Trustee Services
Florida Trustee Services
Professional Trustee Services for Families Throughout Florida
When a trust is created, the person or institution serving as trustee takes on significant legal and fiduciary responsibilities. For some families, having a family member serve as trustee is appropriate. For others, choosing an experienced professional trustee provides greater continuity, organization, and peace of mind.
At Ahava Legacy Law, we provide professional trustee services throughout Florida. When engaged to serve as trustee, we take responsibility for administering the trust, managing and protecting trust property, communicating with beneficiaries, maintaining appropriate records, making distributions, and carrying out the terms and purposes of the trust.
Our role is not simply to advise a family member who is serving as trustee. We can serve as the trustee and handle the responsibilities of the trust directly.
What Does a Professional Trustee Do in Florida
Serving as trustee can become complicated, particularly when a trust holds substantial assets, real estate, business interests, or other property. The trustee may also need to work with beneficiaries, accountants, financial advisors, attorneys, and other professionals.
Florida law requires a trustee to administer a trust in good faith, consistent with its terms and purposes and the interests of the beneficiaries. The Florida Trust Code also addresses duties involving loyalty, impartiality, prudent administration, recordkeeping, protection of trust property, beneficiary communications, accountings, and distributions.
Ahava Legacy Law can serve as the professional trustee responsible for carrying out these responsibilities and coordinating the administration of the trust.
When Should You Consider a Professional Trustee?
A professional trustee may be appropriate when a family does not have an individual who is comfortable taking on the responsibilities of trusteeship.
Families may consider professional trustee services when:
- The trust owns substantial or complicated assets
- The trust owns real estate or business interests
- Beneficiaries live in different states or countries
- Family members have disagreements or conflicts of interest
- The person originally named as trustee can no longer serve
- The family wants an independent trustee
- The trust will continue for many years
- Beneficiaries are minors or have special circumstances
- The family does not want one family member responsible for managing the trust
- The person who created the trust wants professional administration after death or incapacity
A professional trustee can provide an independent and organized approach to managing the trust according to its governing documents and applicable law.
Trustee Services and Personal Representative Services
Serving as a trustee and serving as a personal representative are different fiduciary roles, but both require careful management of assets, financial responsibilities, beneficiary communications, and legal obligations.
A trustee manages and administers assets held in a trust according to the terms of the trust document. A personal representative handles the administration of a deceased person’s estate, including identifying and securing estate assets, addressing debts and expenses, communicating with beneficiaries, and completing the probate process when required.
At Ahava Legacy Law, we can serve in either role. We provide professional trustee services when a trust requires an experienced fiduciary, and we can also serve as a personal representative when a family needs a professional to handle the administration of an estate.
Having an experienced attorney serve as your trustee or personal representative can provide continuity, organization, and professional oversight while reducing the administrative burden placed on family members.
Serving as Successor Trustee
Many trusts name a successor trustee who will take over when the original trustee dies, becomes incapacitated, resigns, or otherwise stops serving.
Sometimes the successor named in the trust is a family member who does not want the responsibility. In other situations, the successor trustee may be unable to serve.
Ahava Legacy Law can serve as a successor trustee when appropriate, taking over the responsibilities of trusteeship and administering the trust according to its terms.
The transition may involve reviewing the trust and amendments, identifying trust property, obtaining information from the prior trustee, establishing appropriate records and accounts, communicating with beneficiaries, and determining what actions are required to continue the trust’s administration.
Managing and Protecting Trust Assets
A trustee is responsible for taking appropriate steps to control and protect trust property.
Trust assets may include:
- Bank and investment accounts
- Real estate
- Business interests
- Retirement-related assets
- Personal property
- Life insurance interests
- Other financial or investment assets
Florida law gives trustees various powers relating to trust property, including powers to collect trust property and, subject to the trust and applicable law, acquire, sell, manage, invest, and distribute property. The exercise of those powers remains subject to the trustee’s fiduciary duties.
When Ahava Legacy Law serves as trustee, we take responsibility for the legal administration of trust assets and coordinate with appropriate financial, tax, real estate, and other professionals when needed.
Communicating With Trust Beneficiaries
A trustee has important responsibilities toward the beneficiaries of a trust.
Beneficiaries may have questions about the trust, its assets, distributions, expenses, investments, or the administration process. Clear communication can help prevent misunderstandings and unnecessary disputes.
Florida law requires trustees to keep qualified beneficiaries reasonably informed about the trust and its administration and establishes specific duties concerning notices and accountings.
As professional trustee, Ahava Legacy Law handles these communications as part of the administration of the trust, while following the trust’s terms and applicable legal requirements.
Trust Accounting and Recordkeeping
Accurate records are an important part of professional trusteeship.
A trustee may need to maintain records concerning trust assets, income, expenses, transactions, distributions, and other activity. Florida law also contains specific requirements concerning trust accountings and information provided to qualified beneficiaries.
When we serve as trustee, we maintain organized records of the trust’s administration and coordinate with accountants and other professionals when necessary.
Our goal is to make the administration understandable and accountable while maintaining the records necessary to properly manage the trust.
Making Trust Distributions
One of the most important responsibilities of a trustee is making distributions according to the trust agreement.
The trust may require mandatory distributions, or it may give the trustee discretion concerning when and how certain distributions are made.
When a trustee has discretionary authority, Florida law requires that discretion to be exercised in good faith and consistently with the terms and purposes of the trust and the interests of the beneficiaries.
