When you place property and assets in a trust to eventually pass them down to your beneficiary, your trustee is assigned to manage them effectively until the day comes. This means handling the appropriate tax filings, selling and investing as they see fit, and much more. Essentially, they should act in the same way you would, at a time when you are unfortunately no longer around. As you can likely assume for yourself, naming your trustee is an absolutely critical decision to be made. And with that said, please follow along to find out who can serve as your trustee and how a proficient Broward County trust lawyer at The Probate Lawyers can help you appoint the right person to this role.
Who can serve as my trustee in Florida?
The arguably bare minimum requirement for who can serve as your trustee in Florida is a competent individual at least 18 years old. The operative word “competent” means that they are of sound mind and have the mental capacity to handle the somewhat challenging tasks of this job. Also, it means that they can fulfill their fiduciary duty, which is their legal obligation to carry out the terms of the trust accurately and act in the best interest of the named beneficiary.
Besides this, there are additional characteristics that you should look for in an individual that would make for a great trustee. For example, it may not hurt to have someone who is financially savvy, or who has otherwise primarily handled the money matters in their domestic family or for most of their adult life. Also, it may be more convenient to pick a Florida resident or someone who spends most of the calendar year in this state. This is because if you have real estate property in the trust, they can easily get to it and handle any issues on-site.
Can my trustee also serve as my beneficiary?
It is likely that the person you trust the most to serve as your trustee is one of your loved ones. But at the same time, it is obvious that you may also want this particular loved one to inherit some of your property and assets. Well, while it is rather uncommon, your appointed trustee can also be your named beneficiary. This is most often seen through a marital trust, established by a married couple so that the surviving spouse can still manage and benefit from the trust’s assets after the other spouse’s unfortunate passing.
Of course, here, there is always the potential issue of a conflict of interest. This is because, as a beneficiary of a trust, they may want to go around the explicit instructions you set out in the trust document to work it to their advantage. This may be seen through borrowing money from the trust prematurely, using their funds for their personal preferences rather than what they were designated for, and more. With this, you may consider appointing a successor co-trustee to instill a checks and balances system.
To ensure your estate plan is well fleshed out, please seek the aid of a talented Broward County estate lawyer. You may rest better knowing that the team at The Probate Lawyers will not let you enter this legal process without being properly prepared. So please pick up the phone and request our services today.
