Trust And Fiduciary Service Guidance
Trusts can be an invaluable part of an estate plan but they require you to choose a trustee. Every trustee has what is called a fiduciary duty. That duty requires a trustee to fulfill a number of important responsibilities such as:
- Distributing assets to beneficiaries
- Ensuring assets are invested in a prudent fashion
- Keeping accurate accounting records
- Filing tax returns
- Making regular reports to beneficiaries
Consider Seeking An Attorney’s Help
These duties are complicated, in part because failure to adequately perform them can leave the trustee liable for breaching his or her fiduciary duty. In many instances, a skilled, savvy lawyer is the best person to serve as trustee, having the requisite skill and knowledge needed.
At The Law Office of Nicole C. Morris, P.A., our attorneys serve as trustees, co-trustees, successor trustees or in an advisory capacity. If you have been named successor trustee, our law firm can assist you. In many situations, some assets are distributed via a trust or other nonprobate means such as payable on death (POD) or transfer on death (TOD) accounts, while other assets are transferred through a will. Whatever your situation entails, our law firm will provide the guidance you need.
We can perform these services on a temporary or permanent basis, depending on the needs of our clients.
Be Wary Of Alternatives To Trustee Services
In Florida, there are numerous trustee services that claim to aid trustees in fulfilling their duties. In our experience, these services are often far too deferential to banks and are not as concerned with adhering to the grantor’s wishes. When serving as a trustee or when advising a trustee, our sole objective is to manage the trust according to the terms set out by the grantor. We can intervene in all types of challenging estate disputes, including disputes among beneficiaries.
Talk To An Attorney About Fiduciary Services In Palm Beach
For inquiries about an estate plan or our trustee services, please fill out our online form or call us at 561-855-0348. We offer initial consultation. Our office is in Palm Beach Gardens and we serve families around the country who have property or loved ones with property in Florida.