Trust Accountings in Florida: What Beneficiaries Should Understand

The short answer: it depends on the trust and Florida law

Are trust beneficiaries entitled to an accounting? Often yes, but the answer depends on the trust instrument, the beneficiary’s status, and applicable Florida law.

There is no single answer for every trust. A trust that is still revocable, a trust that just became irrevocable, and a trust with several remainder beneficiaries can each follow different rules. The facts of the administration matter too.

This page explains the framework Florida uses. It does not decide any specific trust, and it can’t replace a review of the actual documents. Under § 736.0105, the Florida Trust Code governs trustee duties and beneficiary rights “except as otherwise provided in the terms of the trust.” The trust document matters, but it doesn’t always have the last word.

What Florida’s Trust Code says about information and reports

Florida law says a trustee must keep qualified beneficiaries reasonably informed about the trust and its administration. § 736.0813 sets out that duty and lists specific items. How it applies depends on the trust terms and the facts of each case.

Two of those items matter most. Depending on whether the trust is revocable or irrevocable, the governing instrument, applicable law, and the facts of each case, a qualified beneficiary may be able to request a complete copy of the trust instrument from the trustee on reasonable request, under § 736.0813(1)(c). Depending on the governing instrument, applicable law, and the facts of each case, § 736.0813(1)(e) may require a trustee of an irrevocable trust to share relevant information about assets, liabilities, and administration with a qualified beneficiary who makes a reasonable request, under § 736.0813(1)(e).

For an irrevocable trust, § 736.0813(1)(d) generally calls for the trustee to provide qualified beneficiaries an accounting at least annually, and on termination of the trust or a change of trustee. Exceptions exist, and how this applies depends on the trust terms, applicable Florida law, and the facts of each case.

§ 736.0105(2) provides that the terms of a trust prevail over the Florida Trust Code except for the items it lists, which include certain notice, copy, accounting and information duties under § 736.0813. How those duties apply in a particular matter depends on applicable Florida law, the trust’s status (for example, whether it is irrevocable), and the facts of each case. For background, see professional trustee services.

Who counts as a beneficiary entitled to information

Under Florida’s definitions, a beneficiary is commonly described as a person with a present or future beneficial interest in a trust, vested or contingent; § 736.0103 also addresses other persons, such as a holder of a power of appointment over trust property in a non-trustee capacity, so the full definition depends on the statute and the facts of each case. § 736.0103 states that definition. Whether a particular person is a qualified beneficiary depends on the trust terms and that person’s interest.

Current beneficiaries and remainder beneficiaries can stand in different positions. A current beneficiary may be entitled to distributions now. A remainder beneficiary generally takes only after another interest ends. The trust instrument and applicable law determine which rights each group holds.

Some people outside the usual categories may still qualify. § 736.0110 addresses certain charities and trust enforcers, and those cases depend on the facts on the date of determination.

Status can change. A trust may become irrevocable at the settlor’s death. Under § 736.0813(1)(b), notice is generally due within 60 days after the trustee learns of an irrevocable trust. How that applies depends on the facts of each case.

What an accounting may include

An accounting is a report covering a period, starting from the last accounting or from when the trustee became accountable. § 736.08135(1) says it must be reasonably understandable. Its exact content depends on the trust, the period, and the facts.

Under the statute, the report starts with a statement identifying the trust, the trustee, and the period covered, under § 736.08135(2)(a). Where feasible, it identifies trust assets and gives two values for each asset that can be valued. It also lists known noncontingent liabilities, under § 736.08135(2)(c).

It also shows how receipts and disbursements split between income and principal when that split affects a beneficiary’s interest, under § 736.08135(2)(e). A final accounting includes a plan of distribution for undistributed assets, under § 736.08135(2)(f).

Trustees keep records to build these reports. § 736.0810(1) requires clear, distinct, and accurate records. Whether a beneficiary can review those records beyond the accounting depends on the trust terms and applicable law.

How a beneficiary may request information in writing

A written request creates a clear record. One possible first step, depending on the governing instrument, applicable law, and the facts of each case, is to ask in writing for the trust instrument, recent accountings, and information about assets and administration. Keeping copies of everything sent and received may also be useful.

Writing matters in one specific place. Depending on the governing instrument, applicable law, and the facts of each case, a qualified beneficiary may be able to waive the trustee’s accounting duty under § 736.0813(2), and a waiver or withdrawal may need to be in writing. Whether a verbal agreement meets a writing requirement depends on the governing instrument, applicable law, and the facts of each case.

Useful documents often include the trust agreement, any amendments, prior accountings, notices you received, and your letters or emails. Under § 736.0103, the trust instrument includes amendments. What you need depends on the facts.

This page sets no response period for an ordinary request. Any deadline depends on applicable law and the facts of each case.

When a trustee does not respond and what options may exist

If a trustee does not respond, options may exist. They depend on the trust instrument, applicable Florida law, and the facts. Under § 736.1001(2), a court may order a trustee to account and take other steps to remedy a breach of trust. Whether a breach occurred depends on the facts.

Timing rules can matter. A limitation notice refers to a 6-month period under § 736.1008(4)(a). How it applies depends on the disclosure received and the facts of each case. Under § 736.1008(3), accrual may depend on actual knowledge, and how that knowledge must be proven depends on the governing instrument, applicable law, and the facts of each case.

Trust Counsel’s attorney, Leslie V. Marenco, may advise or represent trustees, personal representatives, and beneficiaries, subject to the governing instrument and applicable law. Trust Counsel’s attorneys can serve individually as trustee or personal representative, but the firm itself does not serve as a fiduciary. For more on refusals, see trustee refusals to account.

Talking through your situation with a Coral Gables trusts attorney

Some readers may reach this question while a trust is still being administered, depending on their circumstances. Others are looking into it after a family member has died or can no longer manage their own affairs. You may be reading a document you did not write, with little information in hand.

Are trust beneficiaries entitled to an accounting if the trust says otherwise?

Trust terms can change Florida’s default rules. How that works depends on the trust instrument, applicable Florida law, and the facts of each case.

Does a beneficiary have to request an accounting in writing?

Florida law requires written waivers under § 736.0813(2). Written requests also create a clearer record. The appropriate approach depends on the facts.

If a trustee has gone quiet while you’re trying to understand a trust you’re named in, you don’t have to sort out those documents alone. Call (305) 707-7126 or schedule online. Trust Counsel’s attorneys offer a free initial consultation that is confidential and carries no obligation to continue.

Attorney advertising. Leslie V. Marenco is the responsible lawyer. Trust Counsel, PL’s only office is in Coral Gables, Florida. We serve clients in Fort Lauderdale, Boca Raton, West Palm Beach, Doral, Kendall, Pinecrest, Key Biscayne, and Aventura. No aspect of this page has been approved by The Florida Bar. Results depend on the facts of each case, and past results do not predict future outcomes. Fees are agreed between client and attorney according to the scope of work. Some matters may be referred to another lawyer or firm.