No! You can request a copy of your DD214 (Discharge paperwork) from the National Archives.
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A revocable living trust is a legal entity that involves, generally, three roles: 1) the settlor(s) – the person or people who establish the trust, set the terms that govern the administration of the trust, and transfer ownership of assets to the trust (either during their lifetimes or upon their death, or both), 2) the trustee(s) – the person or people given authority to administer the trust according to the terms established by the settlor(s), and 3) the beneficiaries – the person or people who receive the benefit of the assets owned by the trust.
Usually, when someone is living and has the capacity to manage finances, they will serve in all 3 roles – as settlor, trustee, and beneficiary. Once they are no longer able, due to death, illness, or incapacity, to manage the trust assets, then a successor trustee will step into their shoes and manage the trust assets for the benefit of the settlor according to the terms of the trust. Once the settlor is deceased, their beneficial interest in the trust terminates, and the trustee will look to the trust document to determine who the new beneficiaries are.
Book a consultation with Family First Firm estate planning department to learn more about setting up a Revocable Living Trust as part of your overall estate planning needs.
Trust administration in this context refers to steps and processes that ensure the terms of the decedent’s trust are carried out in accordance with applicable laws. Many significant steps are often required of the Successor Trustee to administer the trust upon the death of Settlor.
In addition to following the provisions identified in the trust, there are several formal trust administration requirements the trustee must follow.
Understandably, this list of responsibilities can become overwhelming, especially for a family member without experience or knowledge regarding estate planning, Florida’s trust code and succession laws. There is a risk of unintentionally mismanaging funds or being accused of doing so, which can have severe consequences for the person administering the trust. For this reason, hiring a FFF trust administration attorney to assist and advise the trustee in handling these responsibilities is strongly recommended.
Book a consultation with Family First Firm trust administration department to learn more about services we offer to assist the trustee with trust administration
Unfortunately, trust administration can involve unexpected challenges. Some of the more frequent issues consist of:
Book a consultation with Family First Firm trust administration department to learn more about trust administration and how to avoid/address common problems during trust administration.
Hiring a trust administration attorney will give you peace of mind that the required steps involving duties required of the trustee and trust assets will be properly performed.
If you’re appointed as a trustee or successor trustee, you can consult with a trust administration attorney to help you with the process. Call Family First Firm to learn more.
We respect your privacy. The information you provide will be used to answer your question or to schedule an appointment if requested.
Going through all the troubles of trust administration may seem like a thankless project. Fortunately, trustees in Florida are legally entitled to compensation.
The Florida trust code provides a trustee is entitled to reasonable compensation and is often based on a percentage of the trust assets determined in accordance with the facts and circumstances of each case, typically 1-3% of the trust assets.
Estate administration, also referred to as Probate, is typically a very formalized process in which a Petition for Administration is filed with the probate division of the Circuit Court along with the decedent’s Will if there is one. A Probate Judge is assigned the case and typically the individual or individual’s name in the Will (or selected by majority of heirs if no will) is appointed as personal representative(s) and granted Letters of Administration. The Letters of Administration is what authorizes the personal representative to act on behalf of the probate estate, to marshal and collect assets, deal with creditors, file tax returns and engage other professions to administer the estate, when appropriate distribute the remaining estate assets to the heirs and close the estate. Personal representatives are required to hire an attorney to represent them in formal probate administrations. The probate estate, while substantial and seemingly daunting, in most cases for family members, can be, in most cases, a fairly routine and straightforward process for the experienced probate attorneys at Family First Firm.
Trust administration’s fundamental difference over probate estate administration is it is not a court supervised process. The trustee serves in a comparable role to a personal representative and conducts the administration of the trust according to the terms of the trust agreement as well as the requirements of Florida law.
Trusts can be designed to distribute assets outright (free of trust) to the beneficiaries at the Settlors death or could be designed to last years or possibly indefinitely. This may impose continuing duties and obligations on a trustee to invest, manage, distribute assets and generally requires the trustee to hire investment advisors, attorneys and other professionals to assist, as needed. Trustees should not take this responsibly lightly, as failure to administer trust appropriately can subject the trustee to stress, anxiety, personal liability and in some instances criminal liability.
Book a consultation with The Family First Firm probate and trust administration attorneys to learn more about the trust administration process and get peace of mind that it will be handled properly.
No! You can request a copy of your DD214 (Discharge paperwork) from the National Archives.
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