Published at
10 November 2022
As discussed in our prior Blog Post, Florida Trustee Duties in a Nutshell , the Trustee of an irrevocable trust has a duty to keep “qualified” beneficiaries of an irrevocable trust reasonably informed concerning the administration of the trust.
Qualified beneficiaries under Florida’s Trust Code are typically beneficiaries who are current beneficiaries, intermediate beneficiaries and first-line remainder beneficiaries, whether said interests are vested or contingent. See FL Statute § 736.0103(19).
As a qualified beneficiary of a Florida trust, you are provided with significant legal protections under Florida law and we have outlined several of the more important rights below:
5. Further, said Fiduciary Accounting must prepared in accordance with strict legal requirements set forth under FL. Stat. 736.08135.
6. Upon reasonable request to the Trustee, you are entitled to receive relevant information about the trust assets and liabilities, in addition to the particulars of administration. See FL Stat. § 736.0813(1)(e).
9. You are entitled to the Trustee limiting expenses to those that are reasonable in relation to the trust property, the purposes of the trust and the skills of the Trustee. See FL Stat.§ 736.0805.
10. You are entitled to the Trustee acting with a duty of loyalty to the trust beneficiaries, meaning the trust must be administered in the best interests of the beneficiaries. See FL Stat.§ 736.0802.
Please note this post is merely a summary of key rights provided to qualified trust beneficiaries pursuant to Florida law and should not serve as an exhaustive list or legal advice. The attorneys at e-Estates and Trusts, PLLC have years of experience guiding trustees through the maze of a successful trust administration. We welcome you to schedule a consultation with one of our experienced probate and trust administration attorneys.
Disclosure: The information contained in this website and blog is of a general nature and is not intended in any way to answer individual legal questions. If you have a legal question concerning your individual circumstances, please contact our firm to schedule a conference with one of our experienced attorneys. Your review of information from this website or blog does not create an attorney-client relationship, nor any legal privileges relating thereto.
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Disclosure: The information contained in this website and blog is of a general nature and is not intended in any way to answer individual legal questions. If you have a legal question concerning your individual circumstances, please contact our firm to schedule a conference with one of our experienced attorneys. Your review of information from this website or blog does not create an attorney-client relationship, nor any legal privileges relating thereto. Offices in Ocala and Sebring.
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