When Do Florida Beneficiary Issues Become Trust Disputes?
Bloodworth Law handles many legal disputes that arise over Florida trusts including when Florida beneficiary issues become trust disputes.
Attorney L. Reed Bloodworth is the Founder and CEO of Bloodworth Law with offices in Orlando and Winter Haven, Florida.
Reed said that problems often occur between trustees and beneficiaries. Even if you’re the trustee of a Florida trust and you’re working with the support of a trust litigation attorney, problems will arise with beneficiaries.
You May Be Following Florida Trust Laws
You may be following Florida law in regard to the trust, and you’re doing the right thing, being a trustee can be very challenging with or without legal guidance from a trust litigation attorney.
Florida Statute 736.0813 (d) says that “a trustee of an irrevocable trust shall provide a trust accounting, as set forth in statute 736.08135, from the date of the last accounting or, if none, from the date on which the trustee became accountable, to each qualified beneficiary at least annually and on termination of the trust or on change of the trustee.”
Part of your role as a trustee is to maintain communication about the accounting of the trust with beneficiaries.
Can a Beneficiary of a Florida Trust Sue You?
If a beneficiary gets frustrated or believes that something is wrong or that you’re doing something improper with the trust, can the beneficiary of a Florida trust sue you?
If you are a Florida trustee and the beneficiaries of the trust feel you are hiding something or doing a poor job, you may find yourself in the middle of unfounded allegations.
Yes, a beneficiary could begin proceedings against you and accuse you of conversion, breach of fiduciary duty, or, unjust enrichment.
Disclose Personal Tax Returns And Bank Records
Are your records in order? Were you aware that you have to disclose personal tax returns and bank records? A beneficiary may request personal financial records from you as a Florida trustee.
Beneficiaries of a Florida trust have a right, under Florida probate and trust law, to relevant information.
Beneficiaries have a right to receive an annual accounting from the trustee which means, you, the trustee have a duty to provide that annual accounting.
Talk With a Trust Litigation Attorney
What if instead you have not provided requested and required information or accounting? Or, if your efforts to appease the beneficiary are ignored? Do you speak to them, or should you first talk with a trust litigation attorney?
Trust litigators know that there are good and bad trustees. Sometimes when there are inheritance issues, it’s necessary to sue a trustee to get the answers and information you are entitled to as a beneficiary.
What Does a Trustee Do?
Trustees in Florida must administer the trust in good faith, and in accordance with the trust’s purposes and the Florida Trust Code.
Trustees must have a duty of loyalty to prevent them from self-dealing for personal advantage.
Trustees must keep records and refrain from commingling trust funds with personal funds. There are many more duties that a trustee should be aware of before committing to becoming a trustee or poorly managing a trust.
Bloodworth Law Represents Plaintiffs and Defendants in Trust Disputes
Bloodworth Law represents professional corporate trustees, beneficiaries, family members, and trustees, and can guide them through their fiduciary duties and responsibilities.
If you are dealing with a trust dispute, give Reed a call and find out how Bloodworth Law can help you or your family.Consider sharing this post