Understand the complexities of trust administration in Florida
In terms of estate planning documents, trusts are the most likely ones to cause confusion for Florida residents. This is completely understandable, as there are a multitude of options when it comes to establishing trusts, delineating the terms of a trust and administering a trust. Most people know what a will is and what a will does, but a trust can be a bit more complicated to understand.
One of the first decisions that Florida residents need to make when establishing a trust is to decide who will administer the trust. When a trust is irrevocable, this decision can be especially important. But, for trusts that will be administered after the person dies, this decision is crucial as well.
When a person or entity in Florida is charged with being the trustee of a trust, a duty is created to manage the assets in the trust in the best way for the beneficiaries of the trust. These duties are another part of trusts that can get complicated, as there are potential penalties for the mismanagement of a trust that should be avoided.
At our law firm, we understand that Florida residents may be hesitant to consider trusts as part of their estate plan, and they may have many questions when it comes to trust administration. We do our best to provide our clients with the best information about their own unique circumstances so that they can come to an appropriate decision. Those Florida residents would like to review more information can visit the trust administration section of our law firm’s website.
Post Type: PERSUASIVE