What rights do beneficiaries of a Palm Beach trust have? What is the right to have your trustee administer the trust prudently? What is Florida Statute 736.0804?
- If you are a beneficiary of a Florida trust, you have the right to have your trustee administer the trust prudently. F.S. 736.0804.
- Perfection is not required but ineptness will not be tolerated.
- This includes a right to have your trust distribution given to you in a reasonable manner and in a reasonably timely manner.
- If the trust is terminating, or you are to receive an outright distribution, the trustee should make the distribution to you as soon as any outstanding issues are resolved.
- A trustee should not hold your trust distribution or inheritance hostage.
- Likewise, if you request money from your trustee for such things as a discretionary distribution for living expenses, the trustee should respond to you with a decision, and explanation, in a reasonable time frame.
- Florida Statute 736.0804 says the following: ” A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.”