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The Florida Senate

2005 Florida Statutes

Duty to inform and account to beneficiaries.
Section 737.303, Florida Statutes 2005

737.303  Duty to inform and account to beneficiaries.--The trustee shall keep the beneficiaries of the trust reasonably informed of the trust and its administration. The trustee's duty to inform and account includes, but is not limited to, the following:

(1)  Within 30 days after acceptance of the trust, the trustee shall inform the beneficiaries in writing of the acceptance of the trust and the full name and address of the trustee.

(2)  Upon reasonable request, the trustee shall provide a beneficiary with a complete copy of the trust instrument, including amendments.

(3)  Upon reasonable request, the trustee shall provide a beneficiary with relevant information about the assets of the trust and the particulars relating to administration.

(4)(a)  A beneficiary is entitled to a trust accounting, as set forth in s. 737.3035, annually and upon termination of the trust or upon change of the trustee except as provided under paragraph (c).

(b)  For purposes of this section, the term "beneficiary" means:

1.  All current income or principal beneficiaries, whether discretionary or mandatory; and

2.  All reasonably ascertainable remainder beneficiaries who would take if all income interests immediately terminated.

(c)  In the case of a trust described in s. 733.707(3), during the grantor's lifetime, the trustee's duties under this section extend only to the grantor or the legal representative of the grantor.

(d)  A beneficiary or the beneficiary's representative, as defined in s. 731.303, may waive, in writing, the trustee's duty to account under paragraph (a).

(e)  All rights provided a beneficiary under this section may be asserted by a legal representative or natural guardian of the beneficiary. Notice under subsection (1) and a trust accounting under paragraph (a) provided to a representative of the beneficiary as defined in s. 731.303 shall bind the beneficiary, and the trustee shall not be required to provide such notice or trust accounting to any beneficiary who would be bound by an order binding on a representative of the beneficiary under s. 731.303, if such notice or trust accounting, respectively, is provided to that representative.

(5)  This section applies to trust accountings rendered for accounting periods beginning on or after January 1, 2003.

History.--s. 1, ch. 74-106; s. 6, ch. 75-221; s. 5, ch. 77-344; s. 12, ch. 95-401; s. 6, ch. 97-240; s. 4, ch. 2000-245; s. 10, ch. 2002-82; s. 26, ch. 2003-154.