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Don’t take trust administration lightly

Aug 21, 2019 | Trust Administration

It may feel as if there a hundred tiny little decisions that must be made during estate planning. While the average person in Florida might start this process with the intention of giving every decision his or her full attention, it can be easy to start slacking a little as time moves forward. However, it is important to give each decision as much consideration as is appropriate, particularly when it comes to matters related to estate and trust administration.

Selecting a person to handle trust administration duties is a big decision. This person is responsible for managing the trust, distributing assets according to directions and even terminating the trust when necessary. This is an important role that should only be filled by a trustworthy individual or — as some people choose — a company or service. However, one out-of-state woman claims that the service her parents chose is refusing to follow their wishes.

According to her, her parents passed away within a span of nine weeks back in 2016. A trust was supposed to be terminated upon the mother’s death, but the trust service has so far refused to do so. The couple’s daughter instead claims that the service is still selling real estate held in the trust, trading equities and even charging trust administration fees. She is now pursuing legal action against the service.

There are many reasons why a person might elect to use a trust administration service rather than a trusted loved one, many of which are very much valid. However, it is important that a person carefully considers his or her needs and whether those needs would be best served by an outside party or someone who is more familiar with the situation. When weighing these options, an experienced Florida attorney might be able to provide helpful insight.