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Trustees can be paid for their time and trouble in performing their duties only if the trust specifically provides for payment. However, not all trustees are remunerated for their role.
Can a trustee sell a property in Florida?
As long as the trust allows it, and the trustee avoids self-dealing and conflicts of interest, the trustee can sell trust property to whomever he or she chooses, as long as it is sold for market value. Often, trust disputes arise when a trustee sells property for what beneficiaries deem a sub-market price.
Are trust documents public record in Florida?
Trusts aren't considered public record, and thus trustees may deny a contesting party's request to review certain records.
Does a trustee get paid in Florida?
Any person, including an attorney, who serves as a trustee is entitled to receive reasonable compensation for serving as trustee. 3. Compensation payable to the trustee is in addition to any attorney fees payable to the attorney or the attorney's firm for legal services rendered to the trustee.
How much does a successor trustee get paid in Florida?
Florida trust administration fees earned by the successor trustee are 1% to 3% of the total trust assets. The statute provides higher fees for trust administration involving unusual legal and tax issues.
acceptance of successor trustee
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As a general rule, a beneficiary is entitled to a copy of the trust document, any deeds of variation of the trust, deeds of appointment and trust accounts. If further information is requested, it is at the discretion of the trustee as to whether it will be provided.
Does a trust have to be recorded in Florida?
No. Unlike a Will that does need to be filed with the Clerk of Court within 10 days of death, a trust can allow you to keep personal financial information out of probate.
Can the beneficiary of a trust see the trust document?
In California, for instance, the California Probate Law section 16061.7 makes provisions for trust beneficiaries to see the trust document. Trustees must furnish beneficiaries with copies of the trust document upon request in writing.
Can a trustee sell an asset?
Trustees do not have a general power to sell the trust's property because of their paramount obligation to preserve trust property. The power to sell can arise from the trust instrument, statute (section 38 of the Act) or a Court order.
How much is a trustee paid 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.
successor trustee acceptance form
Probate - Wikipedia
Probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the ...
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