
Discover why you should always rely on a professional for trust administration.
Creating a trust is a wise move when planning your estate. Trusts can help you avoid probate, maintain privacy, and ensure that your assets are distributed according to your wishes. However, the work doesn’t end when the trust is signed. Administering a trust after someone passes away is a detailed and legally significant process that many people underestimate.
If you’ve been named a trustee, or are planning your estate and want to set your loved ones up for success, it’s important to understand the value of professional guidance. Here are three key reasons why working with an experienced trust administration professional—including your attorney at The Millman Law Group—is essential.
You Must Follow Complex Legal Duties
A trustee has a fiduciary duty to act in the best interests of the beneficiaries and to carry out the terms of the trust exactly as written. This sounds straightforward, but in reality, it involves:
- Properly notifying beneficiaries and interested parties
- Gathering and valuing trust assets
- Paying debts, taxes, and expenses
- Keeping detailed financial records
- Distributing assets in accordance with the trust document
These steps must be performed in compliance with Florida law and trust administration timelines. Mistakes—whether due to ignorance, oversight, or miscommunication—can expose the trustee to personal liability. Even well-meaning family members can find themselves the target of legal action if they inadvertently breach their fiduciary duties.
A trust administration professional helps you stay in compliance, reduces the risk of costly errors, and ensures that the administration process goes smoothly from start to finish.
Trust Administration Can Be Time-Consuming and Emotionally Draining
Many trustees are also grieving the loss of a loved one while trying to handle complex administrative duties. Add in the need to communicate with multiple beneficiaries, manage investments or property, and respond to questions while keeping up with your everyday life and it’s easy to feel overwhelmed.
A professional can take that burden off your shoulders. They can handle the paperwork, communicate with beneficiaries, and guide you through each step of the process. This not only makes things easier on you but also helps reduce family tension, since you’ll have a neutral, experienced third party managing expectations and handling legal or financial disputes.
Trusts Often Require Tax and Financial Expertise
Many trusts involve more than just distributing bank accounts or personal items. Trusts may hold investment portfolios, real estate, retirement accounts, or business interests, all of which have financial and tax implications.
A professional can help you:
- File required tax returns for the trust
- Understand and minimize estate or income tax obligations
- Manage trust assets responsibly, especially if they need to be maintained or invested during the administration process
Without this expertise, a trustee could make decisions that unintentionally reduce the value of the trust or create tax issues for beneficiaries. By working with a professional, you ensure that the trust’s financial matters are handled with accuracy and efficiency.
Protect Yourself and the Trust’s Legacy
Enlisting a professional doesn’t just make trust administration easier; it protects your interests, upholds your legal responsibilities, and helps preserve family harmony.
Are you preparing to serve as a trustee? Need help with trust administration in Florida? Contact The Millman Law Group today to schedule a consultation with an experienced estate planning attorney who can guide you every step of the way.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.