What is a notice of trust? Learn the two types, who is entitled to this, and what you should look out for if you are a beneficiary. To see a short video on this topic, CLICK HERE.
What’s the big deal?
A trustee is required to tell her beneficiaries that she is a trustee.
A trustee should send a writing to a Florida trust beneficiary within 60 days.
This is the first notice of trust which we will discuss. You can also read the Florida Trust Code Statute 736.0813(1).
What’s the purpose of this document? It tells the beneficiaries:
- The existence of the trust. That there is a trust which you are a beneficiary of.
- It identifies the trustee with an address. That way you know who is in charge of your money and who to contact.
- Why would you contact your trustee? To ask for money, accountings and other relevant information about YOUR trust. Annual accountings.
- It also tells you that you are entitled to a complete copy of your trust agreement. Just ask the trustee.
- What other relevant information might a trust beneficiary want? How about…
- Financial statements.
- Copies of sale documents for real estate that is sold.
- A list of all trust assets
- How much compensation the trustee is taking from your trust.
- Beneficiaries have a lot of RIGHTS.
- Trustees owe you a lot of DUTIES.
Notice of Trust in Probate Court
When the creator, or “grantor”, of a trust dies and the trust becomes irrevocable, there is a 2nd notice of trust.
In that instance, such a notice must be filed in the probate court of the county where the Florida grantor resided.
This notice of trust is found in Florida Trust Code 736.05055.
You see, when one has a revocable trust, and they die, that revocable trust may have to pay: a) expenses of administration and b) the decedent’s debts (creditor claims). See also the Florida Probate Code Statute 733.707.
To read statutes on rev trusts, click HERE.
OK, so be careful trust beneficiaries. Or, anyone for that matter who receives a notice of trust.
Why?
Because the notice might give you only 6 months to object to the trust if you want to contest it. To contest it, you have to file a trust lawsuit.