Informed, compassionate and discreet elder law and estate solutions
The Charles Law Offices
Largo Office Wells Fargo Building
801 West Bay Drive, Suite 518
Largo, FL 33770
Phone: 727-683-1483
Toll Free: 866-499-3322
Clearwater Office Hodusa Towers
28870 U.S. Highway 19 North,
Suite 300
Clearwater, FL 33761
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1700 66th St. N.,
Suite 209
St. Petersburg, FL 33710

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Creating a Trust Administration Plan

A trust administration plan can provide a valuable set of guidelines for your chosen trusty to help streamline the process of transferring trust assets to your beneficiaries. The plan can establish a set of reasonable expectations about trust distributions and investment returns, as well as any other administrative matters that could come into play. A thorough plan will leave little room for any disputes or litigation to arise relating to your trust.

One helpful process you could follow is creating a “head sheet” for your trustee, which would provide the trustee with a full summary of the most important provisions of your trust, including the grantor, successor and current trustees and beneficiaries, your goals, tax information, investment guidance and more.

By creating this document, it gives your trustee(s) and beneficiaries (if you choose to share this document with them) a chance to conduct a thorough review of the trust from the time it is established, which will help to manage their expectations. It will also serve as a go-to document in the future so that people can save themselves hours of having to pore over all of your trust documents to find small provisions.

Your head sheet should be periodically reviewed and then updated whenever appropriate. After all, laws governing how trusts are administered and taxed constantly changed, and you may occasionally wish to add or remove beneficiaries. Keeping the head sheet updated can prevent any confusion about the contents and stipulations of the trust itself.

If you are looking for assistance with trust administration, work with the knowledgeable Florida estate planning lawyers at the Charles Law Offices.

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