While assets held within a Revocable Living Trust avoid probate, the Trust does need to be administered before assets are distributed to beneficiaries according to the Trusts terms. Some administration is required by Florida statutes and some by federal tax law. While the Trustee may accomplish this administration without attorney assistance, it is more typical that the Trustee will employ an attorney to assist in the administration.
When we represent the Trustee, we handle the statutory requirements, offer guidance to the Trustee throughout the process and respond to the Trustees requests for assistance. This typically results in a lower legal fee than if the assets had passed through probate.
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Michael L. Cahill is an attorney and certified public accountant providing estate planning, probate and tax services in the St. Petersburg, Seminole, Largo, Clearwater and Florida gulf beach communities.