PUT NOT YOUR TRUST IN MONEY
BUT PUT YOUR MONEY IN TRUST
Losing someone you love can be an extremely painful and a very emotional time in ones life. In addition to coping with the pain, can you imagine being charged with the task to administer that person’s estate? A trustee is responsible for complying with a multitude of State and Federal Statutory deadlines.
Trustees have many time sensitive duties and responsibilities. Trustees are required to comply with Florida statutory notice requirements. They must inventory and appraise all the estate assets, pay estate debt and expense, and they file the required taxes, sell real property and/or business interests, if they need to be sold. They must also create a distribution schedule, re-title assets and distribute the assets to the rightful beneficiaries pursuant to the terms of the trust. All of these tasks are required to be done while adhering to strict fiduciary duties as Trustee. A trustee can be personally liable to the trust beneficiaries for breaching his/her duties as trustee. Trust Administration is a time consuming and challenging process. It can even be frustrating if there is animosity among the beneficiaries – family disputes can drain trust monies and delay the process. Failure to comply with relevant Florida statutory deadlines and federal statutory deadlines can hinder the process and can cost the Trust unnecessary expense. The Horton Law Group can help you get through this difficult time. If you are a named trustee or beneficiary of someone’s trust, or if you feel you should have been named in someone’s trust but were not, please call (561) 299-0018 to schedule a free consultation.
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