If you are looking to set up a trust or have been asked to be a trustee for someone else, you should understand what is required of a trustee in Florida. This position is far more than one of honor as it carries with it significant fiduciary duties and even potential liability. According to the National Paralegal College, a trustee is entrusted with carrying out the wishes of a deceased person as stipulated.
In some cases, these executing the terms of a trust may be very straightforward. These are referred to as ministerial functions. In other cases, different options may be present, requiring the discretion of the trustee. For this reason, these are referred to as discretionary acts.
Both types of functions can be delegated by the trustee to another party but great care should be taken in doing so. If it is found that the trustee did not utilize appropriate care when identifying a delegate or in reviewing recommendations, the trustee can be personally liable if issues arise. When deciding to delegate select trustee responsibilities, consideration should be given to the amount and type of money involved, what type of special knowledge or expertise is needed and how much discretion is required.
A trustee must also maintain all property as well as financial assets. Funds from the trust are not to be co-mingled with the trustee’s personal funds or any other funds and strict accounting must be kept at all times. This information is not intended to provide legal advice but general information about the responsibilities of a trustee Florida.
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