A trustee under Florida law is a person who is appointed to manage and distribute the assets of a trust. The trustee is a fiduciary, which means that they have a legal obligation to act in the best interests of the beneficiaries of the trust. The trustee must follow the terms of the trust and must exercise reasonable care and skill in managing the trust assets.
The trustee has a number of specific duties under Florida law, including:
Administering the trust in accordance with the terms of the trust
Investing the trust assets prudently
Paying the trust expenses
Distributing the trust assets to the beneficiaries in accordance with the terms of the trust
Keeping the beneficiaries informed of the trust and its administration
The trustee is liable to the beneficiaries for any losses caused by their breach of trust. If a trustee fails to fulfill their duties, the beneficiaries may be able to sue the trustee for damages.
Here are some additional details about the trustee's duties under Florida law:
Duty of loyalty: The trustee must act in the best interests of the beneficiaries. This means that the trustee cannot put their own interests ahead of the interests of the beneficiaries.
Duty of care: The trustee must exercise reasonable care and skill in managing the trust assets. This means that the trustee must act like a prudent person would when managing their own money.
Duty to inform: The trustee must keep the beneficiaries reasonably informed of the trust and its administration. This means that the trustee must provide the beneficiaries with information about the trust assets, the trust income, and the trust expenses.
Duty to distribute: The trustee must distribute the trust assets to the beneficiaries in accordance with the terms of the trust. This means that the trustee must distribute the assets to the beneficiaries in the order that is specified in the trust document.
If you are named as a trustee in a trust, it is important to understand your duties and responsibilities. You should consult with an attorney to get more information about your specific situation.
Contact Us Trusts, Wills, and Estates are complex topics that require years to master. If you have any doubts or questions about this topic or any other topic on our blog, do not hesitate to contact us to evaluate your case. Our firm specializes in Corporate Law, Litigation, Trust and Estate Planning and Asset Protection, and Immigration Law. You can schedule a 20-minute appointment using the link below:
https://calendly.com/cmdattorneys/20min The information in this publication does not constitute legal advice or advice and is provided for educational purposes only. Reading this post calling our office does not create an attorney-client relationship. Before taking any action related to the information in this publication or any other publication, you should consult with an attorney admitted to the practice of law in your state.