5 Questions a Fl Trust Beneficiary should ask your Florida Trustee

Revocable trusts in Florida are very popular.  It seems everyone has a Last Will, a Power of Attorney and a Florida Revocable Trust, also called a Florida Living Trust.

A Florida Revocable Trust usually has its creator, known as the Trust Grantor or the Trust Settlor, being the sole trustee at creation of the Florida Trust.  After the trust creator dies or becomes incapacitated, the successor trustee takes over. After death of the Florida Trust Creator, the trust may be managed as a Family Trust for beneficiaries.

If you are a beneficiary of a Florida Family Trust which was once a Florida Revocable Trust, but which is now ir-revocable, here are 5 Questions To Ask Your Florida Trustee:

1. What’s your contact information?  You need to know how to get a hold of the Florida trustee if you have questions or concerns.
2. Where’s the trust money?   The Florida Trustees should tell you exactly where the trust money is…… like at a bank, or a  brokerage account, or a mutual fund company.  No hiding the ball !
3. What’s in the Florida Trust?   You should know every trust assets, whether a house in Boca Raton, or vacant land in Ft. Lauderdale, or bank accounts in Palm Beach.    You have a right to know.
4. Are you going to account?  Will the Florida Trustee provide annual accounting’s as provided by the Florida Trust Code?
5. What’s your plan?  A Florida Trustee needs an investment plan or strategy to invest trust assets prudently.  You also need to know how the trust funds will be distributed — or not distributed — and to whom, and for what reasons.  Who’s going to get trust money?   How often and how much?

In the end, remember that if the Florida trustee sends notices to you, you many only have six months to sue for breach of trust or breach of fiduciary duty.  If you have questions, ask your trust lawyer or your trust litigator.