12/26/2023 0 Comments Florida duty to inform![]() ![]() ![]() For example, an income beneficiary cannot be given preference in the management of trust assets by the trustee to the detriment of a remainder beneficiary who would receive trust assets after the death of the income beneficiary. Under Section 736.0803 of the Florida Trust Code, “If a trust has two or more beneficiaries, the trustee shall act impartially in administering trust property, giving due regard to the beneficiaries respective interests.” In other words, the trustee cannot favor certain beneficiaries, or certain classes of beneficiaries, over other beneficiaries, and must act with the same degree of care to protect their interests. This blog provides an overview of certain key trustee duties under the Florida Trust Code. The Florida Trust Code provides an overview of the trustee’s duties in section 736.0801, making clear that “Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this code.” Thus, in addition to complying with the duties set out in the trust document itself, the trustee also has to comply with the duties prescribed in the Florida Trust Code. A trustee’s failure to do so may constitute a breach of trust and give rise to legal claims by trust beneficiaries. Real Estate Development, Sales & LeasingĪ trustee of a trust in Florida has numerous duties to which they must adhere to in the administration of the trust. ![]() Community Advocacy & Social Responsibility.Search Website Submit SearchSearch Close Search ![]()
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