A trust is a relationship created to hold assets for the benefit of specific persons or classes of persons. The trust can be created by will, in which case it goes into effect after the grantor (one who owned the property and creates the trust) dies. Or it can be created via a trust agreement which can go into effect immediately during the grantor’s lifetime. The grantor can create a trust in which he retains all powers with regard to his assets during his lifetime, including to change or terminate the trust (a revocable living trust). Or for many reasons, the grantor can create an irrevocable trust that he can not change one it is established.
The trust appoints a trustee who manages and distributes assets for the trust. The Florida Trust Code imposes legal obligations on the Trustee for the benefit of the trust and the beneficiaries of the trust. In addition, the trust document itself provides written direction for the trustee which must be complied with to the extent that they do not conflict with the Florida Trust Code.
Trust administration does not typically require court supervision. However, several issues can arise in the administration of a trust. I am available to assist you in dealing with the complexities of trust administration.
Please contact us with your questions, comments or concerns. We would be happy to schedule an appointment for your consultation.
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