Trust Administration's FAQ?

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Q1:   I have a trust where my wife is the successor trustee. What does she need to do if anything should happen to me.

It is important for the Trustee to understand his/her responsibilities and authority.  The Trustee must adhere to the provisions of the trust and applicable laws.  The firm can guide the Trustee through this process to ensure that the wishes of the deceased are fully executed, and all activities are conducted with the respective laws.

Q2:   What are some of the major tasks involved in Trust Administration?

There are several major tasks. To name a few:  managing assets in the trust, paying off financial obligations of the trust, following terms of the trust and laws governing the trust, sending notices to all beneficiaries named in the trust, paying the trustor’s debts and filing federal estate tax returns.

Q3:   Are attorney fees for Trust Administration Services an allowable expense payable from the assets of the Trust.

Yes, the trustee of a revocable trust may retain an attorney to render legal services in connection with the initial administration of the trust payable from the assets of the trust, subject to F.S. Chapter 736.0802(10)

Q4:   Should bank accounts be included in a trust?

Bank accounts can be included in your trust, but this needs to be discussed with your attorney to address the pros and cons of taking such action. You want to ensure placing your bank in the trust will meet the goals of your estate.

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