Probate and Trust Administration

As Florida probate professionals, at Rarick & Bowden Gold, P.A. we endeavor to do whatever is necessary to settle the “total estate.” Often today, estates consist of both probate assets and trust assets — requiring either a Miami probate attorney with experience in Florida, or a Miami trust attorney — with experience. Our attorneys have extensive experience in both fields.

We strive to work with the Personal Representative (PR) and Trustee in the most cost-effective way. If the “PR” is fully competent to handle most of the PR tasks, we will work in a legal support role. If the PR does not have the time, or does not feel comfortable handling these tasks, we can perform all PR tasks while keeping the PR fully informed on all significant decisions.

You will find answers to many of your questions about Florida Probate in our publications below:

• Florida Probate Quick Reference Guide
• Avoiding Florida Probate

If a decedent had a properly drafted and funded trust in Florida, probate is generally not required. Unlike a will, a trust is a private document and need not be filed with the probate court. Nonetheless, the successor trustee must still take steps to administer the trust: Beneficiaries must be contacted and kept informed; the trust-maker’s assets gathered and invested; any debts paid; potential creditors notified; taxes filed and paid; assets and/or income distributed to the beneficiaries in strict compliance with trust provisions.

Our Miami trust lawyers can help the successor trustee deal with the complexities of trust administration in Florida. Each professional Miami trust attorney at our firm understands that successor trustees often lack the time, resources or knowledge to personally administer the trust. Therefore successor trustees may call upon legal, accounting, and investment professionals for assistance.

Note: Regardless of whether the trust was drafted by our office, we are available to assist the Trustee.

1. Use and follow the advice of an experienced Miami trust attorney to avoid or reduce estate taxes or income taxes and to protect against personal liability for the successor Trustee.

2. Don’t act hastily or distribute assets of the trust without analyzing the legal and tax consequences.

3. Follow the terms of the trust exactly. Trust lawyers in Florida have learned that failure to do so can result in charges of breach of fiduciary duty by the beneficiaries against the trustee.

4. Prepare an inventory and accurately account for all assets and funds that come into the estate.

5. Obtain receipts and releases for all distributions when they are eventually made and follow all instructions of the trust in order that once the directed distributions are completed, remaining administration of the trust if required for other possible heirs will be able to continue without difficulty.

To learn more about the duties of a Trustee and trust administration visit our articles listed below:

• Florida Trustee’s Fiduciary Duties & Powers
• Florida Successor Trustee Checklist
• Termination of Irrevocable Trusts in Florida: When, Why and How
• 7 Effective Legal Remedies for Florida Trust Beneficiaries

To secure a Checklist Of Initial Action Items For A Trustee following the death of the Trustmaker and a Checklist of Important Documents send a request to info@raricklaw.com.

Miami estate planning firm, Rarick & Bowden Gold, P.A., has assisted families and business persons for over 20 years. Our firm has worked with over 400 similar law firms located in states outside of Florida to represent their clients in legal matters concerning probate, Florida estate planning, and asset protection. To schedule a meeting with a Miami estate planning attorney call (305) 556-5209 or (954) 360-8242, or e-mail info@raricklaw.com. We look forward to meeting you!