Board-Certified Florida Trust Administration Lawyer
At Dariotis Law, we know that managing the responsibilities of a trust after a loved one’s death can be overwhelming. Attorney Terry Dariotis offers extensive qualifications, including Florida board certification in wills, trusts and estates law, and an advanced law degree in taxation.
Attorney Dariotis is here to support trustees and new successor trustees. He helps enable smooth communication with beneficiaries and helps manage asset-related complexities. With over 24 years of experience in estate planning, Mr. Dariotis is well-prepared to handle many issues that might arise with the trust or its assets.
If you need guidance in trust administration, do not hesitate to contact Dariotis Law in Tallahassee, Florida. You can reach the firm by phone at 850-692-2727 or by email to schedule a consultation.
How Does Trust Administration Work?
Trust administration is the process of managing and overseeing a trust that has been created to hold and distribute assets for beneficiaries according to the terms set by the grantor (i.e., the individual who established the trust).
This crucial process often begins after the death of the grantor, who may have been acting as trustee of a revocable living trust; or it could involve the administration of a new trust.
Either way, the administration of a trust involves several key responsibilities that require meticulous attention to detail, an analysis of the trust’s terms and a thorough understanding of the relevant laws.
Effective trust administration ensures that the grantor’s wishes are honored and that beneficiaries receive their due shares with minimal conflict or delay. It also involves ensuring compliance with both state and federal regulations.
This process can be complex and often benefits from having a skilled trust administration lawyer advise on the legal intricacies and provide valuable guidance to the trustee.
The trustee, appointed in the trust document by the grantor, is charged with managing these duties. This role is fiduciary, meaning that, by law, the trustee must act in the best interests of the beneficiaries and the trust.
What Does A Trustee Or Trust Administrator Need To Do?
The main responsibilities of a trustee or trust administrator include:
- Asset management: The trustee must identify, secure and manage all assets included in the trust. This may involve transferring assets into the trust’s name, appraising property and managing investments.
- Tax compliance: Filing necessary tax returns and paying any taxes owed by the trust are critical tasks. The trustee needs to handle these matters promptly to avoid penalties and ensure the trust’s assets are not diminished by unnecessary tax burdens.
- Distributions: One of the primary roles of the trustee is to distribute the assets in the trust to the beneficiaries according to the terms specified in the trust document. This might be done in lump sums, periodic distributions or discretionary disbursements based on the beneficiaries’ needs.
- Record-keeping: Maintaining accurate records of all transactions, distributions and decisions is essential for accountability and for meeting legal requirements. This documentation is also vital for resolving any disputes that may arise among beneficiaries.
- Communication: Keeping clear, ongoing communication with the beneficiaries is important. The trustee must inform them of the trust’s status, significant actions taken and any changes that may affect their interests.
These tasks require an understanding of the trustee’s duties, which is why having a seasoned trust administration lawyer like Mr. Dariotis is invaluable. He can walk you through the process of trust administration and assist with legal and tax issues.
Contact Dariotis Law Today
Are you facing the complexities of trust administration? Let trust attorney Terry Dariotis assist you with his profound knowledge and impressive credentials. Contact Dariotis Law today at 850-692-2727 or by email to arrange a consultation. The firm also handles estate planning and administration, including setting up trusts.