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Many people choose to elect a trust over just a last will and testament. Trust Administration differs from a Probate. In a Florida Probate, it is the Personal Representative who administers the Estate whereas in a Trust Administration, it is the Trustee’s responsibility.
While a Trustee must personally administer the Trust, it is highly recommended that a Trustee hires an attorney as well as accountants and investment advisors to consult with on the various aspects of trust administration. Advisors like our Tampa, FL estate lawyer is usually paid through the assets of the trust, so there is normally no out of pocket costs to the Trustee. Elaine McGinnis will work with the Trustee and beneficiaries to have the trust administered in a timely, professional and personal manner.
Additionally, trust administration is not a court-supervised process, yet its ultimate goal is also the transfer of property from an individual who has died (the "decedent") to their beneficiaries who were identified in his/her revocable living trust. Trust administration with Elaine McGinnis estate attorney has advantages over a Florida probate proceeding. These include a potentially quicker distribution of the property, more privacy due no court supervision, and in most cases, it is a less expensive manner of distributing property to beneficiaries.
When a person dies leaving a valid trust, a Trust Administration becomes necessary to carry out the wishes of the decedent’s as written in his or her trust. The basic duties of a Trustee in Florida involve the collection, management, investment, and distribution of trust assets. It is also important to keep detailed records as well as prepare an accounting, inventory, and property appraisals for tax matters. Our firm will administer the trust and work with other professionals to manage all aspects of the Trust.
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Have you been named as a Trustee of a trust? Choose Elaine McGinnis estate law for peace of mind by making sure the terms of the trust agreement have been satisfied.
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If you have been appointed as a Successor Trustee or are currently acting as a Trustee, contact Elaine McGinnis estate law for your trust administration. With over 14 years of experience, our legal team is known for both our compassionate approach and extensive knowledge of Florida estate law.