As discussed in our prior Blog Post, Florida Trustee Duties in a Nutshell, the Trustee of an irrevocable trust must keep “qualified” beneficiaries of an irrevocable trust reasonably informed concerning the administration of the trust. 

Qualified beneficiaries under Florida’s Trust Code are typically current, intermediate, 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. 

Explore the following top legal rights of qualified trust beneficiaries in Florida.

We have outlined several of the more important rights as qualified trust beneficiaries below:

1. Within sixty (60) days after accepting the role as successor Trustee, you are entitled to Notice that the Trustee has accepted the role as successor Trustee and of the Trustee’s full name and mailing address. See FL Stat. § 736.0813(1)(a).
2. Within sixty (60) days after the date the Trustee acquires knowledge of the creation of an irrevocable trust or the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable due to incapacity or death, you are entitled to notice of the trust’s existence, the name(s) of the grantor(s) or settlor(s) of the trust, and that you have the right to request a copy of the complete trust instrument. You are also entitled to receive fiduciary accountings. See FL Stat.§ 736.0813(1)(b).
3. Upon reasonable request to the Trustee, you are entitled to receive a complete copy of the trust instrument. See FL Stat.§ 736.0813(1)(c).
4. You are entitled to a Fiduciary Accounting of the trust transactions at least annually, on termination of the trust, or upon a change in trustee. See FL Stat. § 736.0813(1)(d).  Further, said Fiduciary Accounting must prepared per strict legal requirements outlined under FL Stat. 736.08135.  
5. 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). 
6. You are entitled to the Trustee acting with a duty of impartiality if there are multiple beneficiaries. You are further entitled to the Trustee giving due regard to each beneficiary’s interests. See FL Stat. § 736.0803.
7. You are entitled to the Trustee administering the trust as a prudent person would, investing funds and assets under the Prudent Investor Rule. You are also entitled to the Trustee exercising reasonable care, skill, and caution in carrying out all duties. See FL Stat.§ 736.0804.
8. You are entitled to the Trustee limiting expenses to those that are reasonable concerning the trust property, the purposes of the trust, and the skills of the Trustee. See FL Stat.§ 736.0805. 
9.  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.
10.  You are entitled to the Trustee administering the trust in good faith, in accordance with the terms of the trust and the purpose thereof, in the interests of the beneficiaries, and in compliance with the Florida Trust Code. See FL Stat.§ 736.0801.

Suggested Read:

Florida Statute Section 736.0813: Florida Trustee's Duty to Inform and Account

Please note this post is merely a summary of key rights provided to qualified trust beneficiaries according to Florida law and serves as an exhaustive list of legal advice.  Estates and Trusts 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.

Useful Resources:

1. As a Trustee, what is your duty to inform?
2. Can a trust beneficiary contest a trust?

Disclosure: The information contained in this website and blog is general and is not intended in any way to answer individual legal questions. If you have a legal question concerning your circumstances, contact us 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.