Legal Question in Wills and Trusts in Florida

Initial Steps for Trust Administration

FACTS: Almost all the assests in my grandfather's estate are contained in a revocable trust with full discretionary powers. My grandfather died on 1/31/99. Trustees know that they have 9 months to file with the Feds for the estate tax. They understood that with this trust, no probate would be necessary. Some of the assets include real estate.

Q: What steps must be followed to properly close the estate? Are there other filing deadlines than estate taxes that must be attended to as well? Is any special consideration to be give to real estate with respect to probate?

A: Trustees need to hire an attorney with experience in dealing with trusts and real estate. Trusts must file a Notice of Trust and Notice to Creditors. The trust is responsible for all debts of your grandfather. The trust should get a Fed. I.D. No. and must prepare and file income tax returns for any taxable income it receives. Trust must obtain and record a non-tax certificate in the public records. It should get insurance on the property and must manage the assets according to the trust provisions for trust purposes as long as required by the trust. Trusts are a form of probate without court supervision and involvement unless necessary.

William W. Fernandez

William W. Fernandez, Attorney at Law

250 Panama Road East