Trust Administration consists of managing the assets of a trust according to the terms of a written Trust document. A trust comes into existence when it is “funded” — that is, when the title of assets is placed in the name of the trust. Once assets are titled in the name of the trust (i.e., assets are placed “in the trust”), the Trustee is responsible for managing those assets.
There are many kinds of trusts, and they can exist for specific or general purposes. Trusts can be managed by the person who created them (the “Settlor” who is also the “Trustee”) or someone else (the “Trustee”). A Trust can be revocable or irrevocable. A Trust can manage assets for a living person or distribute assets for a deceased person. However, all Trusts have one thing in common — they must be managed by someone.
Trust Administration is controlled by a set of Florida statutes and can be simple or complex. Trustees must follow strict rules, must follow the instructions of the Trust, and are accountable for the actions they take. If you have questions regarding your responsibilities as a Trustee, or are concerned about the actions of a Trustee, you should seek the advice of a competent accountant or attorney.
For more information, please consult this web site for Frequently Asked Questions and download the FREE Life Planning Guide that explains the difference between these planning documents.
LifePlanLaw.com – Blackburn Law Firm, PLLC can assist you with all aspects of Trust Administration.