Gary L. White, Esq.
When you’ve been appointed trustee or are the successor trustee for a living trust and the grantor passes away, you take on serious responsibilities. Of course, you will feel a sense of obligation to the friend or loved one who entrusted you with management of the trust, but that’s only the beginning. Florida law sets forth specific duties for a trustee.
– DUTIES OF A FLORIDA TRUSTEE
Some of the most significant responsibilities of a Florida trustee include:
- Loyalty to the beneficiaries: the trustee is bound to put the interests of the beneficiaries ahead of their own in any trust-related dealings.
- Impartiality: a trustee must consider and act in the best interests of all beneficiaries.
- Management of trust property: the trustee must take responsibility for all trust property, including gathering, protecting, recording, and accounting for such property.
- Informing and accounting to beneficiaries: the trustee has an obligation to keep qualified beneficiaries informed about the trust and its administration.
Of course, each of these obligations has a specific and sometimes complex legal meaning. For example, the duty to inform and account to beneficiaries includes specific timelines and notice requirements. And, the section of the statute addressing loyalty to beneficiaries includes extensive detail regarding potential conflicts of interest.
Fortunately, you don’t have to manage your obligations alone.
Hiring An Experienced Trust Administration Attorney Can Help
Gary L. White is an experienced trust administration attorney who can help you fulfill your obligations as trustee and the role your loved one entrusted to you. Elite Estate Planning will analyze any potential conflicts of interest and advise you on best practices, create documents, and assist in the assembly of reports, and otherwise guide you through the fiduciary process.
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