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Florida Statutes 736.0813 - Duty to inform and account

Florida Statutes > Chapter 736 > Part VIII > 736.0813


Current as of: 2012
The trustee shall keep the qualified beneficiaries of the trust reasonably informed of the trust and its administration.
   (1) The trustee's duty to inform and account includes, but is not limited to, the following:
   (a) Within 60 days after acceptance of the trust, the trustee shall give notice to the qualified beneficiaries of the acceptance of the trust, the full name and address of the trustee, and that the fiduciary lawyer-client privilege in s. 90.5021 applies with respect to the trustee and any attorney employed by the trustee.
   (b) Within 60 days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by the death of the settlor or otherwise, the trustee shall give notice to the qualified beneficiaries of the trust's existence, the identity of the settlor or settlors, the right to request a copy of the trust instrument, the right to accountings under this section, and that the fiduciary lawyer-client privilege in s. 90.5021 applies with respect to the trustee and any attorney employed by the trustee.
   (c) Upon reasonable request, the trustee shall provide a qualified beneficiary with a complete copy of the trust instrument.
   (d) A trustee of an irrevocable trust shall provide a trust accounting, as set forth in s. 736.08135, to each qualified beneficiary annually and on termination of the trust or on change of the trustee.
   (e) Upon reasonable request, the trustee shall provide a qualified beneficiary with relevant information about the assets and liabilities of the trust and the particulars relating to administration.

Paragraphs (a) and (b) do not apply to an irrevocable trust created before the effective date of this code, or to a revocable trust that becomes irrevocable before the effective date of this code. Paragraph (a) does not apply to a trustee who accepts a trusteeship before the effective date of this code.

   (2) A qualified beneficiary may waive the trustee's duty to account under paragraph (1)(d). A qualified beneficiary may withdraw a waiver previously given. Waivers and withdrawals of prior waivers under this subsection must be in writing. Withdrawals of prior waivers are effective only with respect to accountings for future periods.
   (3) The representation provisions of part III apply with respect to all rights of a qualified beneficiary under this section.
   (4) As provided in s. 736.0603(1), the trustee's duties under this section extend only to the settlor while a trust is revocable.
   (5) This section applies to trust accountings rendered for accounting periods beginning on or after July 1, 2007.
Florida Statutes 736.08125 - Protection of successor trusteesPart VIII Table of ContentsFlorida Statutes 736.08135 - Trust accountings

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Questions & Answers: Trusts

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Comments (10)add comment
Joni Bolin: ...
My sister and stepbrother are co-trustees of my stepmothers Trust. she passed on Sept. 1,2010. I've requested accountings of the Trust since De. 2011 and have not received a reply. The Trust is in Florida. I am a qualified beneficiary. What are my options as to get this resolved.
1

April 17, 2012
Sue: ...
I am the successor trustee and the administrator to my Mom's Trust. My sister and I both worked together to resolve our Mom's affairs. I would like to pay my sister and myself off the top of the Trust for the 11 months of we put into resolving everything. I am trying to find information on what Maryland law provides for what is fair and reasonable pay. I am thinking that we both get paid 25k. I understand we will be taxed on this since it will be viewed as income. Of course we will still get our shares of the Trust after receiving payment for time and effort. Thank you very much for your assistance.
2

September 13, 2012
Steven Daily: ...
Joni,
It is always appropriate to request an accounting from the trustees in writing via certified mail, return receipt requested. Often this gets someone's attention. If an accounting is not forthcoming, a beneficiary must file a court case in Florida seeking an accounting.

Sue,
Check the terms of the trust for what it says about compensation for the trustee. If a trustee is allowed "reasonable" compensation, then this is usually calculated as a percentage of the estate. Banks often charge around 1% of the assets annually, but with a certain minimum, such as $5,000. For small estates, a reasonable fee would probably be an hourly rate. There are several factors that would need to be considered: the amount of time spent (assuming there has been a record kept), the complexity and size of the assets, and the level of skill and experience of the trustees. For example, a trustee who has no financial or legal expertise or experience whatsoever would be hard-pressed to justify receiving the equivalent of $500/hour for their time. Think about it this way: If asked in court how you arrived at the figure $25,000, what would you say? And how did you arrive at that figure for your sister?

Steve Daily
LawServer.com
3

September 13, 2012
Pat: ...
Probate was supposed to end May 2012, but the Charleston Clerk of Court continues to allow Past Due items extensions. The due date is now October 18, 2012. How do I bring accountability to Judge Condon's attention?
4

October 03, 2012
Steven Daily: ...
Pat,

Has anyone objected in court to the previous extensions? If not, perhaps that is the explanation. And if another extension is requested, perhaps someone can object to it this time.

Steve Daily
LawServer
5

October 04, 2012
Mark Kronenberg: ...
Question - I am named on a stock certificate as TOD beneficiary. I am informed that in order to take possession of this security, I must open an investment account. I am not willing to open an account for personal reasons. Can I transfer my rights to possession of this security to someone else as an alternative to the State (South Carolina) taking possession? The owner of the stock is deceased.
6

October 24, 2012
Hector Chavez: ...
Does the Nominee relationship between entity and a Lender ceases when Lender goes out of business
7

January 04, 2013
Klenton McLemore III: ...
Can I sue a settlor? He is still alive, he has the same name as me, committed identity theft, and ran a business in my name. When I tried to get an attorney to go after him, he told the trustees of an irrevocable trust not to give me my portion. I have never received an accounting or a copy of the trust, but when it was time to distribute assets, the trustees said they were told by my father not to give me the property. I tried to file a case against the trust, and I have him on phone telling me that I was going to get my property but the trustees made me a silent beneficiary. I found a copy of the trust online in 2008. There were $2 million in assets that should have been distributed in 98....
8

February 24, 2013
Steven Daily: ...
Mark,
Who is holding the stock certificate now? They may be able to transfer the stock electronically. Contact them and let us know if that worked.

Hector,
What do you mean by a "nominee" relationship. Is the lender a trustee under a trust?

Klenton,
This sounds like a rather complicated situation, and I cannot quite follow what you are saying. Someone stole your identity, and pretending to be you created a trust worth $2 million and named you as a beneficiary? That makes no sense whatsoever. What does your father have to do with any of this? Have you reported the identity theft to the police? What was the outcome?

Steve Daily
LawServer.com
9

February 24, 2013
Joan Kuehn: ...
One of my brothers is asking for an accounting of the trust. He has received letters from 2 different firms saying they have found money for the trust and will obtain it for a fee, a percentage. My brother sent me a copy of one of these and I contacted the State of Florida and had them send me the paperwork necessary in obtaining these funds. My brother used to live 2 doors from me and knew the exact accounting of the trust previous to his moving. The day he moved I wrote him a check for his 1/3 of what was in the existing trust ban kaccount. All assets except two pieces of land that will cost more to sell than to keep. The trust account pays the taxes of about 40.00 per year on them. As the trustee I have taken nothing out of the trust in fees. The trust was worth approximately 500k. What would be a reasonable fee for administering this trust. Previously I was not going to charge anything, but now that I have to go back and do a detailed accounting, I would like to take a fee for all the extra time that this will take. Can you give me a ballpark figure of an acceptable fee please.
10

August 21, 2013

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