Selecting the right trustee is a critical component of estate planning and creating your trust, since trust administration (West Palm Beach) can take a lot of attention and time.
- The key aspect of who will make the best trustee in their Florida Trust is “trust” (as in “faith”).
- Some people make the mistake of choosing the child who is oldest, or who lives closest, instead of thinking through who can be trusted to do the best job for all of the beneficiaries.
- This can be a difficult decision to make, but it is very important.
There is a lot of work that must be managed, both while the person who created the trust is alive, but not competent, and after he or she passes away.
- This includes notifying heirs, inventorying assets and any debts, managinginvestments, evaluating Florida estate taxes, negotiating with and paying creditors, deciding when and how to sell real estate, and keeping all of thebeneficiaries informed … among many other duties.
- While there are many cases in which Boca Raton trust administration goes smoothly, this is not always the case.
- Arguments over inheritances (Broward County) or the financial state of the trust assets can flare up and case problems, especially when a trustee does not act fairly in everyone’s best interests.
You can set up the trust for success by working with high-quality West Palm Beach Florida estate planning attorneys to ensure that the trustee carries out your wishes from the start. And it begins with choosing the right trustee.