When a loved one passes; the duty of successor trustee of a family trust takes over managing the Trust assets. It is an important responsibility. Being a successor trustee involves an area of law called trust administration. This is an area of legal importance and that carries a risk of legal liability if important steps are missed or if actions are taken without proper care.
If you’re a new trustee, our advice is DO NOT try to go it alone. Most trusts provide, and the Florida trust law allows, a successor trustee to hire expert legal counsel as well as tax and financial experts. We do encourage this, because not knowing the law doesn’t relieve you of liability. We cover some of the common problems that arise from electing not to get professional advice.