If you have been named as a trustee and a loved one has recently passed away you may be wondering exactly what is expected of you. The answer depends on the specific terms of the trust but here is what trust administration typically involves.

You must notify beneficiaries. Florida law requires that beneficiaries be notified of the trust's existence and their rights within a specific timeframe after the trust maker's death.

You must inventory and value the assets. Every asset held in the trust must be identified, located, and valued as of the date of death.

You must address outstanding debts and expenses. Valid debts, final expenses, and administrative costs must be paid from the trust before distribution to beneficiaries.

You must file required tax returns. Depending on the size and nature of the estate there may be federal estate tax returns, final income tax returns, and trust income tax returns that need to be filed.

You must distribute assets to beneficiaries according to the trust terms. Once all obligations have been satisfied the remaining assets are distributed to the beneficiaries exactly as the trust instructs.

You must keep detailed records of everything. A trustee has a fiduciary duty to the beneficiaries. That means every decision, every transaction, and every distribution must be documented and defensible.

This is not a process to navigate alone.

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This is the part of trust administration that most people do not think about until it is too late.

A trustee is a fiduciary. That means they have a legal duty to act in the best interests of the beneficiaries at all times. If a trustee makes a mistake, mismanages assets, fails to notify beneficiaries properly, or distributes assets incorrectly they can be held personally liable for the consequences.

That personal liability is real. We have seen trustees face legal action from beneficiaries over decisions that seemed perfectly reasonable at the time but did not comply with the strict legal standards Florida law imposes on fiduciaries.

Having an experienced Florida trust administration attorney guiding you through the process is not just helpful. For most trustees it is essential protection.

At Bavaro Legacy Law we work alongside trustees to make sure every obligation is fulfilled correctly, every beneficiary is treated fairly, and every trustee is protected from personal liability throughout the process.

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If you have recently lost a loved one and have been named as the trustee of their trust, first take a breath. You do not have to figure this out alone and you do not have to move immediately.

But you do need to move carefully. The decisions you make in the weeks following a loved one's passing have real legal consequences for you as trustee and for the beneficiaries who are counting on you to get this right.

Before you take any action, move any assets, or make any distributions call us. We will walk you through exactly what is required, what your obligations are as trustee, and what the process looks like from start to finish. There is no charge for that initial conversation and no obligation to move forward.

You are doing something important for the people your loved one cared about most. Let us make sure you do it right.

Schedule your free consultation with Vito Bavaro, Esq. today.

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