Trust Administration in St. Petersburg, Clearwater, Tampa, Sarasota and surrounding West Florida areas.
Unlike probate administration, trust administration is not a court-supervised process, but rather refers to a trustee’s management and distribution of trust property according to the terms of the trust agreement for the benefit of the beneficiaries after the settlor (i.e., the person who created the trust) has passed away. Generally, a trustee must fulfill certain responsibilities and fiduciary duties, and depending on the terms of the trust agreement, these powers and duties may include:
- Gathering and holding trust property
- Distributing income to beneficiaries of the trust
- Paying legitimate creditors
- Making important tax decisions
- Maintaining records of all transactions
- Providing accountings to beneficiaries of the trust
It is important to note that a trustee acts in a fiduciary capacity, and must follow a strict standard of care when performing trust functions. Therefore, it is highly recommended that any trustee or successor trustee seek out the assistance of qualified professionals to assist them in their duties.
If you need assistance with trust administration, please contact our office, as our attorneys routinely handle trust administration in St. Petersburg, Clearwater, Tampa, Sarasota and the surrounding West Florida areas.