As discussed in prior blog posts, trustees in Florida are responsible for carrying out their role as trustees in accordance with the terms of the trust agreement, as well as certain duties set forth under Florida’s Trust Code for Administration of Trusts in Florida. One key duty owed under Trust Code is the Florida Trustee’s Duty to Inform.

Florida Trust Code and Duty to Inform

• 1. Under FL Stat. § 736.0813, the trustee is required to keep the beneficiaries qualified.
• 2. reasonably informed of the trust and its Administration of Trusts in Florida.
• 3. The trustee is required to provide notice to the qualified beneficiaries. Of his or her acceptance of the role as trustee within sixty (60) days of said acceptance.
• 4. This initial notice shall also advise the beneficiaries of the trustee’s complete name and address.
• 5. This notice further advises the beneficiaries about the fiduciary attorney-client privilege.
• 6. As it applies between the trustee and the Trust Administration Attorneys employed by the trustee.

See FL Stat. § 736.0813(1)(a).

Trusts Administration and Revocable Trusts

• 1. Additionally, within 60 days of the trustee learning that a trust became irrevocable or that a formerly revocable trust has become irrevocable.
• 2. With the death or incapacity of the settlor or grantor, the trustee is required to provide notice to the qualified beneficiaries of the trust’s existence.
• 3. Furthermore, the trustee shall also provide notice as to the identity of the settlor/grantor or settlors/grantors of the trust.
• 4. Moreover, the trustee shall notify qualified beneficiaries of their right to request a copy of the trust document and any amendments thereto.
• 5. In addition, the trustee shall notify beneficiaries of their right to an accounting, at least annually.

See FL Stat. § 736.0813(1)(b).

Additional Trustee Duties

Part of the trustee’s duty to inform is the requirement to provide qualified beneficiaries with a complete copy of the trust agreement, along with any amendments thereto, upon the receipt of a reasonable request.

See FL Stat. § 736.0813(1)(c).

“Furthermore, another part of the trustee’s duty to inform is the requirement to provide qualified beneficiaries with relevant information concerning the assets and liabilities of the trust, along with other particulars relating to the administration of the trust.”

See FL. Stat. § 736.0813(1)(e).

One key element in keeping beneficiaries adequately informed is providing them with fiduciary accounting. Because of how important fiduciary accountings are, we will cover this duty in the following blog post.

 

• 1. Serving as a trustee can be complex, especially while grieving or dealing with family dynamics.
• 2. Most trust agreements allow trustees to hire a Trust Administration Lawyer, paid from trust assets, not personal funds.

 

Here at e-Estates and Trusts, PLLC we have years of experience guiding trustees through the Trust Administration process.

 

Don’t go it alone… we welcome you to schedule a consultation with one of our experienced probate and trust administration attorneys.

 

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