Maintaining Your Trust

Trust Administration in Boca Raton and Throughout South Florida

A trust document names a trustee to administer the property for the benefit of the beneficiaries. The trustee may be the grantor, close family member, corporation, bank or law firm. Regardless of who assumes the role of trustee, that person or organization is governed by the trust terms and Florida laws.

Walser Law Firm has administered trusts and assisted trustees with their duties for more than 30 years. Our estate planning and probate law firm has earned a reputation for ethical, reliable and experienced trust administration in Boca Raton and throughout South Florida communities. Our trust services include drafting a trust that meets your specific purposes, advising trustees on how to fulfill their fiduciary obligations and administering complex trusts.

Maintaining an Inter-Vivos Trust

An inter-vivos trust allows you to manage your assets and protect your wealth from creditors. However, the property belongs to the trust, not to you personally. As such, you have a duty to act in accordance with the trust’s language and keep the trust funds separate from your own. Your failure to abide by the terms of the trust can expose your assets to creditors and, if another beneficiary is named, subject you to legal liability for breach of fiduciary duty. Protect the integrity of the living trust by:

  • Obtaining a separate tax ID number and bank account for the trust
  • Separating your personal property from that of the trust
  • Complying with recordkeeping and reporting requirements
  • Not using the trust funds for your own benefit unless the terms of the trust authorize you to do so
  • Making prudent investments that minimize risks and encourage reasonable growth
  • Treating all beneficiaries equally

Trustee Responsibilities

The trustee has a duty to act in the beneficiaries’ best interests, while abiding by Florida laws and in accordance with the trust’s language. The trustee may be held personally liable for violation of his or her fiduciary duties.

You likely recognize that you are held to a high standard of honesty and prudent dealings. However, honoring the terms of the trust may become complicated when the interests of beneficiaries conflict with each other or when the trust names successor beneficiaries. In these cases, you owe a fiduciary duty to all beneficiaries. Our firm guides you through your fiduciary obligations so you remain in full compliance with the laws and the trust instrument. Our firm is often asked to assume the role of trustee to administer complex trust documents.

Get Experienced Advice on Trust Administration in Boca Raton and Across South Florida

Walser Law Firm is an established estate planning and probate law firm in South Florida. Our attorneys advise clients on trust administration from our Boca Raton office. We can also act as trustee for complicated trusts. For more information about fulfilling essential trust administration duties, call our firm at 561.750.1040 or send us an email to schedule an appointment.

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