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Written by
Senior Partner
Michael Rodriguez brings extensive experience in estate planning and trust administration to Pierce Law, helping families protect their assets and plan for the future.
Being named as a successor trustee in someone's trust is both an honor and a significant responsibility. When the original trustee passes away or becomes incapacitated, the successor trustee steps in to manage and distribute the trust assets according to the trust terms.
A successor trustee is the person or entity named in a trust document to take over trust administration when the original trustee can no longer serve. This typically happens upon the grantor's death or incapacity.
As trustee, you have a fiduciary duty to act in the best interests of the beneficiaries. This means putting their interests ahead of your own and managing trust assets prudently.
Florida law requires trustees to provide beneficiaries with notice of the trust and their right to receive trust information.
Locate and secure all trust assets, including real estate, bank accounts, investments, and personal property. Document everything carefully.
Use trust funds to pay the grantor's final debts, funeral expenses, and ongoing trust administration costs.
The trustee must file the grantor's final income tax return and, if required, estate tax returns. The trust may also need its own tax identification number and annual tax filings.
Follow the trust terms to distribute assets to beneficiaries. This may happen immediately or over time, depending on the trust provisions.
Maintain detailed records of all transactions, distributions, and decisions. Beneficiaries have the right to request accountings.
Trust administration can be complex, especially when dealing with tax issues, difficult beneficiaries, or unclear trust provisions. An experienced trust attorney can help you fulfill your duties correctly and protect you from personal liability.
Contact Pierce Law if you've been named as a successor trustee and need guidance on your responsibilities.
Disclaimer: This article is provided for informational purposes only and does not constitute legal advice. Every situation is unique, and you should consult with a qualified attorney to discuss your specific circumstances. Reading this article does not create an attorney-client relationship with Pierce Law.
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