Trust administration guidance for trustees and beneficiaries in Coral Gables

Trust Administration Attorney in Aventura, Florida

If you were just named trustee of a Florida trust, or a notice about one arrived in your mail, you probably want to know what to do first. Trust administration means managing and distributing trust assets under the trust’s terms and Florida law. The first steps are finding the trust papers, confirming what the trust holds, and sending the notices Florida law requires by set deadlines.

What Does a Trust Administration Attorney Do for Aventura Families?

A trust administration attorney advises the people who run a trust and the people it benefits. Trust Counsel, PL advises and represents trustees, personal representatives and beneficiaries. Trust Counsel’s attorneys can serve individually as trustee or personal representative.

Administration usually begins when the person who created the trust, called the settlor, dies. It can also begin when a trust becomes irrevocable under its own terms. From there, the trustee manages the assets, keeps records, and distributes property as the trust directs.

Our only office is in Coral Gables. We serve clients in Aventura, a city in northern Miami-Dade County. Leslie V. Marenco, one of the firm’s lawyers, is the responsible lawyer for this page.

What Are the First Steps When a Florida Trust Becomes Irrevocable?

The first steps are to gather the trust papers, confirm the trust’s assets and debts, and identify who must be notified. Start with the original trust document and every amendment. The document guides the rest of the work.

Next, collect a death certificate if the settlor has died. Add a list of bank and brokerage accounts, real estate, personal property and known debts. These records show what the trust holds and what it owes.

Some trusts must also be filed with a court. When the settlor has died and the trust is one that Florida law covers for the settlor’s estate, the trustee must file a notice of trust. Fla. Stat. § 736.05055 requires filing with the court of the settlor’s home county and the court handling the estate. The notice must name the settlor, the date of death, the trust’s title and date, and the trustee’s name and address.

What Must a Trustee Tell Beneficiaries Under Florida Law?

A trustee must keep qualified beneficiaries reasonably informed about the trust and its administration. For an irrevocable trust, the trustee has 60 days after learning of it to give notice. The notice must state the trust’s existence, the settlor’s identity, the right to request a copy of the trust instrument, and the right to accountings. Fla. Stat. § 736.0813 also requires a statement that the fiduciary lawyer-client privilege applies.

On reasonable request, the trustee must give a qualified beneficiary a complete copy of the trust. An irrevocable trust also needs an accounting to each qualified beneficiary at least annually and on termination of the trust or on change of the trustee; a family trust company acting as trustee may have trust terms that limit accounting to termination, removal or resignation, or a beneficiary’s demand. Under Fla. Stat. § 736.0813, the trustee’s notice duties in paragraphs (a) and (b) do not apply to an irrevocable trust created before the effective date of the Florida Trust Code, or to a revocable trust that became irrevocable before that date, and paragraph (a) does not apply to a trustee who accepted the trusteeship before that date.

Florida law sets the trustee’s core duties too. The trustee must act in good faith and follow the trust’s terms, as § 736.0801 states. The trustee must act solely in the beneficiaries’ interests under § 736.0802. Timing matters here, so a lawyer can review a notice letter before it goes out.

How Do You Inventory and Pay Debts in an Aventura Trust?

Make a complete list of what the trust owns and owes before any distribution. Include bank and brokerage accounts, real estate, personal property and digital records. A missing asset found later can reopen questions everyone thought were settled.

A trust may hold a condominium unit. Gather the deed, the association’s records and any unpaid dues before you list the unit.

Pay valid debts and expenses before you distribute to beneficiaries. For certain trusts that help pay a settlor’s estate, § 736.05053 requires the trustee to pay trust administration expenses first.

What Tax Filings and Distributions Does a Trustee Handle?

A trustee must keep an accounting that shows the trust’s transactions. The accounting must show all cash and property transactions and significant administration transactions. It must also show compensation paid to the trustee and the trustee’s agents, under § 736.08135. A final accounting must include a plan for distributing any assets still held.

Trust income may need its own tax reporting. The settlor may also have a final individual return to file. Which filings apply depends on the trust and the year. The basic exclusion amount is $15,000,000 under IRC § 2010(c)(3)(A), and the inflation adjustment in § 2010(c)(3)(B) applies only to decedents dying in a calendar year after 2026.

Distributions should follow the trust’s terms. Make them only after debts, taxes and the accounting plan are clear.

When Does a Trust Administration Turn Into a Dispute?

A trust administration becomes a dispute when a beneficiary questions the accounting, the value of an asset, or a distribution. Common friction points include a missing asset, an unexpected fee, and a belief that one beneficiary received less than another. Disputes like these can lead to court involvement, according to the ACTEC estate settlement video.

Deadlines matter. Under Fla. Stat. § 736.1008, a claim based on matters adequately disclosed may be barred unless it is started within 6 months after the beneficiary receives the trust disclosure document or a limitation notice, whichever is later. A challenge to a trust that was revocable at the settlor’s death follows its own limit under § 736.0604.

Trust Counsel, PL handles trust litigation and probate litigation. If a matter may be referred to another lawyer or firm, the firm will tell you. Raise questions early, before a filing deadline slips by.

Why Do Aventura Readers Turn to Trust Counsel, PL?

Trust Counsel, PL focuses on trust and estate matters. The firm represents beneficiaries, heirs and fiduciaries. It also plans for business owners and for domestic and foreign families.

The firm’s work covers trust administration, probate litigation, trust litigation, estate tax planning, business succession planning and asset protection. The firm serves clients in Aventura from its Coral Gables office.

Your first step is a free discovery call. It is confidential and carries no obligation to continue.

Talk With a Trust Administration Attorney Before the Next Deadline

A trust administration attorney can help you sort out the first deadlines before they pass. Those deadlines often come from the notice and limitation rules covered above.

If you were just named trustee, or you received a trust notice with a deadline attached, book a free discovery call with Trust Counsel, PL. You can schedule online or call (305) 707-7126.