Within 60 days
(a) Within 60 days after acceptance of the trust, the trustee shall give notice to the qualified beneficiaries of the acceptance of the trust, the full name and address of the trustee, and that the fiduciary lawyer-client privilege in s.
How much does a trustee get paid in the state of Florida?
Trustee fees are allowed by state law and range from about 1% to 3% of the trust assets. They must be reasonable given the circumstances and thus 3% may be reasonable for a large and complicated estate requiring years of administration and 1% may be unreasonable for a simpler estate.
What is a reasonable trustee fee in Florida?
On average, trustee fees can range from 1% to 3% of the trust assets. For example, a 3% fee can be considered a reasonable fee for large and complex assets that can take years to administer.
Do beneficiaries get a copy of the trust in Florida?
Once the qualified beneficiary gives notice he or she has a right to request a copy of the actual trust instrument. In general, a trustee is required to provide a qualified beneficiary with a complete copy of the trust instrument. A trustee must also provide a trust accounting upon reasonable request.
How are trustees paid in Florida probate court?
If fees are contested, what method does the Florida probate court use to assess them? In Florida probate litigation, trustees usually get paid according to a fee clause in the trust instrument. Can a trust allow for hourly rate payments?
What’s the Statute of limitations for a trustee in Florida?
Florida Statute 736.0708 (1) provides that a trustee is entitled to “compensation that is reasonable under the circumstances,” but it does not specify how the courts should determine what fee is “reasonable”.
How much money was awarded to the trustees?
Therefore, the court affirmed the fee award of $24,600,000 to the trustees. If they would have applied the lodestar method, the trustees would have only been awarded $375,000! What are the West Coast Factors? Want to find out and learn more? Read the entire case by clicking here.
