Trust Administration in Jacksonville, FL
Trust administration is the process of managing a trust and carrying out the provisions of the trust document. This can involve managing the trust's assets, making decisions about how the trust's assets will be used, and distributing the assets to the trust's beneficiaries. Trust administration can be carried out by the person who created the trust (the settlor or grantor), or by a person or institution (the trustee) that has been appointed by the settlor to administer the trust.
The duties of the trustee may include:
- Managing and investing the trust's assets: The trustee is responsible for managing and investing the trust's assets in a way that is in the best interests of the trust's beneficiaries.
- Making decisions about how the trust's assets will be used: The trustee has the authority to make decisions about how the trust's assets will be used, such as paying bills, making investments, and distributing assets to the beneficiaries.
- Distributing the trust's assets: The trustee is responsible for distributing the trust's assets to the beneficiaries according to the terms of the trust. This may include distributing assets outright, or holding assets in trust for the benefit of the beneficiaries.
- Maintaining records and preparing reports: The trustee is required to maintain accurate records of the trust's assets and transactions, and to prepare reports for the beneficiaries and any other interested parties.
Trustees have a legal duty to act in the best interests of the trust's beneficiaries, and to administer the trust in accordance with the terms of the trust document and applicable laws.
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