Trust Administration & Trust Litigation

Trust administration involves the overseeing and the transferring of assets held within a trust established by a grantor (Trust Agreement) during his or her lifetime or upon death. In addition to managing the trust property for the benefit of the beneficiaries in a manner consistent with the trust terms, the trustee has a number of fiduciary duties and responsibilities which he or she is responsible for carrying out.

Trusts are different than Wills in that Trusts do not need to go to probate court and they do not need the court’s supervision to transfer assets. Trusts also do not become public record and is therefore not open for everyone to view.

KALIS, KLEIMAN & WOLFE attorneys help clients draft trusts and help them fund the trusts with assets such as real property, stocks, bonds and other types of personal property. We will assist trustees in the management of the trust property throughout the life of the trust.

Examples of Florida Trusts That we Handle Include:

  • Revocable Living Trusts – Also referred to as Living Trusts or Inter Vivos Trusts, these trusts are often established to avoid probate process at death and to avoid guardianship in the event of incapacity. It is also used to avoid a lengthy court process after the grantors death. Under a revocable trust, the person who creates the trust – the trust grantor or creator – remains the owner of the assets named in the trust.
  • Irrevocable Trusts – Irrevocable trusts need the probate process in order to take effect. These trusts are contracts created to transfer assets out of or to manage the trust grantor’s (creator’s) estate in an effort to manage the property and or other assets. Careful consideration must be taken when choosing a trustee who will carry out the grantor’s (creator’s) wishes, as that individual relinquishes all control over the trust assets and the assets are not considered part of the estate.
  • Testamentary Trusts – Testamentary Trusts need the probate process in order to take effect. These trusts leave assets to a beneficiary but only at a specified time, and take effect upon the grantor’s death and the implementation and instructions come from a Will or Revocable Trust. They generally separate marital assets from non-marital assets. Moreover, Testamentary Trusts are necessary to protect children, grandchildren and other family members from divorce, creditors, bankruptcy and etc.

Sometimes trust litigation is necessary due to the complex nature and significant issues that can arise when working with trusts – for example, you are a trustee accused of mismanaging a trust or a beneficiary who wants to question the actions of a trustee

KALIS, KLEIMAN & WOLFE helps beneficiaries, family businesses, individuals and families and professionals on a variety of lifetime planning issues, including trusts, estate planning, wills, property transfers, income, estate gift and more.

If you needs assistance with your trust or will to protect your legacy or wealth, contact the experienced Probate, Wills & Trust Attorneys at KALIS, KLEIMAN & WOLFE, the South Florida-based law firm today at (954) 791-0477.

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