Estate administration or estate settlement can involve trust administration, probate administration, or both. Both trust and probate administrations are concerned with the distribution of estate assets. Trust assets are distributed according to the terms of the Trust. Assets that are subject to probate are distributed according to the terms of the Will, or in the absence of a Will, intestacy law.
Trustees of trusts and Personal Representatives (called “Executor” in some states) administer the estate and are considered fiduciaries. A fiduciary has the power and obligation to act on behalf of another, is in a position of trust, and must act in good faith and honesty. Florida law and the terms of the Will or Trust define the fiduciary duties.
Oftentimes, the administration of a trust is conducted without court involvement. Whereas, the court will always oversee probate and abbreviated probate proceedings. Probate administrations can be abbreviated if certain legal requirements are met (see Summary Administration). When there is no litigation, standard probate proceedings should not last longer than 12 months. Depending on the terms of the Trust, administering a Trust can be done quickly or it may continue for many years.
Throughout this website, I try to provide a brief introduction and overview of the probate process (see Steps in a Probate Administration) and some of the duties of the personal representative. It’s intended to serve as a quick guide and is not exhaustive or a substitute for legal advice as such advice cannot be rendered without knowing your specific circumstances.