Tampa Breach of Trust Attorney
In Florida, trust beneficiaries have many rights. It is the job of the trustee to make sure that these rights are protected and respected. Trustees have an obligation to fulfill all of their fiduciary duties under trust law in the state. The fiduciary duty of the trustee is only to the beneficiaries and not to anyone else.
In the majority of cases, trustees take their job very seriously and they uphold their fiduciary duty to the beneficiaries. This is not always the case, though. When trustees mismanage the estate or otherwise cause a breach of trust, the beneficiaries have options. Below, our Tampa breach of trust attorney explains what these are.
What Duties Do Trustees Owe Beneficiaries?
There are many duties trustees owe beneficiaries. Some of these include:
- Carrying out the terms of the trust document
- Carrying out the intent of the settlor, or person who created the trust
- Avoid conflicts of interest, such as self-dealing
- A duty to be objective and impartial
- Administer the trust in the interests of the beneficiaries
- Prudently invest assets and money of the trust
- Incur only reasonable expenses when administering the trust
- Inform beneficiaries of all aspects of trust administration
- Provide full disclosure about how the trustee is being compensated
- Provide an annual accounting
- Value the property in the trust
- Keep records of trust administration that are accurate and clear
- Collect all assets belonging to the trust
Any time you believe a trustee has breached their legal and fiduciary duty, it is important to speak to an attorney. An attorney can help you determine if a breach occurred and can advise on the next steps to take.
Remedies for Breach of Trust
The Florida Trust Code provides many remedies for when there has been a breach of trust. Under these remedies, a court may take any of the following actions:
- Force the trustee to carry out their fiduciary duties,
- Force the trustee to pay financial compensation or restore property by other means to compensate for the breach of trust,
- Order a trustee to provide a full accounting of activities and funds spent,
- Appoint another fiduciary to take over possession of the property within the trust and administer the trust,
- Remove the trustee,
- Suspend the trustee,
- Deny or reduce the trustee’s compensation,
- Cancel an action of the trustee, impose a lien on trust property, or discover property of the trust that was disposed of wrongfully to recover the property or its proceeds, or
- Order another form of relief that is appropriate.
Our Breach of Trust Attorney in Tampa Can Help You Make Things Right
If you are the beneficiary of an estate, the Florida Trust Code provides you with many options if a trustee has committed a breach of trust. At BBDG Law, our Tampa breach of trust attorney can advise you of what those are and help you determine which option is right for you. Contact us today by calling (813) 221-3759 or fill out our online form to schedule a consultation with our experienced attorney and to get more information.
