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Trust administration
Trust Administration is a specialized practice area involving the administration and transfer of assets pursuant to the specific directions set forth in a Trust Agreement. Trust Administration often involves extremely complex considerations that are not apparent to the Trustee or to the beneficiaries of the Trust.
Our professionals handle all aspects of the administration of Trusts including implementing procedures to avoid and limit the possibility of Trust litigation, marshaling the assets of the Trust, preserving and protecting the assets, evaluating issues concerning discretionary distributions, evaluating and discussing opportunities to minimize taxes, preparing and filing the United States Estate (and Generation Skipping) Transfer Tax Return (Form 706) when appropriate, preparing the Florida Estate Tax Return (Form F-706) when appropriate, supervising the preparation and filing of the United States Fiduciary Income Tax Returns (Form 1041), distributing the assets to the beneficiaries, preparing the final accounting of the Trustee, and obtaining receipts and releases so that the Trustee is discharged and not later sued concerning issues of trust administration.
A competent Trust and Estates Attorney assists and advises the Trustee so that he or she avoids the numerous pitfalls and problems that are not readily apparent to those untrained in the practice of Trust Administration. As the fiduciary responsible for the proper handling of the assets of the Trust and responsible for the distribution of the assets to implement and satisfy the grantor’s wishes as expressed in the Trust Agreement, the Trustee has many legal duties and responsibilities that go well beyond what is set forth in the Trust. The Trustee must be extremely careful to avoid making decisions where the Trustee’s independence and neutrality can be questioned. Trustees must avoid self dealing and must avoid even the appearance of bias or conflict of interest. The Trustee and the beneficiaries of the Trust deserve the service of a competent professional to ensure that the Trust is administered properly and that costly mistakes are avoided.
Christopher Q. Wintter is Board Certified by the Florida Bar in Wills, Trusts, and Estates. Fewer than 350 of the more than 87,000 licensed Florida Attorneys are Board Certified in Wills, Trusts and Estates. Only a Board Certified Lawyer can legally claim to be a “specialist” or an “expert” in Trust Administration. The hiring of a specialist in Trust Administration will assist in making sure that the Trustee meets his or her legal and fiduciary obligations to all persons interested in the proper administration of the Trust including, but not limited to, the creditors, the taxing authorities (such as the IRS), and the beneficiaries, while avoiding the possibility of personal liability and potential litigation.
Christopher Q. Wintter
Nina Zuckerman Chepp
