Sarasota Attorneys for Trust Administration of Decedent’s Trust Assets
Under certain circumstances, a decedent’s trust assets may be used to pay creditors, federal estate taxes and the costs of probate administration. Trustees have duties to perform including filing a Notice of Trust with the court in the county where the decedent died. The purpose of filing the document is to give creditors notice that the decedent has died and has assets in a trust.
There are laws concerning who is a creditor and who is not and which creditor claims are enforceable. There are many rules under the Probate Court and many of those rules have exceptions to them. A Trust Administration attorney familiar with the constant changing codes may be able to save heirs thousands of dollars in creditor claims and federal taxes. Whether or not creditor claims are valid, or whether trust assets may be used to pay federal taxes on the estate depends on the type of trust that is involved.
At our Wills, Trusts, Probate and Elder Law Firm, PLLC in Sarasota, Florida, we provide Trust Administration services to assist personal representatives in their duties to inform creditors of trust assets and for the proper distribution of trust assets.
Important Frequently Asked Questions on Trust Administration
There are many types of trusts. The one most people are familiar with is the Revocable Trust also known as a “Living Trust”; Revocable Living Trust”; or, an “Inter-Vivos Trust”. These trusts are governed by Chapter 736 of the Florida Statutes, also called the “Florida Trust Code”.
The revocable, or “living,” trust is often promoted as a means of avoiding probate and saving taxes at death. The revocable trust has certain advantages over a traditional will, but there are many factors to consider before you decide if a revocable trust is best suited to your overall estate plan.