Understanding a Trustee’s Responsibility to Report in Florida

– The Florida Trust Code mandates that trustees provide annual accountings to trust beneficiaries and other relevant parties.
– The accounting must include a statement of trust receipts and disbursements, assets and liabilities, property transactions, and trustee fees and expenses.
– The trustee must provide an initial accounting within 60 days of assuming control of the trust, and subsequent annual accountings unless the trust instrument specifies a different interval. – Trustee must provide clear and concise accounting to beneficiaries
– Beneficiaries have the right to ask questions and seek clarification
– Failure to provide accounting may result in liability and removal as trustee
– Regular accounting helps build trust and prevent disputes
– Duty to account is critical for trustees to fulfill their role as fiduciary

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