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 take reasonable steps to take control of and protect the trust property. Fla. Stat. §736.0809;
- To keep clear, distinct and accurate records of the administration of the trust. Fla. Stat. §736.0810(1);
- To keep trust property separate from the trustee’s own property. Fla. Stat. §736.0810(2); and
- 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.
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Like this Blog? Please see below links to our other Wills, Trusts & Estates Blog Posts
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