Trust Administration

Florida Trust Administration Lawyers

Caring & Efficient Legal Advocates in Your Corner

Trust administration is the process of managing assets that someone has put in trust. While a trustee holds legal title to the assets and is in control, they do so for the benefit of the beneficiaries who hold beneficial title to the property. Trustees must strictly follow the rules provided in the trust and set forth under the Florida Trust Code.

What is a Trust?

A trust is a legal arrangement where one party, known as the trustee, holds and manages assets on behalf of another party, known as the beneficiary. The person who creates the trust is called the grantor or settlor. Trusts can be used for various purposes, including managing and protecting assets, ensuring the efficient transfer of wealth, and minimizing taxes. There are different types of trusts, such as revocable and irrevocable trusts, each with its own rules and benefits. Trusts can provide greater control over how assets are distributed and can help avoid the probate process.

What Are the Duties & Liabilities of a Trustee?

The responsibilities placed upon the individual serving as trustee are tremendous. Trustees are given much power and with that power, the law imposes many protections against the possible temptations to abuse that power.

Under the Florida Trust Code, trustees are fiduciaries with the following established duties and corresponding liabilities:

Administering Trusts in Good Faith: Under Florida Law“… upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, following its terms and purposes and the interests of the beneficiaries, and in accordance with this code” (Florida Statute §736.0801). This must be done“… solely in the interests of the beneficiaries” (Florida Statute §736.0802). Accordingly, once the trustee accepts the position, they agree to act against their self-interests if need be to administer the trust for the beneficiaries’ benefit.
Allegiance and Loyalty to Beneficiaries: The trustee acts in allegiance and loyalty to the beneficiaries of the trust. Failure to meet fiduciary duties can expose the trustee to personal liability. Trustees should seek experienced legal guidance before carrying out their administrative duties to avoid or limit exposure of their personal assets to claims by the trust beneficiaries in any breach of fiduciary cause of action.
Dictates of the Trust Instrument: Trustees must follow the dictates of the trust instrument itself as well as federal and state law. Conflicts arising between the law and the language of the instrument must be resolved; sometimes, this may involve the filing of a lawsuit by the trustee to obtain judicial resolution of the dilemma.

Communicating with Beneficiaries: Periodic communications with the beneficiaries are extremely important during the trustee’s tenure. Keeping the beneficiaries “reasonably informed” is legally required, but what is “reasonable” will be dependent upon the individual circumstances. Also, the trust may not delineate guidelines for updating or informing those benefiting from the trust of the decisions and actions of the trustee. However, prudent trustees are well-advised to communicate often and in detail with the beneficiaries of the trust. Written communications serve everyone well, and any conflicts or confusion that arise from these updates can be resolved expeditiously with the assistance of legal counsel.
Accounting of the Trust: Each year, the trustee will also be required to give a full accounting of the trust (assets, liabilities, revenue received, payments made, etc.) to the beneficiaries. This cannot be waived by the trustee and must be performed annually.

Proudly Serving Trustees Throughout Florida

While the trustee is required to personally undertake as much of the administration as possible, this does not prohibit the trustee from seeking the assistance of professionals, including accountants, bookkeepers, and attorneys to during the performance of their duties. Given the personal exposure a trustee undertakes when accepting the job of trust administration, smart trustees consult with experienced trust planning and administration attorneys to guide them in their efforts.

A flip side of a trustee's duty is a beneficiary's right. A trustee who fails to perform their duties can be subject to suit by the beneficiary for breach of fiduciary duty and can be compelled, among other things, to provide accountings.

The dedicated Florida trust administration lawyers at Adrian Philip Thomas, P.A. have been serving clients since 2002 and have represented more than 3,000 clients in estate-related disputes. We have extensive experience both prosecuting and defending a wide variety of causes of action. Our probate attorneys have varied backgrounds that make them extraordinarily well-suited to handle your legal matters.

Trust Administration Services Tailored for Miami-Dade County

At Adrian Philip Thomas, P.A., we understand the unique challenges trustees face in Miami-Dade County. The local regulations and the diverse community here require a nuanced approach to trust administration. Our team is well-versed in the intricacies of the Florida Trust Code and how it applies specifically within the Miami-Dade jurisdiction.

Trustees in Miami-Dade often deal with complex family dynamics and various asset types, from real estate in Coral Gables to investments in the bustling financial district of Downtown Miami. Navigating these complexities requires legal knowledge and a deep understanding of the local landscape.

We recognize that Miami-Dade County trustees may need to interact with local government entities such as the Miami-Dade County Clerk of Courts for probate filings or the Miami-Dade Property Appraiser for real estate valuations. While we do not partner directly with these entities, our familiarity with their processes can help streamline your trust administration tasks.

One common pain point for trustees in this area is the need for clear and consistent communication with beneficiaries, who may be spread across different parts of the county or even internationally. Our firm can assist in setting up effective communication strategies to keep all parties informed and mitigate potential conflicts.

Additionally, the annual accounting of the trust, a requirement under Florida law, can be particularly daunting given the diverse asset portfolio standards in Miami-Dade. Our attorneys can guide you through this process, ensuring compliance and accuracy to protect you from potential liabilities.

By choosing Adrian Philip Thomas, P.A., you are selecting a team that understands trust administration and knows Miami-Dade County inside and out. We are committed to providing personalized, efficient, and effective legal support to help you fulfill your duties as a trustee.

To set up a free case consultation with our firm, please call (954) 764-7273 today or contact us online.

Commonly Asked Questions

Can a trustee seek professional assistance?

While the trustee is required to personally undertake as much of the administration as possible, they can seek the assistance of professionals, including accountants, bookkeepers, and attorneys to guide them in their efforts. Given the personal exposure a trustee undertakes when accepting the job of trust administration, smart trustees consult with experienced trust planning and administration attorneys.

What are the potential consequences of a trustee failing to perform their duties?

A trustee who fails to perform their duties can be subject to a lawsuit by the beneficiary for breach of fiduciary duty and can be compelled, among other things, to provide accountings. It is essential for trustees to seek experienced legal guidance to avoid or limit exposure of their personal assets to claims by the trust beneficiaries in any breach of fiduciary cause of action.

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