Palm Coast Trusts Lawyer

Palm Coast Trusts Attorney

There are several ways to distribute your assets once you pass on. While some assets must go through the probate process, creating a trust is an alternative way for managing and distributing your assets to the right beneficiaries. Many people find that hiring a Palm Coast trusts lawyer is helpful for making sure the process goes smoothly.

Palm Coast is a family-oriented city with a growing population. According to the most recent census data, it has an 80% owner-occupied housing rate, and the median housing value is over $300,000. Therefore, a considerable number of citizens should consider protecting their assets.

Trust administration is a process that allows Palm Coast residents to achieve this protection. It involves a trustee managing and distributing a deceased person’s assets that are held in a trust. At The Preston Law Firm, we have decades of experience in helping trustees navigate the process, and we understand how one mistake can stall the process or make it illegal. With our skills and experience, we can show our clients how to avoid these scenarios.

Trusts: Common Terms

When considering whether to place your assets in a trust, it is important to know some of the common terms used in the process:

• Grantor. The grantor is the person who creates and funds the trust.
• Trustee. The trustee has a fiduciary duty to administer the trust. They are responsible for meticulously following the guidelines of the trust document. A trustee must always act in the interest of the beneficiaries. They have over twenty duties and responsibilities, as outlined in Chapter 736 of the Florida Trust Code.
• Beneficiaries. Beneficiaries are the individuals who are entitled to the funds within the trusts. The beneficiaries are named by the grantor.

Trust Administration Process in Florida

In Florida, the rules for setting up and managing trusts are governed by Chapter 736 of the Florida Trust Code. There are two types of trusts in Florida: irrevocable trusts and revocable trusts.

A revocable trust allows a person to manage their assets while alive and distribute them once they die. It is revocable because the terms can be changed at any time by the grantor unless they become incapacitated. In that case, a trustee becomes responsible.

An irrevocable trust is often a way for an estate to avoid the probate process. Unlike a revocable trust, an irrevocable trust is out of the grantor’s control once it has been established. At that point, the grantor cannot terminate or change any terms.

In general, the trust administration process involves the trustee managing and distributing the assets in the trust, according to the guidelines outlined by the grantor. In essence, the grantor trusts that the trustee will uphold the highest standards and ethics in making sure the beneficiaries receive the assets to which they are entitled. Once the grantor dies, the main steps of the trust administration process are as follows:

• Deposit the will with the proper court.
• Obtain death certificates for life insurance policies, etc.
• Review the trust agreement to correctly follow the trust’s guidelines.
• Issue a public notice for creditors to claim payment for debts.
• Distribute assets to the named beneficiaries.
• Settle disagreements amongst beneficiaries if applicable.

In some cases, the court must get involved in the administration process. For instance, if a new trustee must be appointed or there are other complaints, the court can appoint a new trustee or settle disputes. Because trustees must be reasonably compensated for their duties, the court may also review their fees to make sure they are adequate.

Any court proceedings for a trust will be held in the county court where it’s being administered. The county court for Palm Coast is the Flagler County Circuit Court at 1769 E. Moody Boulevard, Bunnell, FL 32110.

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How a Trusts Lawyer Can Help

Trust administration can be a strenuous process because any error or mishandling of the trust can create many problems. However, with the aid of a skilled and qualified trust lawyer, the process can go smoothly. In some cases, a lawyer will serve as the trustee for a trust, being the primary person responsible for managing and distributing its assets.

In other cases, the lawyer can guide the process, making sure it is legally sound. For example, they may help the grantor set up the trust, or they might provide legal counsel to the trustee to make sure they are managing it correctly. If there are errors, familial disputes, or other issues, your lawyer can defend you and the trust in court.

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Creating a trust can be an excellent way to protect your assets and distribute them to the appropriate beneficiaries. However, it can be a complicated and time-consuming process without the help of a lawyer. To make sure your trust is properly managed, contact The Preston Law Firm for a consultation. We have extensive experience in helping our clients navigate the process, making sure their loved ones’ assets are protected and properly distributed.