Florida Trust Administration Services
Fiduciary Guidance for Successor Trustees in Florida
While establishing a revocable living trust avoids public probate court proceedings, a trust does not administer itself upon the grantor’s death or incapacity. The designated Successor Trustee carries serious, legally enforceable fiduciary duties under the Florida Trust Code (Chapter 736 of the Florida Statutes).
Trustees who fail to follow statutory notice requirements, mishandle assets, or favor one beneficiary over another can face personal financial liability and lawsuits for breach of fiduciary trust. At Cynthia I. Waisman, P.A., attorney Cynthia I. Waisman guides successor trustees through every step of Florida trust administration.
Key Responsibilities of a Florida Trustee
Administering a Florida trust involves a rigorous sequence of statutory duties:
- Notice of Trust: Filing a formal Notice of Trust with the clerk of the court in the county where the deceased settlor resided, alerting potential creditors.
- Acceptance & Notice to Beneficiaries: Providing written notice of trustee acceptance, a complete copy of the trust agreement, and statutory disclosure forms to all qualified beneficiaries.
- Marshalling & Valuing Assets: Identifying, securing, and appraising all trust property, including real estate, bank accounts, brokerage portfolios, and business interests.
- Settling Debts & Creditor Claims: Paying legitimate final debts, administration expenses, and taxes before making distributions.
- Fiduciary Accounting: Preparing clear, detailed trust accountings detailing receipts, disbursements, and trustee compensation pursuant to Florida Statute § 736.08135.
- Final Asset Distribution: Executing trustee deeds and transfers to disburse assets to named beneficiaries in strict accordance with trust terms.
Protecting Trustees from Liability
We work with trustees to obtain formal beneficiary releases and approval of final accountings, shielding the fiduciary from subsequent litigation before the final distribution checks are delivered.
Speak With An Experienced Trust Attorney
Whether you have just been named successor trustee or are a beneficiary seeking transparency, contact Cynthia I. Waisman, P.A. in Clearwater or Tampa for reliable legal guidance.
Speak with an Experienced Florida Probate Attorney
Probate in Florida is rule-driven and time-critical. Attorney Cynthia I. Waisman provides attentive, compassionate legal counsel to resolve estate matters efficiently and protect your interests.
