order to produce income
    • Managing the property in the trust
    • Maintaining detailed records of all transactions
    • Issuing account statements to the beneficiaries and grantor
    • Being answerable to the beneficiaries and grantor whenever they have questions concerning the management or status of the trust

    Such duties are required at all times throughout the life of the trust, but they are not the only actions that the trustee is expected to take in the course of trust administration. In addition to the above, the trustee is required to perform certain actions upon the passing of the grantor, and these include:

    • Paying valid claims submitted by creditors of the estate
    • Paying any federal income tax that may be due on the income of the trust
    • Collecting and inventorying all of the assets belonging to the trust
    • Performing a valuation of the assets in order to determine the total value of the trust, as well as the value of the individual assets
    • Distributing trust assets to the beneficiaries, in the amounts and according to the schedule that you specified in the trust agreement

    Hire an Orlando Trust Administration Lawyer

    In carrying out all of these duties, it is necessary for the trustee to act in good faith toward the beneficiaries, even when he or she is included in the list of beneficiaries and would stand to gain personally by favoring himself or herself. If you have been named as trustee, it is advisable for you to retain the services of an Orlando estate planning attorney who can guide you in every aspect of trust administration and help you avoid mistakes that could expose you to allegations of breach of fiduciary duty. At Jackson Law, we have 30 years of collective experience, and are ready to assist you with navigating the challenges of this complex area of estate planning law. Contact us now to learn more about how we can be of service.

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