What is Trust Administration?

Trust Administration is the activities that are specified in the Trust document and can be during the lifetime of the person creating the Trust (the "Grantor" or "Settlor"), or it may be during the time of illness or incapacity of the person creating the Trust, or it could refer to the activities that Trust specifies needs to be done after the death of the person creating the Trust.  Trust Administration mainly refers to the activities the Trustee must do during all three periods relating to the Grantor's life.

What is a Successor Trustee?

In a revocable trust, the Grantor is usually also the Trustee, meaning they can manage their own affairs and property during their lifetime.   A Successor Trustee refers to the next person or entity named in the Trust document that will assume the role of Trustee when the original Grantor and Trustee is either ill or dies.  A Successor Trustee is considered to be a fiduciary, meaning that they should not be acting in their own interest but in the primary interests of the Grantor and any other beneficiary of the trust.

How does the Successor Trustee become in charge of the trust?

The trust instrument should specify the method by which a Successor Trustee accepts or declines to serve, and the next nominated person is allowed to serve as a fiduciary.   

Just because you are named in the role of someone's Successor Trustee, you still have to decide whether your life situation will allow you to take on this role.   Either way, the acceptance or declination to serve as the Successor Trustee must be in writing and in conformance to the methods that the Trust document specifies and the Florida Statutes.

In addition, a new Certification of Trust must be issued that any third party holding trust assets can rely upon.  Both the Acceptance of Successor Trustee and preparation of a new Trust Certification are best done by an attorney skilled in this area.

When someone you love dies, it can be overwhelming on what the next steps need to be to settle their affairs.  We are here to guide you through the process and address all of your concerns.   We will explain how Florida estate administration laws apply to your case in a way you can understand.

Give us a call.   We can help.

Law Office of Shawn C. Newman, P.A.
710 Northeast 26th Street
Wilton Manors, FL 33305-1238
Phone: (954) 563-9160

Serving all of the greater Fort Lauderdale area and Broward, Palm Beach, and Miami-Dade counties in Southern Florida.