Trust Administration in Florida
Thoughtful legal guidance for successor trustees navigating Florida's trust administration requirements.
Schedule Your ConsultationUnderstanding Trust Administration
Serving as a successor trustee can involve important legal, financial, and administrative responsibilities. After a settlor's death, a trustee may need to identify and safeguard trust assets, communicate with beneficiaries, address debts and expenses, manage or sell property, coordinate tax matters, and ultimately distribute trust assets according to the terms of the trust.
Florida's Trust Code establishes fiduciary duties governing how trustees administer trusts, including duties to act in good faith, follow the trust's terms and purposes, act in the interests of the beneficiaries, and keep qualified beneficiaries reasonably informed. The specific responsibilities involved will depend on the trust document, the assets involved, and the circumstances of the administration. Chapter 736, Florida Statutes provides the framework for these duties and responsibilities.
At Marissa Petillo Law, we provide personalized legal guidance to help successor trustees understand their responsibilities, navigate the administration process, and move forward with greater confidence and clarity.
Fiduciary Duties & Administration Requirements
Notice of Trust
Florida law provides for a Notice of Trust in certain circumstances involving a trust that holds assets subject to the claims of a decedent's creditors. When applicable, the notice is filed with the appropriate court and provides information concerning the trust and trustee as required by Florida law.
Duty to Inform & Account
Trustees may have specific duties to provide information and accountings to qualified beneficiaries. The timing and content of these notices and accountings depend on the type of trust, the circumstances of the administration, and the requirements of Florida law and the trust document.
Tax & Financial Administration
Trust administration may involve identifying tax obligations, coordinating the decedent's final tax matters, determining whether the trust requires its own taxpayer identification number, and addressing fiduciary income tax filings when applicable. The appropriate tax treatment depends on the trust and the circumstances involved.
What Does a Successor Trustee Need to Do?
Identify & Protect Trust Assets
The trustee may need to identify trust-owned assets, secure property, gather financial information, and take appropriate steps to preserve trust assets during administration.
Review the Trust
The trust document controls many aspects of administration. Carefully reviewing its provisions helps the trustee understand distribution instructions, beneficiary rights, trustee powers, and any conditions that may affect administration.
Communicate With Beneficiaries
Trustees have important duties concerning communication and information. We help trustees understand what information may need to be provided to qualified beneficiaries and when.
Address Debts, Expenses & Taxes
Depending on the circumstances, administration may require addressing valid debts, expenses, property costs, tax matters, and other obligations before distributions are completed.
Manage or Distribute Property
Trust assets may need to be maintained, sold, transferred, or distributed according to the trust's terms and applicable law. Proper documentation can be an important part of this process.
Complete the Administration
Once the trustee has addressed the trust's outstanding responsibilities, remaining assets may be distributed according to the trust document and the trustee's legal obligations.
Frequently Asked Questions
A trustee has fiduciary responsibilities and may be responsible for losses resulting from a breach of trust or failure to comply with applicable duties. The scope of a trustee's responsibilities depends on the trust document, Florida law, and the circumstances involved. We help trustees understand their obligations and make informed decisions throughout the administration process.
Beneficiary disagreements can make trust administration more difficult. We help trustees understand their legal duties, communicate appropriately with beneficiaries, document important decisions, and address disputes in a way that keeps the administration focused on the trust's terms and applicable Florida law.
A trust may become the subject of a dispute involving issues such as the validity or interpretation of the trust, the settlor's capacity, undue influence, beneficiary rights, or the trustee's administration. When a dispute arises, we help evaluate the circumstances, explain the available legal options, and provide appropriate legal guidance based on the specific matter.
Not necessarily. Before making distributions, a trustee may need to review the trust terms, identify beneficiaries, address applicable notices, evaluate debts and expenses, determine tax obligations, and consider whether any claims or disputes remain unresolved. The timing of distributions depends on the trust and the circumstances of the administration.
Not necessarily. Assets properly owned by a trust may generally be administered outside the probate process, but a person may still have probate assets or other matters requiring court administration. Whether probate is necessary depends on how assets were owned and the circumstances of the estate.
Trust administration can involve unfamiliar legal responsibilities at an already difficult time. Marissa Petillo Law provides personalized, attorney-led guidance to help successor trustees understand their responsibilities, organize the administration process, communicate appropriately with beneficiaries, and make informed decisions while carrying out the trust's instructions.
Need Guidance With Trust Administration?
Whether you are currently serving as a successor trustee or are beginning to understand what trust administration may involve, our office can help you navigate the process with greater clarity and confidence.