What Fiduciary Duties Does a Florida Trustee Owe the Beneficiaries?

What do Florida trustees need to know about fiduciary duties to  beneficiaries? Florida probate lawyers know that testamentary trusts are becoming more and more common. Thus, the odds are higher than ever that you could be a trustee one day. Want to learn the basics?

What is a Trustee Anyway?

• Florida estate attorneys know a trust is a fiduciary relationship whereby a trustee holdstrust funds for a beneficiary.
• Florida probate lawyers often create trust documents that are customized for each client.
• If you are a trustee you may want to ask a Florida estate lawyer about fiduciary duties.
• What is a fiduciary duty?
• Trustees owe the beneficiaries a duty of care and loyalty that Florida probate courts are going to enforce.
• What does that mean?
• There are a number of rules you need to know.
• Want to start with the basics?
• Check out this lawsuit out of the appeals court of Missouri to learn more.
• Did the uncle breach his fiduciary duties?

James Trust v. James

• In this case a grandmother had created a trust and left her two children to over see it.
• The beneficiaries included the trustees and their children (her grandchildren).
• The grandchildren filed a trust lawsuit that said the trustees took actions that favored them and their wives.
• Why is this such a big deal?
• Trustees cannot self-deal do you know what that means?
• It means they cannot use trust assets to benefit themselves at the expense of beneficiaries.
• Even when the trustee is a beneficiary!
• Are trustees allowed to be beneficiaries of the family trust in Florida?
• Has your Florida trust lawyer explained what a trustee can and cannot do ?
• Avoid a breach of fiduciary lawsuit in Florida with proper guidance from an experienced probate lawyer.

Want to lean more?

Check out a free copy of James Trust v. James by clicking here.

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