As trustee, Ahava Legacy Law carefully reviews the governing documents and applicable law before making or authorizing distributions.
We also maintain appropriate documentation of distributions made from the trust.
Coordinating With Other Professionals
Serving as trustee does not mean that every professional function must be performed by the trustee personally.
Trust administration may require coordination with:
- Certified public accountants
- Investment advisors
- Financial institutions
- Real estate professionals
- Insurance professionals
- Appraisers
- Business advisors
- Other attorneys
Florida law permits trustees to delegate certain duties and powers when appropriate, subject to requirements concerning prudent selection, terms of delegation, and oversight.
Ahava Legacy Law can coordinate with the appropriate professionals while maintaining oversight of the trust administration.
Managing Trust Real Estate and Other Property
Trusts frequently own real estate and other property that requires ongoing attention.
The trustee may need to address property maintenance, insurance, taxes, expenses, valuations, leases, sales, or eventual distribution of the property.
When appropriate, Ahava Legacy Law can coordinate the legal aspects of managing or transferring trust-owned real estate and other property while working with the necessary professionals.
Trustee Services After Death or Incapacity
A revocable living trust often becomes particularly important after the death or incapacity of the person who created the trust.
At that point, the successor trustee may need to step into the role and begin carrying out the trust’s instructions.
When Ahava Legacy Law is serving as trustee, we can handle the transition and ongoing administration, including:
- Reviewing the trust and related documents
- Identifying and securing trust assets
- Communicating with beneficiaries
- Coordinating valuations
- Addressing expenses and obligations
- Maintaining trust records
- Coordinating tax and accounting matters
- Managing trust property
- Making authorized distributions
- Completing the administration when appropriate
This allows the family to focus on their own needs while an experienced professional handles the responsibilities of trusteeship.
Independent Professional Trustee Services
There are situations in which an independent trustee can be particularly valuable.
A family member serving as trustee may have personal relationships with the beneficiaries or may themselves be a beneficiary. Those circumstances can sometimes make difficult decisions more complicated.
A professional trustee can provide an independent perspective and administer the trust according to its terms rather than placing the responsibility on one family member.
Our role is to administer the trust professionally, communicate appropriately with beneficiaries, protect trust property, and follow the trust’s governing documents and Florida law.
Trustee Compensation and Expenses
Trustee compensation is generally governed by the terms of the trust and applicable Florida law. When a trust does not specify compensation, Florida law provides that a trustee is entitled to reasonable compensation under the circumstances.
The costs of administering a trust may also include expenses associated with maintaining trust property, professional services, accounting, tax matters, appraisals, and other necessary administration.
We can explain the anticipated responsibilities, professional fees, and expenses involved before undertaking a trustee engagement.
Why Choose Ahava Legacy Law as Your Trustee?
Choosing a trustee is an important decision because the trustee may be responsible for managing significant assets and making decisions that affect beneficiaries for years.
Ahava Legacy Law brings together estate planning, probate, trust administration, and fiduciary experience to provide families with a coordinated approach to trust management.
When we serve as trustee, we don’t simply tell you what the trustee should do.
We take on the responsibility of serving as trustee and handling the administration of the trust.
Our goal is to provide families with professional, organized, and independent trust management while honoring the wishes expressed in the trust.
Frequently Asked Questions
What is a professional trustee?
A professional trustee is an individual or professional entity that serves as trustee rather than having a family member or friend take on the responsibility. A professional trustee manages the trust according to its terms and applicable law and handles the legal and administrative responsibilities of trusteeship.
Can an attorney serve as trustee in Florida?
An attorney may serve as trustee when the circumstances, trust documents, and applicable law permit. Whether an attorney is the appropriate trustee depends on the particular trust and the services being provided.
Can Ahava Legacy Law serve as the trustee of my trust?
Yes. Ahava Legacy Law provides professional trustee services and can serve as trustee when appropriate. We can take responsibility for administering the trust, managing trust property, communicating with beneficiaries, maintaining records, and carrying out authorized distributions.
Why would someone choose a professional trustee instead of a family member?
A family may choose a professional trustee when it wants an independent person to handle the trust, when the trust is complicated, when family members have conflicts, or when no family member wants to assume the responsibilities and potential burdens of trusteeship.
What does a trustee do after the trust creator dies?
The successor trustee generally takes responsibility for administering the trust according to its terms. The specific duties depend on the trust and circumstances but may include identifying assets, managing property, communicating with beneficiaries, handling expenses and taxes, maintaining records, preparing accountings, and making distributions.
Can a professional trustee manage trust investments?
A trustee’s investment and management responsibilities depend on the trust documents, applicable law, and the circumstances. A trustee may also work with qualified investment professionals when appropriate.
Does serving as trustee mean the trust has to go through probate?
Not necessarily. Trust administration and probate are separate processes. Assets properly held in a trust may be administered through the trust, while other assets owned individually by the deceased person may require probate.
How long does a trustee serve?
The length of a trusteeship depends on the terms of the trust and the circumstances. Some trusts are administered and distributed relatively quickly, while others continue for many years or even multiple generations.
Talk to a Florida Trustee
If you are creating a trust and want a professional to serve as trustee, or if you need a successor trustee for an existing trust, Ahava Legacy Law can help.
We provide professional trustee services throughout Florida, as well as estate planning, trust administration, probate, and estate administration services.
Contact Ahava Legacy Law to discuss whether professional trustee services are right for your family.
A complimentary conversation, no pressure, in English or Polski.