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Trust Administration
Trust administration is a process which can be triggered after a death if the deceased person (called a decedent) created a trust. Trusts are often created as part of estate planning in order to make it possible for assets to transfer outside of the probate process. The trust administration process can be both quicker and easier than probate, so heirs can inherit faster.
However, there are still certain steps which must be taken during trust administration to officially transfer assets to the new property owners. Although trust administration is an easier process than probate in most circumstances, this does not mean it is without complications and it does not mean that trustees and beneficiaries should go without legal representation.
The Florida trust administration process can vary depending upon what type of trust has been created and what types of assets the trust owns, among other important factors. Since situations differ and the steps which must be taken can vary from case to case, it is always best for those involved in trust administration to get legal help to guide them through the trust administration process. The more money and property at stake in the trust, the more important it becomes to get appropriate representation from an experienced attorney.
In general, it is the trustee who has the bulk of the responsibility for administering the trust. Trustees have a fiduciary duty, which is the highest responsibility under the law. They must act in the best interests of the beneficiaries, which means facilitating timely trust administration and maintaining careful control over the trust assets to protect those assets until they transfer to new owners. Attorney Brian Giaquinto can help you navigate this process.
