– A trustee in Florida is required to administer the trust in good faith, according to its terms and the interests of the beneficiaries, and in accordance with the Florida Trust Code.
– The trustee must act impartially in managing trust property if there are two or more beneficiaries, giving due regard to each beneficiary’s interests.
– The trustee cannot favor certain beneficiaries over others, and must act with the same degree of care to protect all beneficiaries’ interests. – A trustee has a duty of loyalty to the beneficiaries of the trust and must administer the trust solely in the interests of the beneficiaries.
– A trustee is prohibited from engaging in self-dealing or putting their own interests over the interests of the beneficiaries.
– Conflict of interest transactions by a trustee are subject to being found void.
– A trustee must take reasonable steps to take control of and protect the trust property and keep it separate from the trustee’s own property.
– A trustee also has a duty to make the trust property productive of income and must invest and manage investment assets as a prudent investor would. 1. A trustee may delegate duties and powers to an agent under certain circumstances, such as investment functions, as long as they exercise reasonable care and periodically review the agent’s actions.
2. The trustee has a duty to keep beneficiaries informed about the trust and its administration, and provide them with relevant information and a complete copy of the trust instrument upon reasonable request.
3. The trustee of an irrevocable trust must provide a trust accounting to each qualified beneficiary at least annually, including details of all cash and property transactions and the identification and valuation of trust assets on hand at the close of the accounting period.
4. Beneficiaries must file a claim within 6 months for any matter disclosed in a trust accounting or disclosure document that includes a trustee’s limitation notice, or the claim will be barred. – Trustees have important duties to comply with under the Florida Trust Code.
– These duties aim to prioritize the interests of beneficiaries and ensure fair and good faith administration of trust assets.
– Beneficiaries have the potential to take legal action against a trustee who breaches their obligations.
https://www.jimersonfirm.com/blog/2022/05/the-florida-trust-code/
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