Trust Administration & Personal Representative Duties in Largo

Trust Administration Responsibilities After a Death

After a settlor’s death, the successor trustee must follow the trust instrument and administer its assets in the interests of the beneficiaries under the Florida Trust Code. The document and the assets it controls determine the work required.

Initial administration may include:

• Reviewing the trust instrument and confirming the successor trustee’s authority.
• Identifying assets held by the trust and maintaining organized administration records.
• Determining which tax returns may be required.
• Establishing the proper order for paying administration expenses.
• Communicating with beneficiaries and providing required accountings.

Throughout administration, the trustee must safeguard the assets, retain appropriate records, and keep beneficiaries informed as required by the trust or Florida law. Any accounting should document assets, receipts, expenses, distributions, and other activity during the accounting period.

Florida Probate Administration Paths

Florida primarily recognizes formal administration and summary administration. The appropriate path depends on factors such as the estate’s value, the type of property involved, the date of death, creditor issues, and the court’s review. Formal administration is typically used when non-exempt assets subject to probate exceed $150,000 or when the estate’s circumstances, including real property, require that process.

Summary administration may be available for a smaller estate or when the decedent died more than two years ago. Because it isn’t appropriate in every matter that meets one of those conditions, the estate’s assets, obligations, and beneficiaries must still be evaluated.

Subject to statutory restrictions, a legally competent Florida resident may qualify to serve as personal representative. Certain financial institutions authorized to exercise fiduciary powers in Florida may also qualify. The court determines whether the proposed appointee meets the applicable requirements.

Fiduciary Duties & Potential Liability

A fiduciary duty is a legal obligation to act with care and loyalty for the benefit of others. Florida Statute 733.602(1) identifies a personal representative as a fiduciary who must observe the standards of care applicable to trustees. The representative must settle and distribute the estate according to the will and Florida probate law as efficiently as is consistent with the estate’s best interests.

Florida Statute 733.609(1) provides that a personal representative can be liable to interested persons for damage or loss caused by a breach of fiduciary duty. Trustees must likewise follow the trust, safeguard its assets, maintain records, and provide required information to beneficiaries. Careful documentation and timely attention to administration obligations are central to both roles.