Trusts & Estates Wills

What Are The Duties And Obligations Of A Trustee Under Florida Law? 

What Are The Duties And Obligations Of A Trustee Under Florida Law? 
What Are The Duties And Obligations Of A Trustee Under Florida Law?

Our West Palm Beach Revocable Trust Attorneys are often asked- What Are The Duties And Obligations Of A Trustee Under Florida Law?  Serving as the trustee of a trust is a significant responsibility. Florida law imposes certain duties and obligation on trustees that generally apply to the administration of the trust and those duties owed by the trustee to the beneficiaries of the trust. Some of the important duties and obligations imposed on the trustee include the following: 

 

Duties of the Trustee

 

  • The duty to administer the trust in good faith, in accordance with the terms and purposes of the trust, and in the interests of the beneficiaries. Fla. Stat. § 736.0801; 

 

  • The duty of loyalty to administer the trust solely in the interests of the beneficiaries. Fla. Stat. § 736.0802; 

 

  • To act impartially in administering the trust property, giving due regard to the beneficiaries’ respective interests. Fla. Stat. § 736.0803; 
  • To administer the trust as a prudent person would, by considering the purposes, terms, distribution requirements and other circumstances of the trust, and shall exercise reasonable care, skill and caution.  Fla. Stat. § 736.0804; 

 

 

  • To account for all assets, income, expenses, gains or losses of the trust. Fla. Stat. §736.08135 

 

Are you a Florida trustee that unsure of exactly what your obligations are under a trust agreement? Or, perhaps you are a beneficiary of a trust and you are not sure what your rights are? In either case, the West Palm Beach Revocable Trust Attorneys at The Law Office of Ryan S. Shipp, PLLC, would be happy to assist you in understanding your rights and responsibilities as a trustee or a beneficiary.  

Like this Blog? Please see below links to our other Wills, Trusts & Estates Blog Posts

Licensed to practice law in the State of Florida since 2008, Ryan S. Shipp, Esquire is the Founder and Principal Attorney at The Law Office of Ryan S. Shipp, PLLC which is located in Palm Beach County, Florida. Mr. Shipp and his team of associate attorneys and support staff focus their practice in the areas of real estate and business law.

Related Posts

Persons Associated With Florida Trusts

Persons Associated With Florida Trusts | 561.699.0399

Sometimes the legal terms used by lawyers to refer to the different persons associated with Florida trusts can be confusing. In an effort to better understand how Florida…

Coronavirus Florida Attorneys

Coronavirus Florida Attorneys | Real Estate & Estate Planning Attorneys

Coronavirus Florida Attorneys | Real Estate & Estate Planning Attorneys These days, everybody seems to be talking about a different type of Corona. The Coronavirus or what is…

What to Expect in your Initial Consultation with an Attorney

It is always a tough decision to hire an attorney and in many circumstances it can be intimidating. A lot of times, you are at the end of…

What happens if I die without a Will in Florida | 561.699.0399

What happens if I die without a Will in Florida? Before we answer this question, the Lantana Wills Attorneys at The Law Office of Ryan S. Shipp, PLLC recommend…

Do I need a Florida Will? | 561.699.0399

Many of our clients always seem to always ask us Do I need a Florida Will? Our answer is – we recommend that ALL adults have some type…

Lantana Wills Lawyers

Are you in need of Lantana Wills Lawyers? Florida Wills and Estate Planning is a very important part of your future that protects your rights and wishes when you…

Facebook Iconfacebook like buttonSubscribe on YouTubeTwitter Icontwitter follow buttonVisit Our Lead Counsel Page
Call Now Button**CLICK HERE** LET US CALL YOU