Estate Planning, Elder & Probate Law Firm in St. Petersburg
Creating Peace of Mind Through Personalized Planning
St. Petersburg Trust Administration Attorney
Representation for Creating & Administering Trusts
People use a few different methods for managing their legacies and provide for loved ones after death. Some use a traditional will, while others determine that their needs are better served by establishing a trust. At Finley Williams Law, PA, our trust administration lawyer in St. Petersburg guides clients through the process of creating a trust and offers trust administration services.
What Are Revocable Trusts?
A growing number of people are setting up a revocable trust. The trust contains instructions for managing property and assets during life and after the creator’s death. The revocable trust can be amended or revoked at any time during the person’s lifetime. In addition, the trust will have instructions for how money, property, and other assets should be distributed after the creator’s death.
There are other advantages to establishing a trust, such as:
- Allowing a successor trustee to access property and money immediately after the death
- Certain tax benefits, including the option to avoid some tax penalties
- The records are not public, as with probate, so this is a good option for privacy reasons
Contact Us Today For A Complimentary Consultation
The law regarding trust administration can be confusing, especially for large and complex estates. Serving as a successor trustee is a big responsibility that involves fiduciary duties and responsibilities. Our St. Petersburg probate attorney can offer legal advice and guidance to ensure all legal requirements and regulations are met in the administration of a trust.
The Trust Administration Process
One big advantage of a revocable trust is the estate does not have to go through the probate process, as is required for an estate with a will. When the trust is created, a successor trustee is named. This person will take over as trustee upon the trust creator’s death. The successor trustee must administer the trust according to the creator’s terms and distribute property and assets according to the instructions in the trust.
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Why Choose Finley Williams Law, PA?
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