At Beacon Legacy Law, we provide professional fiduciary services as both personal representatives for probate estates and trustees for various types of trusts. Our Palm City and Stuart attorneys offer these services to help families navigate complex legal processes when traditional options aren't available or desirable. Understanding Professional Fiduciary Services A professional fiduciary is someone who manages assets on behalf of another person or entity. This role comes with significant legal responsibilities and requires a thorough understanding of Florida law. Professional fiduciaries must act in the best interest of beneficiaries, maintain detailed records, and follow strict legal requirements. The fiduciary relationship is one of the highest standards of care recognized under law. As professional fiduciaries, the team at Beacon Legacy Law is legally and ethically bound to put beneficiary interests above our own, maintain complete transparency, and avoid conflicts of interest. This relationship is built on: Loyalty. We act solely in the best interest of beneficiaries. Care. We exercise prudent judgment and diligence in managing assets. Impartiality. We treat all beneficiaries fairly when multiple parties are involved. Confidentiality. We protect sensitive personal and financial information. Professional Personal Representative Services When someone passes away in Florida, their estate typically goes through probate—a court-supervised process to validate the will, pay debts, and distribute assets. The personal representative (sometimes called executor in other states) oversees this entire process. A personal representative is considered a fiduciary because they are legally responsible for managing another person's assets and affairs with a high standard of care. Florida law has specific requirements about who can serve as personal representative. Our attorneys can serve in this capacity in situations such as: Out-of-state beneficiaries without qualifying relationships. Florida restricts non-residents from serving as personal representatives unless they have a specific blood relationship to the deceased. Beneficiaries unwilling to take on the responsibility. Some beneficiaries prefer not to handle these duties while grieving, particularly when they have demanding careers or other obligations. Potential for family conflict. When multiple beneficiaries disagree on estate matters, having a neutral third party can help maintain family relationships and ensure fair administration. As a professional personal representative, we are able to handle all aspects of probate administration: Creating comprehensive inventories of all estate assets Notifying creditors according to Florida law Filing all required documents with the probate court Addressing claims filed against the estate Managing asset distribution to beneficiaries Completing the final accountings and closing the estate The fees for personal representative services in Florida are established by statute as a percentage of the estate value, providing transparency in compensation. Under Florida Statutes Section 733.617, personal representatives are entitled to a commission based on the value of the estate assets, typically around 3% for estates up to $1 million, with lower percentages for larger estates. Professional Trustee Services In addition to serving as personal representatives, our attorneys can also serve as trustees for both revocable and irrevocable trusts. As a fiduciary, a trustee acts as a custodian for assets placed in a trust and has a legal responsibility to conduct their duties in a way that adheres to the rules of the trust and benefits the trust's beneficiaries. A professional trustee can be valuable in several situations: Long-term trust management is required. Some trusts continue for years or decades, particularly those designed to provide for children or family members with special needs. Complex assets require careful administration. Trusts containing business interests, investment portfolios, or real estate may benefit from professional management. Impartiality is important. Family dynamics sometimes make it difficult for family members to serve as trustees without perceived favoritism or conflicts of interest. Tax implications need to be considered. Florida's lack of state income tax can make having a Florida-based trustee advantageous in certain situations. As a professional trustee, we can provide comprehensive management: Safeguarding and managing trust assets according to the trust terms Making appropriate distributions to beneficiaries Maintaining detailed financial records Filing required tax returns Providing regular accountings to beneficiaries Making investment decisions consistent with the trust's purpose Unlike personal representatives in probate matters, trustees often serve for extended periods. This means the relationship between trustee and beneficiaries becomes an ongoing one that requires clear communication, transparency, and mutual trust. Trustee fees are typically not see tby statute but are instead guided by what is "reasonable" given the circumstances and responsibilities involved. At Beacon Legacy Law, we establish clear fee arrangements at the outset to avoid any confusion or surprise.
