Setting up a revocable trust is often seen as a way to “make things easy” after someone passes. But for the person named as successor trustee, there is much to do. Many people are surprised by how hands-on the process is. If you are in this role or expect to be one day, it helps to know exactly what steps come next.
The first thing a trustee needs to do is get a copy of the trust and the death certificate. After that, you must notify all beneficiaries and any close family members who might have an interest. In Florida, there is no hard deadline; however, you should act quickly to build trust and prevent arguments.
Then comes collecting and listing all assets owned by the trust. This can include:
Sometimes, tracking everything down feels like detective work, especially if records are old or incomplete.
Before anyone gets their share, the trustee needs to pay final bills, valid debts, and taxes. In Florida, creditors can make claims for up to two years. You can start the probate process to shorten that window.
Besides paying bills, trustees must manage investments carefully and avoid risky decisions. This “prudent investor rule” means thinking about the long-term interests of everyone named in the trust. Many trustees bring in accountants or financial advisors to stay on track and handle tax filings.
Once debts and expenses are cleared, it is time to distribute the assets. Some trusts call for immediate payouts, while others split things over time or set conditions.
Issues can arise if there is a family business or real estate involved. Disagreements over value or who gets what are common. Trustees need patience to handle these moments without making things worse.
At Schnauss Naugle Law, we know serving as a trustee is a big job. We help guide people through each step so they can feel confident and avoid mistakes. If you have questions or want help before or during your trustee duties, call us at 904-643-6342. We are here to help you get it right and protect your loved one’s wishes.
