Important Things To Know When Administering A Trust

When someone you love passes away and they leave a trust behind, the trust administration process will begin. Trust administration is the process of managing and distributing the property placed into the trust. If you have been named as the successor trustee who will take on these tasks, our St. Petersburg trust administration attorneys know how overwhelming the process is. This is particularly true when you are grieving the loss of a loved one. Understanding the basics can make the process much easier.

Documents Needed for Trust Administration 

Successfully administering a trust starts with good organization. There are many documents you will need throughout the process. They are as follows:

• The original document: The original trust document is the most important document you need for trust administration. The document will name the successor trustee, outline the wishes of the grantor, the person who drafted the trust, and outlines how the property is to be distributed. Moving forward without this document is nearly impossible.
• The death certificate: Many financial institutions will require a certified copy of your loved one’s death certificate. They typically will not release funds or release information without it.
• Inventory of assets: You must also identify and collect all property listed within the trust. This may include real estate, bank accounts, business interests, retirement accounts, and personal property. This inventory is critical to ensure nothing is overlooked.
• Inventory of debts: Just like assets, you also need to inventory all debts and expenses so they can be paid.

Your Responsibilities as Trustee 

Acting as trustee is a very serious matter and you will have many responsibilities. These include:

• Act in good faith: As a trustee, you have a fiduciary duty. This means you must act responsibly, honestly, and in the best interests of others. You must carefully consider every financial decision.
• Keep accurate records: Documentation is one of the most important parts of administering a trust. You must keep detailed records of all communications, distributions, and transactions. Beneficiaries have a right to request financial reports and updates.
• Communicate with beneficiaries: One of the best ways to avoid misunderstandings is to communicate clearly with the beneficiaries of the trust. If beneficiaries feel as though they are not aware of what is happening with the trust, it can lead to conflict and tension. Providing beneficiaries with updates on a regular basis can help establish transparency and trust.

Contact Our Trust Administration Attorneys in St. Petersburg Today 

If you have been tasked with administering a trust, you do not have to do it alone. Our experienced St. Petersburg trust administration attorneys at Legacy Protection Lawyers, LLP, are prepared to guide you through every step with professionalism and clarity. We can help you administer the trust, advise on what is needed and the next steps to take, so you can move forward with confidence, protect the best interests of your family, and make sure your loved one’s interests are honored. Call us today at 727-471-5868 or contact us online to request a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html