Are You the Trustee of a Trust? You Should Schedule a Free Consultation with Us
If your loved one or close friend passed away and left you with the responsibility of being the Trustee of his or her trust, you may have a lot of questions. The trustee is a fiduciary, acting in the trust beneficiaries’ best interests and administering the trust in an impartial and reasonable manner. You may know you must follow the deceased’s wishes written out in their trust, but you likely do not know that there are many legal and financial duties that you must comply with under the trust’s terms and under Florida law. Most likely, beneficiaries will request money from you before you have finished your legal obligations and acquiescing their request too soon might expose you to expensive personal consequences. Further, if there is even a hint of a disagreement or distrust among the beneficiaries, it is worth discussing your liability as Trustee with an attorney and to take legal steps to protect yourself.
Even if it is modest trust with beneficiaries that get along, serving as trustee can be a daunting job for anyone. You should, at a minimum, schedule a free consultation with one of our attorneys to review your duties and what your next steps are, then you can decide whether you require any further legal assistance.
Whether the trustee will need to hire an attorney depends upon various factors, such as:
- Reducing costs and hastening access to assets for beneficiaries (this is even more important if you own a closely-held business);
- Providing for your surviving spouse, while preserving your legacy for your children from a previous marriage;
- Allowing intricate giving structures among charitable and/or individual beneficiaries;
- Caring for your special needs child or grandchild, while preserving any needs-based government benefits (e.g., Medicaid) she may be entitled to;
- Ensuring the proper care of your beloved pet(s) or farm animals;
- Protecting your child’s inheritance from his impending divorce;
- Managing assets for your minor child or grandchild;
- Extending the benefits of family wealth over a longer period of time;
- Providing professional guidance and management for more complex estates or for a child who is not financially-savvy.
If you do need an attorney, then another good thing to know is this: your legal representation as Trustee is a trust expense, and you will not need to pay attorney’s fees out of pocket.
Trustee’s Fee in Florida
If you are taking on the responsibility of serving as a trustee, you are generally entitled to a fee for your work. Florida Statutes set for the how the trustee’s fee is calculated, but this needs to be read in conjunction with the terms of the trust. Further, you will need to show the beneficiaries how this fee was calculated and paid as part of your many responsibilities. Your attorney can help you calculate your trustee’s fee, release you from accountings and liability, and more, in helping you follow your fiduciary responsibilities.
We Are Here to Give You a Helping Hand
If you are the successor trustee of a living trust in Florida, our law firm can help assist you in wrapping up the decedent’s trust, provide proper accountings to the beneficiaries, pay all taxes and bills, release you from liability, and more.