Trust Administration involves the administration and transfer of assets pursuant to instructions as set forth in the Trust Agreement.
The basic duties of a trustee involve the collection, management and investment of trust assets and the accumulation and distribution of income and principal pursuant to the trust.
Responsibilities of the Trustee may, but are not limited to the following:
- Preparing an annual accounting to the beneficiaries;
- Filing income tax returns;
- Managing trust investments in a reasonably prudent manner in accordance with the terms of the trust instrument and Florida law;
- Making distributions of income and or principal to the trust beneficiaries in accordance with the terms of the trust instrument; and
- Hiring of outside consultants as is reasonably necessary to assist in the administration of the trust.
Responsibilities of the Trustee upon the death of the Grantor may, but are not limited to the following:
- Filing of a Notice of Trust with the Probate Court;
- Notification of all heirs and trust beneficiaries;
- Providing each qualified beneficiary with an accounting of trust assets;
- Hiring outside consultants to properly account for trust income and principal if necessary;
- Preparing an inventory of all trust assets and determining their fair market value as of the date of death;
- Hiring appraisers to determine the cost basis of trust assets;
- Establishment of a trust checking account;
- Payment of claims and administration expenses;
- Filing of federal and state tax returns;
- Obtaining a taxpayer identification number, if necessary; and
- Allocation of trust assets to beneficiaries or sub trusts, if applicable.
The law office of Eric S. Kane, P.L. is located in Aventura, a municipality in Miami-Dade County, and serves clients throughout Miami, Miami-Dade County, Broward County, Palm Beach County, Martin County, Monroe County, Collier County, Lee County and all of Florida’s 67 counties.