Sarasota, FL asked in Estate Planning for Florida

Q: Does the Successor Trustee have to provide an accounting once per year to a beneficiary of a voluntary trust?

The trust in question was set up by my wife who was found to be incompetent by two physicians and replaced by the Successor Trustee. I am a beneficiary of the Trust. The successor Trustee says that she need not provide an accounting unless my wife predeceases me. Is she correct?

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2 Lawyer Answers
Lauren Nagel Richardson
Lauren Nagel Richardson
Answered
  • Estate Planning Lawyer
  • Gainesville, FL
  • Licensed in Florida

A: I think that it would depend on if you could make a credible argument that the trust has become irrevocable due to the incapacity of the grantor and thus you are now a qualified beneficiary who has a right to an annual accounting even though the grantor is still living. I would recommend that you retain an attorney to review the trust agreement and the Florida Statutes and relevant caselaw regarding qualified beneficiaries to see if the attorney would be willing to send a demand letter to the trustee requesting an annual accounting on that basis.

Lauren Nagel Richardson
Lauren Nagel Richardson
Answered
  • Estate Planning Lawyer
  • Gainesville, FL
  • Licensed in Florida

A: Another approach would be if you are the durable power of attorney for your wife or guardian of person or property of your wife, then you could request an annual accounting to be provided to you in your representative capacity of the current trust beneficiary, your wife.

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