About Trust Administration

Boca Raton Trust Administration Law Firm

A trust is a useful estate planning tool that can satisfy a wide variety of goals, including reduction in tax liabilities, preservation of wealth, protection from creditors, care of loved ones or fulfillment of a philanthropic wishes. However, you must precisely draft and administer your trust to successfully meet your objectives.

Walser Law Firm has guided trustees and acted as trustee of numerous trusts for more than three decades in Boca Raton. Our trust administration services include drafting, administration, maintenance, and consulting on all matters pertaining to trusts and estate planning.

Choosing a Trust that Meets Your Intended Purpose

Although the basic elements of a trust are the same, types of trusts are as varied as the purposes for which they are created. A few of the most common types of trusts include:

  • Special needs trust — to provide funding for an adult with a disability without jeopardizing his or her eligibility for Social Security, Medicaid, Medicare and other government benefits
  • Charitable trust — to support a charitable cause while also reducing your own tax liability
  • Trust for minor children — to ensure your children’s continued care, instead of bequeathing a substantial sum of money directly to minors who are too young to responsibly manage financial affairs
  • Pet trust — to provide the financial means of adequately caring for your cat or dog after your death
  • Testamentary trust to a partner — to leave assets to a same-sex life partner who you do not yet have the legal right to marry under Florida law
  • Inter-vivos trust — to protect your property from creditors while still managing the money for your own benefit

The trustee has a duty to administer the trust in such a way that honors the language and intention with which it was created.

Choosing a Trustee

Whether you are forming a living trust to manage assets during your lifetime or a testamentary trust in which to leave your property to your heirs, you must carefully consider the appropriate trustee to manage the trust. Below is a summary of typical trustees:

  • You may manage an inter-vivos trust — Although the grantor of a living trust is often also the trustee, you should be sure you understand your role in maintaining the integrity of the trust.
  • A family member may administer a testamentary trust — A trusted family member may waive payment of fees to administer the trust, but may not have the financial wherewithal to make prudent investments on behalf of the beneficiaries.
  • A financial institution or law firm may act as trustee — Knowledgeable legal or financial professionals may be better equipped to administer the trust, but they charge a fee for their services, typically ranging from 1.5 percent to three percent.

Retain an Experienced Boca Raton Trust Administration Lawyer to Assist with Your Trustee Duties

Walser Law Firm assists South Florida clients with drafting and administration of trusts. We also act as trustees for clients in need of reliable, knowledgeable, ethical trust administrators. Call our firm at 561.750.1040 or email our firm to schedule an appointment.

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