Proper creation and implementation of the trust.
The successor duties involve settlement and management of the trust even after the death of trust maker. The successor ensure that the deeds of the trust agreement are implemented. However, most actions taken by the successor would have been stated in the trust document. For instance, you might want your estate to go to your minor kids when you die. The successor in this case would maintain and keep the assets named for the beneficiary until the right age. In cases where a guardian is named to care for the minors, the successor would oversee the distribution of necessary items according to your instruction, while also making sure that you assets continues to generate income.
Other responsibilities of the successor trustee.
Once the trust maker dies, the successor take on several roles to ensure successful implementation of the trust. The successor trustee does the following:
- Locating all the assets owned and named by the deceased in the trust documents.
- Coordinating the executors of the estate or acting as a personal representative to implement the estate plans.
- Filling and collecting business interest and any appreciation on your estate.
- Obtaining date of death vales for the assets placed in the trust document.
- Notifying your creditors of your death and paying off any debt owed.
- The successor trustee must collect all accounts such as retirement fund account, life insurance; annuities placed in the trust and ensure they get to the right beneficiaries.
- Pay off any ongoing debt or expense even after the death of the trust maker.
- Raising funds to ensure full payment of debt and cost incurred from administration of the estate, income taxes as well as estate taxes.
- Provide adequate security for the estate and other assets placed in the trust.
- Should in case probate issues arises, the successor trustee would step in and act as a probate, or hire qualified probate attorney to defend the wishes of the deceased.
- Lastly, the trustee can manage the assets in any form such s investing the assets until they are distributed to the beneficiaries.
Naming a successor.
The role of the successor trustee is a very delicate one. You need someone who would advise you on the right trust formation as well as carry out your wishes over your estate. An estate planning lawyer is the best candidate to server as your successor trustee. With vast experience in estate laws and also the Fort Lauderdale state laws about trust formations; our estate lawyer would ensure that all your desires and wishes are implemented to the letter.
- Personal representation are vital to the implementation of estate plan.
- Your personal representation would ensure that your desired beneficiaries gets your estate.
- Once involved in your estate plan, Fort Lauderdale estate lawyer would ensure that no family feud come up when administering your estate.
- Estate plans can be made to reflect and implement your mid, short and long term plans. However, you can speak with an estate planning lawyer to know suitable documents that would reflect these plans.
- Since estate plans are made in preparation for any uncertain life occurrences, you need the right lawyers to ensure your desire and plans are duly implemented.
- Fort Lauderdale estate lawyers would guide you through any probate process. Also, the estate lawyer can step in a play the role of the executioner of your estate plan.
- The living trust is an essential estate document. While other estate document such as last will may go through probate before it can be implemented, the living trust allows transfer of assets without any probate process.
Contact a Fort Lauderdale Estate Planning Lawyer
Our estate lawyer are the best candidate to represent you in the establishment of your estate.
If you reside in Fort Lauderdale and you need help regarding the planning of your estate, and also a personal representative, contact our estate planning lawyer in Fort Lauderdale.
Estate planning can be a tough task, depending on how you want your estate to be planned. Ever more complicated is planning it all by yourself. To ensure that your estate is well planned, it is best you contact a professional, one who is quite conversant with estate planning and the estate planning laws in Fort Lauderdale.