Jacksonville Trust Administration Lawyer

Experienced Trust Administration Attorney in Jacksonville, FL

Trustees have legal duties they must perform when administering a trust. A Jacksonville trust administration lawyer can explain the trust administration process, provide guidance on required legal tasks, and answer questions that trustees and beneficiaries may have. Every trust is different. Trust administration allows you to manage that wealth and carry out the intent of your loved ones who have passed away.

About the Law Office of Douglas A. Oberdorfer, P.A.

The Law Office of Douglas A. Oberdorfer, P.A., has been serving clients in Jacksonville with estate planning, probate, and elder law legal needs since 2003. Douglas Oberdorfer is licensed in Florida and North Carolina. Oberdorfer is also a former Florida assistant state attorney and has been in practice for over 20 years.

Our firm offers Jacksonville trustees and beneficiaries guidance regarding practical information about trust administration. Douglas Oberdorfer can help trustees and beneficiaries understand their legal rights and provide clarity regarding questions that arise during the administration of a trust or estate.

Jacksonville Trust Administration Overview

According to the Pew Research Center, only 32% of American adults claim to have made a will, although 31% have made an advance healthcare directive or living will. These figures demonstrate how many families still struggle with estate administration in the absence of thorough planning.

Trust administration refers to the process of managing and distributing trust assets. Trust administration typically occurs after a trust has become irrevocable. Trusts usually become irrevocable upon the death or incapacitation of the person who created the trust.

When serving as a trustee, an individual has a legal obligation to administer the trust according to its terms and for the benefit of the beneficiaries. Trustees have many duties they may need to perform, which include:

• Locating and identifying trust property
• Informing beneficiaries of their roles and responsibilities
• Gathering financial records
• Paying valid debts and expenses
• Filing tax returns
• Keeping trust assets separate

Florida law requires trustees to administer trusts according to the Florida Trust Code. Essentially, the Florida Trust Code lays out the majority of rules for managing trusts in Jacksonville. The Code specifies the duties and responsibilities of a trustee, the rights of beneficiaries, and the procedures for administering a trust. Additionally, the Code lays out fiduciary standards that trustees should follow during the administration process.

Common Duties of Trustees

A trustee has a legal obligation to act prudently when investing trust assets and administering the trust. Trustees should avoid placing their interests above those of the beneficiary and should avoid showing favoritism to any beneficiary. Administering a trust requires ongoing record-keeping efforts. Trustees have a duty to:

• Protect trust assets
• Keep detailed financial records
• Communicate with beneficiaries
• Pay expenses
• Administer the trust according to its terms
• Prepare trust accountings
• Work with tax advisors when necessary
• Distribute trust property
• Keep records of key decisions

If a trustee fails to meet these obligations, they can be held liable for their actions by a beneficiary or interested party.

Jacksonville Trust Administration Challenges

Jacksonville has a large geographic area and is quickly growing. Trusts administered in Jacksonville, FL, can have a diverse array of assets. Investments can include homes on the waterways throughout Jacksonville or commercial property near Downtown Jacksonville. Financial institutions that hold trust assets can be spread across Duval County.

The Duval County Courthouse handles many legal matters connected to trust administration. The Duval County Courthouse is located at 501 W. Adams Street, Jacksonville, FL 32202. Although most trust administration takes place outside of the courtroom, trustees practice in the Duval County Courthouse if there are disputes among beneficiaries or if the trustee requests instructions from a judge.

Hire a Trust Administration Lawyer

Trustees and beneficiaries have legal rights during trust administration. Managing a trust can naturally lead to legal inquiries about the trustee’s power, claims from creditors, tax obligations, and other issues. When you hire a trust administration lawyer, they can provide clarity on legal issues that arise during administration.

A Jacksonville trust administration attorney can help trustees understand their responsibilities, navigate misunderstandings among beneficiaries, and verify that they are complying with their legal duties. Attorneys understand trust administration laws and can review trust documents, provide clarity on the language of a trust, and help you meet legal deadlines.

FAQs

How Is a Trust Administered in Florida?

Trust administration in Florida typically requires a trustee to determine what property is held in trust, preserve and protect trust property, give qualified beneficiaries notice of the trust, pay valid debts and taxes, keep good financial records, and distribute trust property in accordance with the trust terms. Trustees must also comply with all fiduciary duties.

What Is the New Trust Law in Florida?

Florida does not have a new trust law but instead amends its trust laws from time to time by adding to and updating the Florida Trust Code. Recent changes to Florida’s trust laws can include clarifications related to trustee duties and authority, rules for naming and accepting by successor trustees, notices to beneficiaries, methods of trust administration, and trust tax issues. Trust laws change over time.

Do You Pay Inheritance Tax on a Trust in Florida?

Florida is not one of the states that collect an inheritance tax, so you typically would not have to pay Florida inheritance tax when you receive money or property from someone’s trust. Trusts and beneficiaries may still have federal tax obligations. Trust tax consequences depend on the type of trust, assets placed into the trust, and any income generated by the trust.

How Long Does a Trustee Have to Notify Beneficiaries in Florida?

A trustee should provide notice to qualified beneficiaries within 60 days after the trustee accepts the trusteeship. Additionally, the Florida Trust Code requires a trustee to provide notice within 60 days of learning that a trust has become irrevocable. This could be upon the death of the trust settlor. The notice must contain the information about the trust and beneficiaries’ rights as required by Florida law.

Contact Us Today for Your Trust Administration Case

At the Law Office of Douglas A. Oberdorfer, P.A., we understand the trust administration process and can help you in your case. Contact us today for more information.