What Florida Law Says About Accountings by Trustees and Personal Representatives

In Florida, when a Trustee or Personal Representative is handling an Estate, they have a fiduciary duty to act in the best interests of the beneficiaries. A key aspect of this duty is the obligation to provide regular and accurate accountings. Failure to do so can lead to serious legal consequences and leave beneficiaries in the dark about how the Trust or Estate is being managed.

If you’re a beneficiary of an Estate or Trust and have not received accountings, it’s important to understand your legal rights and the steps you can take to protect them. Talk to a Pompano Beach estate litigation lawyer about how you should move forward.

Importance of Detailed Records

Under Florida law, Trustees and Personal Representatives are required to provide detailed accountings of their administration. These accountings are necessary for transparency. They ensure that beneficiaries are informed about how the Trust or Estate is being managed and whether the fiduciary is fulfilling their duties.

When a fiduciary fails to provide accountings as required by Florida law, beneficiaries can pursue legal remedies.

• Legal action. Beneficiaries can file a petition with the court requesting the fiduciary be ordered to provide an accounting. This action can be especially useful when a fiduciary is uncooperative or refuses to provide the necessary documentation.
• Removal of the fiduciary. If the court finds that a fiduciary has failed to provide accountings and is not fulfilling their responsibilities, they may remove the fiduciary from their position. This can help protect the estate from further mismanagement or neglect.
• Financial compensation. When a lack of accountings resulted in harm to the beneficiaries, such as missing assets or unauthorized distributions, the fiduciary may be held financially liable. This can include compensation for the beneficiaries’ losses and even damages for breach of fiduciary duty.

Several Florida cases highlight how beneficiaries can enforce their right to receive accountings. For example, in a recent Case a Decedent’s heirs petitioned the Court after the Personal Representative failed to provide financial figures. The Court ruled in favor of the beneficiaries, ordering the Personal Representative to file a complete accounting and providing an avenue for them to challenge the distribution of Estate assets.

In another situation, a Trustee failed to provide annual accountings to the beneficiaries, despite clear legal obligations under the Trust. The beneficiaries successfully petitioned for the removal of the Trustee, who was replaced by a more competent fiduciary.

Request an Accounting and Consult an Attorney

Should a beneficiary not receive an accounting, they should formally request it from the Trustee or Personal Representative. If this request is met with any resistance, a Pompano Beach estate litigation lawyer can assist you in filing a petition. As you move through the process, document all communications and requests for accountings, as this information will be helpful should the situation escalate.

Are you suspicious of how a fiduciary is handling assets? If so, connect with the legal professionals at Mark R. Manceri, P.A. Failure to provide accountings can result in a breach of fiduciary duty, exposing the Trustee or Personal Representative to legal action. Schedule a confidential consultation to learn more.