Estate Planning Tip – Trust Accountings

Estate Planning Tip – Trust Accountings

| Feb 20, 2020 | Estate Planning |

In Florida, a Trustee has an ongoing legal obligation to inform the Trust beneficiaries of the administration of such trust.  The Trustee must keep accurate records of all the income, disbursements and expenses of the Trust.  Those records should be kept in a safe place by the Trustee and will be relied upon in preparing annual accountings.  Annual accountings disclose information about the assets, liabilities and related transactions.  Although beneficiaries have a right to such accounting, it can be waived in Florida and may reduce the costs to the Trust and its beneficiaries if it is waived.