10 Important Legal Rights for “Qualified Beneficiaries” under a Florida Trust

In addition to the duty to the above information rights, the qualified beneficiaries can demand that the Trustee comply with the following:

1. The trustee has a duty to be impartial if there are two or more beneficiaries, giving due regard to the beneficiaries’ respective interests. F.S. §736.0803

1. The trustee must invest trust money and trust assets prudently, according to the Florida prudent investor rule. F.S. §736.0804.

1. The trustee can only incur expenses that are reasonable in relation to the trust property, purposes of the trust, and skills of the trustee. F.S. §736.0804.

1. The trustee has a duty of loyalty that runs solely to the beneficiaries; the trust must be administered strictly in the best interests of the beneficiaries – not the best interests of the trustee or any individual or entity that is not a beneficiary. F.S. §736.0802

1. Finally, the beneficiary has a right to demand that the trustee administer the trust in good faith, in accordance with the trust terms and purposes and the interests of the beneficiaries in accordance with Florida law. F.S. §736.0801.

This Report is only a summary of key rights qualified beneficiaries have under Florida law. It is not a complete list of rights. For more information, contact Phil Rarick, Miami trust attorney, at (305) 556-5209 or info@raricklaw.com.

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced Miami trust attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.