Can an attorney serve as a trustee?

It is not uncommon for a lawyer to be called upon by a client to act as a trustee of a trust by a client, or to serve as the independent executor for the client’s estate.

Who can serve as a trustee in Florida?

Unless specifically disqualified by the terms of the trust instrument, any person, regardless of state of residence and including family members, friends, and corporate fiduciaries, is eligible to serve as a trustee. 2.

Can California attorney represent trustee beneficiary?

An attorney cannot simultaneously represent both the trustee and the beneficiary with regard to the beneficiary’s request for a discretionary distribution from the trustee, and the trustee’s consideration of such request.

Can an attorney serve as personal representative in Florida?

Any person, including an attorney, who serves as a personal representative is entitled to receive reasonable compensation for serving as a personal representative. 3.

How much is a trustee paid in Florida?

On average, trustee fees can range from 1% to 3% of the trust assets. For example, a 3% fee can be considered a reasonable fee for large and complex assets that can take years to administer.

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What should you not put in a trust?

Assets that should not be used to fund your living trust include:

  1. Qualified retirement accounts – 401ks, IRAs, 403(b)s, qualified annuities.
  2. Health saving accounts (HSAs)
  3. Medical saving accounts (MSAs)
  4. Uniform Transfers to Minors (UTMAs)
  5. Uniform Gifts to Minors (UGMAs)
  6. Life insurance.
  7. Motor vehicles.

Can a trustee withhold money from a beneficiary?

Can a trustee refuse to pay a beneficiary? Yes, a trustee can refuse to pay a beneficiary if the trust allows them to do so. Whether a trustee can refuse to pay a beneficiary depends on how the trust document is written. Trustees are legally obligated to comply with the terms of the trust when distributing assets.

Is the client the trust or the trustee?

The clients are the trustees,5 but the trustees’ duty of undivided loyalty prevents them from using such lawyers in any way that would put their personal interests ahead of those of the beneficiaries. Trust Counsel, so defined, are said to represent trustees in the trustees’ “representative” or “fiduciary” capacity.

Can a trustee represent a beneficiary?

Can a Trustee Be a Beneficiary of a Discretionary Trust? The short answer is yes. Trustees can be a beneficiary of a discretionary trust, although it would be rare for the trustee to not have a co-trustee appointed to make discretionary decisions.

Who is qualified to serve as personal representative in Florida?

The personal representative can be an individual or a bank or trust company, subject to certain restrictions. To qualify to serve as a personal representative, an individual must be either a Florida resident or, regardless of residence, a spouse, sibling, parent, child, or other close relative of the decedent.

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Does the executor of a will get paid?

Executor fees are charged on the gross value of the deceased estate’s assets which includes all property that the individual had, or was due to him, at his death.

How much does an executor get paid in Florida?

Executor Fees

In Florida, executors are entitled to a percentage of the decedent’s estate as compensation for their work. This starts at 3% of the first million dollars, 2.5% on the next four million dollars, and 2% on the next five million dollars.

Can a convicted felon be a trustee in Florida?

Who cannot be a successor trustee? Anyone who is under 18 years old, convicted of felony, or who is mentally or physically unable to perform the proscribed duties of the trust cannot be a successor trustee.

What do trust companies charge?

Most corporate Trustees will receive between 1% to 2%of the Trust assets. For example, a Trust that is valued at $10 million, will pay $100,000 to $200,000 annually as Trustee fees. This is routine in the industry and accepted practice in the view of most California courts.