What are the duties of a Florida trustee? What are the rights of the beneficiaries of a Palm Beach trust to obtain accountings? What if I am a Boca Raton trustee and do not act properly? As a Florida trustee, what is the relevant information that I must share with the beneficiaries? Can my probate lawyer help to ensure that I uphold my trustee duties properly?
Relevant Information Regarding a Florida Trust
- Florida probate attorneys know that a trustee has an ongoing duty to provide relevant information about the trust , and the trustee’s actions to beneficiaries.
- What does this duty include?
- What relevant information must a trustee disclose to beneficiaries of a Delray Beach trust?
- Relevant information, according to Pankauski’s Trustee’ Guide: 10 Steps to Family Trustee Excellence, “has been described as any so-called reasonable or everyday information which one would expect or want to know about the trust, its assets, and its administration.”
- Generally the trustee must disclose the following:
- The identity and location of all assets.
- Fair market value of all assets as of a particular time, perhaps the carrying value or the cost basis or purchase price of assets.
- Expenditures including disbursements for costs and expenses.
- Value of all trust funds distributed to each beneficiary including the identity of each asset distributed.
- Transactions and occurrences, including income and gains and losses.