If you are navigating the aftermath of a loved one’s death while handling the administration of a trust, you likely have a heavy load to carry. In addition to the emotional turmoil you may be experiencing, you’re also required to manage the assets and legal aspects of an estate. A Clermont trust administration lawyer can come alongside you during this time to help you carry the legal burden and to advise you on your next steps.
If you’re wondering whether you should hire legal help, it’s important to recognize that foregoing the assistance of an experienced lawyer could cause problems down the road. When you are in charge of managing a trust, each action you take must be according to the legal wishes of its creator. One misstep could require an extensive amount of extra work and time. When you hire a trust administration lawyer early on, you can avoid any possible mistakes.
In Florida, a trust administrator is someone who has been given the legal role of carrying out the instructions of a trust as created by the grantor. While a trust administrator must complete many tasks, it is important to recognize that they often make no real decisions outside of the trust; they are simply responsible for ensuring that the instructions are adhered to.
Some steps in the process of administering a trust are as follows:
One crucial aspect of handling a trust is ensuring that all accounting measures are taken care of. Below is a short list of local Clermont accounting offices and their locations for your reference:
As a trust administrator, it’s important that you ensure all steps are taken in a manner that is legal and in accordance with the trust’s instructions. However, there are many details that you must adhere to, which makes it easy to miss something. A Clermont lawyer can help you make sure no details are missed and help you ensure the process meets state and federal legal regulations.
During 2021-2022, the state of Florida recorded a total of 705 court cases involving trusts. Because the circuit court system handles an array of trust cases, it’s vital to have someone close to you who understands your case personally and can answer questions on your behalf. At Pathway Law, P.A., we strive to understand every detail of each of our clients’ cases so that we can adequately represent you.
Cameron White, our founder and principal attorney, has decades of legal experience. He’s here to take the guesswork out of trust administration and provide the clarity you need to move forward with confidence.
There is no set cost for trust administration in the state of Florida. The overall price you may pay will depend on several factors, including the complexity of the trust itself and the value of the trust. Additionally, each lawyer will have varying prices, which will affect your overall cost if you hire one. The trustee may also be entitled to a certain percentage of the overall trust, which should be factored into the cost as well.
Florida law requires that a trust administrator receive fees that are deemed reasonable rather than setting a fixed amount. Factors that may influence such fees can include the value of the trust, how much time and effort an administrator is required to spend on the trusts and beneficiaries, the relation of the administrator to the person hiring them, and the complexity of the trust. Trustees are also able to add interest to the fees when appropriate.
Yes, you can hire someone to do the accounting for a trust. It is typically encouraged to hire an accountant to handle the financial aspects. Trusts often involve large amounts of money, complex legal requirements, and extensive paperwork that can be better understood by someone who works in accounting. A professional accountant, CPA, or other professional who is familiar with how trusts function can be of great help when getting a trust in order.
Ideally, you should hire a lawyer who has experience with cases involving trusts or estates to help you handle trust administration. Someone who has previous experience should be more comfortable with and able to attend to the specific documents, strategies, and processes involved in trust creation or administration. A trust lawyer can ensure that you maintain legal integrity throughout the process.
At Pathway Law, P.A., we understand the complexities of trust administration. There are many tasks you need to complete, potentially within a small window of time. Managing a trust is no small feat, which is why it’s so helpful to have legal assistance on your side. It’s essential that each step in this process is taken in compliance with the creator’s instructions to maintain legality. This is just one way we can help.
If you have been tasked with trust administration, wait no longer before hiring legal help. The road ahead may be complex and tiresome, making it a good idea to start off strong with a legal advocate in your corner. Contact Pathway Law, P.A., today to learn more about who we are and how we can help you. We have dedicated several years to helping individuals just like you handle their role as trust administrators. Let us assist you during this overwhelming process.
