When Do Florida Beneficiary Issues Become Trust Disputes?
Problems often occur between trustees and beneficiaries. Are you the trustee of a Florida trust? If you’re working with the support of a trust litigator and are following Florida law in regard to the trust, you’re doing the right thing. Being a trustee can be very challenging 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?
But what if a beneficiary gets frustrated or believes that something untoward is being done? Could a 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 trust litigation. Yes, a beneficiary could sue you for conversion, breach of fiduciary duty, unjust enrichment.
Are your records in order? Were you aware that you have to disclose personal tax returns and bank records? Yes, 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 annual accounting from the trustee which means, you, the trustee have a duty to provide that annual accounting.
What if instead YOU are the beneficiary of a trust in Florida and a trustee is not providing you with requested relevant information or accounting.
Talk With a Trust Litigation Attorney
If your efforts and requests are ignored, you’ll likely need to talk with a trust litigation attorney.
Trust litigators all 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 preventing 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.
Bloodworth Law represents professional corporate trustees, beneficiaries, family members, and trustees, and can guide them through their fiduciary duties and responsibilities.
Florida attorney L. Reed Bloodworth is the managing partner of Bloodworth Law. If you are dealing with a trust dispute, give Reed a call and talk about how Bloodworth Law can help you or your family.