Answers to Questions About Florida’s Trust Code

Florida’s Trust Code plays a crucial role in estate planning and administration. Whether you are a trustee, beneficiary, or someone creating a trust, understanding the key aspects of Florida’s trust laws can help you protect your interests and navigate potential legal challenges.

If you have questions or concerns, consult a knowledgeable Pompano Beach estate litigation lawyer. Attorneys are available to provide clarity and strategic advice tailored to your situation.

 Learning More About State Trust Code

A set of laws that govern the creation, administration, and termination of trusts in the state, Florida’s Trust Code is found in Chapter 736 of the Florida Statutes. It is based on the Uniform Trust Code, with some modifications.

Here are seven things individuals involved in the distribution of a trust need to know:

1. Who does it impact? The Trust Code affects trustees, beneficiaries, settlers (those who create trusts), and creditors. If you have a trust or are involved in one, these laws directly impact your rights and obligations.
2. How do I go about creating a valid trust? To be legally valid, a trust must be created by a competent settler, have a clear purpose, and designate beneficiaries. Additionally, the trust document must be properly executed according to Florida law.
3. Are trustee duties defined? Yes, trustees have a fiduciary duty to act in the best interests of the beneficiaries. This includes managing trust assets prudently, avoiding conflicts of interest, and providing regular accountings.
4. What are the rights of the beneficiaries? Beneficiaries are entitled to information about the trust, including financial statements and reports on asset management. If a trustee fails to fulfill their obligations, beneficiaries may take legal action.
5. Are modifications possible? Florida law allows for the modification or termination of trusts under certain circumstances, such as when the trust’s purpose has been fulfilled, becomes impossible, or is no longer practical.
6. Can trustees be removed? If a trustee is mismanaging assets, acting dishonestly, or failing to fulfill their duties, beneficiaries can petition the court for removal and replacement of the trustee.
7. Are there protections for creditors? Certain trusts, such as spendthrift trusts, offer protection against creditors. But these protections are not absolute, and there are exceptions, such as claims for child support or fraudulent transfers.

It’s also important to understand that there are different types of trusts. For example, a revocable trust allows the settlor to make changes or dissolve the trust during their lifetime. An irrevocable trust, once established, generally cannot be altered without court approval or beneficiary consent.

Consult an Attorney to Safeguard Your Interests

If you are setting up a trust, managing one, or involved in a dispute, speak with an experienced Pompano Beach estate litigation lawyer. Legal guidance ensures compliance with Florida’s Trust Code and protects your rights in trust matters.

Who is answering your estate resolution questions? Take the guesswork out of the process, connect with the experienced legal professionals at Mark R. Manceri, P.A. to ensure estate documents are created or administered according to Florida law. Schedule a confidential consultation today.