Top Legal Rights of Qualified Trust Beneficiaries in Florida
By: Rebecca Nichols, Esq.
November 10, 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:
1.You are entitled to Notice, within sixty (60) days after accepting the role as successor Trustee, 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.You are entitled to Notice, 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, of the trust’s existence, the name(s) of the grantor(s) or settlor(s) of the trust, that you have the right to request a copy of the complete trust instrument, and you have the right 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).
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).
7.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 individual beneficiaries’ respective interests.
See FL Stat. § 736.0803.
8.You are entitled to the Trustee administering the trust as a prudent person would, investing funds and assets pursuant to 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.
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.
11.You are entitled to the Trustee administering the trust in good faith, in accordance with the terms of the trust, the purpose thereof, and the interests of the beneficiaries pursuant to the Florida Trust Code.
See FL Stat.§ 736.0801.
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.