What exactly is a fiduciary in the Florida world of trusts, estates and wills ? Well, the definition should be easy enough, but let’s consider what a fiduciary is for prudent investing and investment of $$ for another, like a Palm Beach estate or a Boca Raton trust. Palm Beach Guardians, listen up: this means you , too. Yes, the Florida Probate Code & the Florida law of investing coincide. Ask your Palm Beach probate lawyer.
What is a Florida Fiduciary?
- Before we get there, are there some basic principles about what a Florida fiduciary is?
- Yes !
- A fiduciary is generally
- A person or an institution like a Florida Bank or Florida Trust Company
- That agrees to serve
- And manage property, including cash or stocks & bonds
- For another
- According to certain guidelines
- Like a trust document or the Florida Probate Code if there is an estate or a Palm Beach Probate
Florida Prudent Investing: Read Chapter 518 !
- If you are a trustee, guardian or an executor of a Palm Beach probate, (personal representative), you need to read Chapter 518
- And your Palm Beach probate lawyer needs to read Chapter 518 of the Florida Statutes
Defining a Florida Fiduciary for Prudent Investing Purposes
- Palm Beach Trustees, listen up
- Boca Raton executors, read this
- Boynton Beach personal representatives: your Delray Beach probate lawyer should be talking to you about this:
- Here is the link for the Florida legal definition of “fiduciary” under Chapter 518 of the Florida Statutes: http://www.leg.state.fl.us/STATUTES/index.cfm?App_mode=Display_Statute&Search_String=&URL=0500-0599/0518/Sections/0518.10.html
A Florida Fiduciary is Defined As……….
- as an executor,
- administrator,
- trustee,
- guardian
- or other person, whether individual or corporate, who
- by reason of a written agreement, will, court order, or other instrument has
- the responsibility for the acquisition, investment, reinvestment, exchange, retention, sale, or management of
- money or property of another
What is Florida’s Prudent Investor Rule ?
Here’s the free link to Florida’s Prudent Investor Rule which every Palm Beach trust beneficiary & trustee should know: