3 minute read
Word of affirmation
TRUST ADMINISTRATION IS RARELY REQUIRED
by William R. Mumbauer - Attorney - www.flwillstrustsprobate.com
A reader asks: My uncle, who recently died, named me as successor trustee in his “Living” Trust. Although the language in the Trust appears to be fairly straight forward to me, I was told by the attorney who prepared my uncle’s Trust that a trust administration would be required and that the attorney fees would be two and one-half percent of the value of the Trust estate. Something doesn’t smell right. Am I being taken advantage of?
Response: My immediate advice is to you is don’t just run, but run quickly from this attorney. Except in very rare circumstances, such as the Trust being contested or when a Trust is so poorly drafted that an interpretation of the Trust by a Judge becomes necessary, a Trust administration should never be required after the death of the maker of the Trust. After all, isn’t the avoidance of probate — and what is a “Trust Administration” but just a probate of a Trust estate — the primary reason your uncle chose to do a “Living” Trust in the first place? Of course, as the successor trustee in your late uncle’s Trust, you are a fiduciary and, as such, you now owe a legal duty to the Trust beneficiaries to properly and efficiently carry out the terms of the Trust. In this regard it is likely you will require some degree of legal guidance (and probably guidance from an accountant as well) but in most cases the need for help from an attorney is very limited and any attorney fees for such case by case legal advice would never be a percentage of the value of the Trust estate.
Mr. Mumbauer, a 5th generation Floridian, has maintained a law practice in Brandon, Florida since 1980 with emphasis on estate planning. Mr. Mumbauer takes special pride in representing the senior community by maintaining a sensitive and practical approach to problem solving. Mr. Mumbauer is a member of the National Academy of Elder Law Attorneys and the Elder Law Section of the Florida Bar. Mr. Mumbauer is also a Mentor in probate law and has been qualified by the Second District Court of Appeal in Florida as an expert witness in matters involving the drafting of Wills. Mr. Mumbauer’s Martindale-Hubbell Peer Review Rating among judges and lawyers for Legal Ability is High to Very High and his General Recommendation Rating is Very High. His articles are based on general principles of law and are not intended to apply to individual circumstances.
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