There are many benefits of adding a trust to your estate plan, such as privacy protection and the ability for assets to avoid probate.
As you create your trust, it’s critical that you consider how the administration process works. This unfolds after your passing, so you must make key decisions while you’re living.
One of the most important decisions you’ll make is naming a trustee. This is the person responsible for administering the trust terms, while taking on duties such as:
- Reviewing the trust and seeking professional assistance as required
- Managing and investing the assets of the trust before distribution
- Distributing trust assets as outlined by the terms and conditions
- Communicating with trust beneficiaries
- Resolving conflicts, such as those between beneficiaries (or those who were left out)
- Keeping detailed records of all financials related to the trust
What About Probate?
Probate is the legal process in which a will is entered into a court of law and accepted as a public document.
The probate process can be both costly and time-consuming, which is why many people look for ways to avoid it.
A trust, unlike a will, does not go through probate. This allows the assets of the trust to be distributed in a more time efficient manner.
Also, since a trust is not a public document (a will is), it’s not available after your passing for just anyone’s review.
If you’re creating a trust, learn more about the administration process. And if you’re in charge of administering a trust, make sure you know exactly what’s expected of you. At The Edwards Law Firm, P.A., we have the experience and knowledge necessary to help you understand how trust administration and probate work in the state of Florida. Contact us online or via phone for more information on our services and professional guidance.
