Duty of Fairness & Impartiality The trustee must act in fairness towards all the beneficiaries. The trustee must not so favoritism towards one beneficiaries—he or she must treat the beneficiaries equally.

Duty to Render Accountings & Information A beneficiary of a trust has the right to know how the trust is being administered and is entitled to know the assets in the trust. A beneficiary may go to court and be granted the right to examine the records and books relating to receipts and disbursements made during the administration of a trust.

A trustee also has the duty to keep the beneficiaries informed of the trust and its administration:

1. Duty to notify trust beneficiaries of existence of the trust within 30 days after acceptance of trust.
2. Upon reasonable request furnishing beneficiaries a copy of the trust instrument
3. Relevant information about assets of the trust
4. Particulars relating to its administration
5. Statement of the accounts of the trust annually and upon termination of the trust or upon change of the trustee
6. Duty not to Commingle Assets
7. A trustee must keep the trust assets separate and apart from property of the trustee or third parties.

Conflicts of Interest: Self-Dealing A trustee has a duty of loyalty to the beneficiaries. Self-dealing is not permitted. If a trustee places himself or herself in a position hostile towards the beneficiaries, the trustee must resign.

Duty to make Trust Property Productive A major responsibility the trustee has is to produce income. In making investments, the trustee must use care, skill, and caution.

If you would like more information the Duties of a Trustee, CONTACT our Florida Trust Lawyers by email or call us at 904-685-1200 to discuss your situation today.