You likely put considerable thought into naming beneficiaries and getting your finances in order for your Florida estate plan. If you are like many individuals, you believe that naming your oldest child or best friend is the right move when naming a trustee. However, managing a trust in Florida often requires significant work and dedication.
According to Kiplinger, a trustee for an estate has a variety of duties impacted by state law. If the trustee performs the required duties improperly, the beneficiaries can hold him financially accountable. As a result, there are several benefits to having a professional fiduciary.
Your trustee must have a broad range of financial, legal and social skills, particularly if you have a complex estate. When you name family members as trustees, they must deal with family dynamics and politics. This puts them in a difficult position and risks a family rift when disputes between inheritors arise. Relatives can pressure your trustees to take action for their own benefit, rather than follow your final wishes. A professional can help defuse the emotion and heat of the family dynamic with their unbiased administration of your estate.
If something goes wrong and a trustee makes a mistake that costs the estate money or beneficiaries become displeased with decisions, your family may sue them. In contrast, a professional fiduciary understands various issues, from real estate and taxes to steps that can ensure your values and desires are upheld.
Naming a professional and a loved one as co-trustees can help keep the peace among your beneficiaries and allow someone with the proper training to help shoulder some of the burdens of trust administration.