St. Petersburg Trust Administration Attorney
Trust administration is a complex process, and inexperienced trustees should reach out to a attorney for help if they encounter situations where they are unsure of their duties. At Fisher & Wilsey, P.A., our team can provide the reliable legal advice you need. Trust administration presents certain challenges, from identifying assets to keeping accurate records. Our firm provides the highest level of service and is eager to help trustees in whatever way we can.
Since 1962, Fisher & Wilsey, P.A., has provided clients with dedicated legal services related to estate planning and probate. Whether you live in Florida or are an out-of-state administrator or executor, contact us to speak with a St. Petersburg trust administration attorney today.
Benefit from the protections trusts can provide
There is no common solution for managing family assets and planning estates. Each case is unique. Our experienced attorneys will research your needs, consider viable solutions and present you with an action plan most suitable to your family’s specific needs. That action plan may or may not include one or more trusts.
Trusts are powerful estate-planning instruments. While many law firms draft wills, few understand when and how trusts can help you meet specific estate planning goals. At Fisher & Wilsey, P.A., our firm has been advising residents in the Tampa-St. Petersburg area on trusts and other estate-planning matters for over six decades. Our firm’s longevity has given our team firsthand experience into the estate planning concerns and probate needs of a variety of circumstances, including blended families, small-business owners, veterans and same-sex couples.
Our St. Petersburg trust attorneys are here to teach you how trusts can develop your estate plan.
Working To Protect Your Family And Your Property
Our partner Steven Wilsey is a certified public accountant and has been a member of the state bar’s tax section for years. Mr. Wilsey draws on his professional and legal background when he advises our clients on the trusts that best serve their needs.
Trusts Can Offer Many Advantages For Florida Residents
Your do not need a multimillion-dollar estate to benefit from the protections a trust provides. Trusts can help families who prefer to keep their financial affairs private, can protect assets from creditors and accomplish other goals, including:
- Providing assets to an adult disabled child without making them ineligible for Medicaid
- Protecting assets provided beneficiaries from issues such as divorce, bankruptcy
- Supporting charities in a tax-efficient way
- Determining when and how beneficiaries receive assets
- Sheltering assets against taxes
Whether you want to establish a special needs trust, a spendthrift trust, a life insurance trust or another type of trust, our attorneys can identify which legal options will help meet your objectives.
How We Assist with Trust Administration
Proper trust administration is central to ensuring that the wishes of the person who created the trust are honored. Many trusts are created as a vehicle for passing assets to beneficiaries or providing steady streams of income. Trust administration has many phases, which will depend on the details of the trust. But there are common features involved with most administration:
- Identification and management of trust assets. The trustee must identify the trust and all assets in it. Trusts hold many different assets, such as cash, real property, stock, and even cryptocurrency. Once identified, the trustee should manage the assets prudently, which can present certain problems, especially when the assets are diverse.
- Paying trust liabilities. Some of the most common liabilities involve taxes, but trusts might also have debts and other expenses. Trust administration includes paying the debts in a timely manner. Estate taxes are often a completely new area of law for some trustees, and we can provide timely advice for tax compliance.
- Record keeping. Trust administration is filled with recordkeeping requirements, and both the court and beneficiaries expect records to be accurate.
- Addressing beneficiary concerns. Beneficiaries often have questions or request additional information about the trust. As part of administration, a trustee must provide timely, accurate information to beneficiaries.
- Distribution of assets to beneficiaries. The trust might identify in detail how trustees should make distributions, or this choice could be left to the trustee’s discretion.
Our attorneys can provide advice on how to fulfill all these duties, identify potential hurdles on the horizon. For example, one key consideration is interpreting the terms of the trust when any are unclear or when they are impossible to perform.
Compliance with state and federal laws is of the utmost importance. We ensure our clients are protected from potential liability, whether to the government or beneficiaries under the trust. And should a dispute arise, we can provide the type of legal advice which allows for a fair and legal resolution to the dispute.
Speak with a St. Petersburg Trust Administration Lawyer Today
At Fisher & Wilsey, P.A., we believe in simplifying trust administration so trustees can meet their legal obligations with confidence. Our firm has worked with experienced trustees to resolve unique legal issues, as well as with individuals who were named the trustee of a family member’s trust. If you have questions or need assistance with any phase of administration, please contact our attorneys. We have provided advice for decades, and a St. Petersburg trust administration attorney is happy to help.
