The trust is an integral part of the structure of almost any estate plan. Its main benefit, of course, is that it keeps your assets out of probate so that your beneficiaries can receive their distributions immediately instead of waiting for probate to close. Imprudent selection of your trustee(s), however, can lead to nasty surprises down the road, for a variety of different reasons. The most obvious choice for trustee would be yourself — and believe it or not, you can do this as long as your trust is a revocable living trust. Of course, this could cause a problem if you intend your trust to endure past your own death. It is for this reason that it is a good idea to choose either a co-trustee, or a successor trustee who takes office after you die. You can also decline serving as your own trustee and name someone else instead (which you must do if your trust is irrevocable). Most people choose a spouse, an adult child or a trusted friend. The reason why you should do likewise is that although the trustee is bound to certain legal obligations such as the duties of loyalty and care, he is likely to have the opportunity to cheat, and use your assets to do it. Your trustee should be someone you — well, trust. Your trustee, co-trustee or successor trustee can be named in the trust document, which you create and which governs the terms of the trust. As long as you draft a sound trust document, you have some legal protection against a co-trustee or successor trustee “going rogue” on you. Your trustee is legally bound to comply with the terms of the trust, and he can be sued or removed (or both) for failing to do so. You might also select an entity such as a bank trust department or a trust company to act as your trustee. Most of the people who exercise this option have funded large and complex trusts from which they expect prudent investments to be made. In this case, the investment expertise enjoyed by an institutional trustee might be just what you need. Observing the following time-tested advice could save both you and your beneficiaries a lot of trouble: Jose Lorenzo is a Florida estate planning and trusts attorney with a strong track record of success, both inside and outside the courtroom. We maintain offices in Coral Gables and Ft. Lauderdale, and we serve clients throughout Florida. We can be reached by telephone at (305) 999-5411, through our online intake form, by email at [email protected] or by visiting one of our offices.SELECTING TRUSTEES UNDER FLORIDA TRUSTS LAW
Who to Select as Your Trustee
The Importance of the Trust Document
Institutional Trustees
Important Considerations
Contact Lorenzo Law Today
Questions? Feel free to contact us.
Lorenzo Law Firm is ready to answer your questions or concerns. Feel free to contact us at your earliest convenience and make sure to call us in an emergency.
Lorenzo Law
Miami-Dade Office: 2850 Douglas Rd. Suite 303, Coral Gables, FL 33134
Broward: 12 SE 7th Street, Suite 701. Fort Lauderdale, Florida 33301
Phone: (305) 224-6811 | Email: [email protected]
We provide legal services throughout Florida including those in the following localities: Miami-Dade County including Aventura, Miami, Coral Gables, Doral, Fontainebleau, Hialeah, Homestead, Kendall, Key Biscayne, Miami Beach, Miami Lakes, North Miami, Tamiami, Westchester, and North Miami Beach; Broward County including Fort Lauderdale, Hollywood, Cooper City, Coral Springs, Hallandale Beach, Oakland Park, Pembroke Pines, Plantation, and Weston; and Palm Beach County including West Palm Beach.
DISCLAIMER
The information contained in this website is for general information purposes only. The information is provided by Lorenzo Law and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.