A common question we are asked is \u201cHow much does it cost to maintain a trust?\u201d The answer depends on the type of trust, the assets involved, and how the trust is administered.<\/p>\n\n\n\n
In most cases, a family revocable trust created by a husband and wife has little or no costs to maintain. However, once one or more of the Grantors of the trust dies, there may be additional cost relating to the trust including trustee fees, accounting services, tax preparation, investment management, and periodic updates to reflect changes in family circumstances or Florida law.<\/p>\n\n\n\n
More complex trusts or those holding significant assets may require additional administration and professional oversight. Florida Statute \u00a7736.0708 provides that \u201ca trustee is entitled to compensation that is reasonable under the circumstances\u201d. That fee may be based upon what the trust specifically says, and if not specifically stated then as a percentage of the assets of the trust, on an hourly basis, or at a negotiated rate. Accounting fees and investment management services are typically negotiated with the trustee prior to engagement.<\/p>\n\n\n\n
Amendments to the trust can be made for a flat fee or on an hourly basis. Upon the death of the Grantor(s) of the trust, a flat fee can be negotiated with an attorney to assist in the administration of the trust. Florida Statute \u00a7736.1007 provides guidance on what would be considered a reasonable fee for the attorney in assisting the successor trustee in administering the trust.<\/p>\n\n\n\n
Trust should be reviewed periodically to ensure they are consistent with the estate planning goals. Life events such as marriage, divorce, the birth of a child, relocation, or changes in financial circumstances can all affect whether the terms of the trust comply with your intentions.<\/p>\n\n\n\n
Our firm helps individuals and families throughout Florida evaluate their estate planning options and determine whether a trust is appropriate for their needs. Speaking with an experienced estate planning attorney can help you better understand the potential long- term expenses and benefits associated with creating and maintaining a trust in Florida.<\/p>\n","protected":false},"excerpt":{"rendered":"
A common question we are asked is \u201cHow much does it cost to maintain a trust?\u201d The answer depends on the type of trust, the assets involved, and how the trust is administered. In most cases, a family revocable trust created by a husband and wife has little or no costs to maintain. However, once […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-461","post","type-post","status-publish","format-standard","hentry","category-what-is"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.delandattorneys.com\/blog\/wp-json\/wp\/v2\/posts\/461"}],"collection":[{"href":"https:\/\/www.delandattorneys.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.delandattorneys.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.delandattorneys.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.delandattorneys.com\/blog\/wp-json\/wp\/v2\/comments?post=461"}],"version-history":[{"count":1,"href":"https:\/\/www.delandattorneys.com\/blog\/wp-json\/wp\/v2\/posts\/461\/revisions"}],"predecessor-version":[{"id":462,"href":"https:\/\/www.delandattorneys.com\/blog\/wp-json\/wp\/v2\/posts\/461\/revisions\/462"}],"wp:attachment":[{"href":"https:\/\/www.delandattorneys.com\/blog\/wp-json\/wp\/v2\/media?parent=461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.delandattorneys.com\/blog\/wp-json\/wp\/v2\/categories?post=461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.delandattorneys.com\/blog\/wp-json\/wp\/v2\/tags?post=461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}