Trust Administration Guidance for West Palm Beach Families

If you’ve been named to run a trust, or you’re a beneficiary waiting for answers, the question is simple: what happens next, and who does it? Trust administration is the work of carrying out a trust’s terms after the person who created the trust dies or becomes incapacitated. Florida law sets the duties and the deadlines.

This guide covers who does what, the first steps, the duties trustees owe, and when a dispute begins. It’s written for heirs, beneficiaries and successor trustees in West Palm Beach and Palm Beach County.

Trust Administration in West Palm Beach: Who Does What

The trustee carries out the trust’s terms, and the beneficiaries are the people the trust is meant to benefit. The settlor is the person who created the trust. When a trustee dies, resigns or can no longer serve, a successor trustee steps in. Florida’s probate code says “trustee” includes a successor trustee, whether or not a court appointed or confirmed them (§ 731.201).

Key terms:

• Trustee: the person who manages trust property under its terms.
• Successor trustee: the trustee who takes over when the first one can’t serve.
• Personal representative: the fiduciary appointed by the court to administer a probate estate.

The early work is mostly paperwork: documents, asset lists and notices. Getting that right early makes later questions easier to answer.

Trust Counsel’s attorneys can serve individually as trustee or personal representative. The firm advises and represents trustees, personal representatives and beneficiaries.

First Steps After a Settlor Dies or Becomes Incapacitated

The first steps are finding the controlling documents and listing every asset the trust holds. Start with the trust instrument, every amendment and any pour-over will. Then confirm which version is current.

Write down the date the trustee learned the trust became irrevocable. Under Florida law, the trustee must give notice to the qualified beneficiaries within 60 days after learning that an irrevocable trust was created, or that a formerly revocable trust has become irrevocable, whether by the settlor’s death or otherwise.

Next, inventory the assets. Common items include real estate in Palm Beach County, bank and brokerage accounts, and business interests. Note a value for each asset as of the key date. Assets still titled in the settlor’s own name can complicate administration, so check titles early.

Florida requires a trustee to keep clear, distinct, and accurate records of the administration. The trustee must also keep trust property separate from the trustee’s own property (§ 736.0810). Start that record on day one.

Duties to Beneficiaries Under Florida Law

A trustee must keep qualified beneficiaries reasonably informed about the trust and its administration. That duty includes accountings and information on request.

The trustee must also account when the trust ends or the trustee changes. Upon reasonable request, the trustee must also provide a complete copy of the trust instrument.

An accounting must be reasonably understandable. To the extent feasible, the accounting must identify and value trust assets on hand at the close of the accounting period. For assets reasonably capable of valuation, it shows two values: the acquisition or carrying value and the estimated current value. It must also identify each known noncontingent liability (§ 736.08135). The final accounting must include a plan for distributing any assets still held.

Upon acceptance of a trusteeship, the trustee must administer the trust in good faith. That means following the trust’s terms and purposes and the beneficiaries’ interests (§ 736.0801).

When Trust Administration Turns Into a Dispute

Administration becomes a dispute when a beneficiary objects to the trustee’s numbers, questions an amendment, or doubts an asset value.

Common triggers include objections to accountings, disagreements over valuation, and demands for information the trustee has not given. Florida’s discharge rules give a written objection real weight. If the trustee receives a written objection within 60 days after sending the trust disclosure document, the discharge procedure does not apply. The objection need not state grounds or follow a set form (§ 736.10081).

Routine administration follows the trust’s terms. Trust litigation begins when those terms are contested or a trustee’s conduct is challenged in court. The firm handles trust litigation as one of its practice areas. Early written communication can help identify what is actually in dispute. Some matters may be referred to another lawyer or firm, and if yours is, the firm will say so.

How Probate and Trust Administration Fit Together

Probate and trust administration are separate processes, and one estate can involve both. Probate runs through the court and a personal representative, the fiduciary Florida law names for an estate. Probate law treats the personal representative as an interested person in any proceeding affecting the estate (§ 731.201).

A personal representative must observe the standards of care that apply to trustees. The personal representative must also settle and distribute the estate under the decedent’s will and the probate code (§ 733.602). Florida law makes a personal representative individually liable for certain estate obligations or torts only if personally at fault (§ 733.619).

Trust assets are handled under the trust, while probate assets pass through the estate. The two tracks can move at different speeds, so coordinate them. A deadline or transfer on one side can affect the other. The firm advises personal representatives and beneficiaries in probate litigation as well as trust matters.

Working With Trust Counsel on a West Palm Beach Trust Matter

Trust Counsel’s only office is in Coral Gables. We serve clients in West Palm Beach on trust administration matters.

Leslie V. Marenco is the responsible lawyer for this page. Tanya Vega is also among the firm’s lawyers. The firm has support staff, including assistants and office staff.

The first step is a free discovery call, which is confidential and carries no obligation to continue. Bring the trust document, any amendments, and a rough list of assets if you have them.

If a trust you’re named in now has to be administered, or you’re a beneficiary still waiting for information, call (305) 707-7126 or use online scheduling to book a free discovery call.