If you are the parent of a minor child, there are two crucial decisions which you should make and incorporate into your estate plan in order to protect your child. The first involves who will raise your child if you die and the second is who will be in charge of the assets or money you leave to provide for your child after your death.
A trustee may implement a process known as "decanting" whereby the trust assets of an original trust may be transferred into a new trust. This can be done even if the original trust has become irrevocable.
As discussed in a previous blog, incentive trust provisions are designed by estate planning attorneys for clients who wish to promote or discourage specific behaviors or lifestyles by their beneficiaries. These provisions make or withhold Trust distributions to accomplish certain intended results. In essence, the provisions act as a "carrot or a stick." They either reward certain behaviors or accomplishments or they punish or seek to deter them.
A trustee of a trust in Florida may be removed for reasons set forth in the trust instrument itself. For example, some trusts contain provisions allowing the beneficiaries to remove a trustee--usually by majority vote. In addition to the terms of the trust itself, Florida law provides some criteria for removing a trustee.
This ia another in a series of blog entries discussing Florida's recent changes to Chapter 825 which addresses exploitation of an elderly person or disabled adult.
Section 736.0706 of Florida Statutes provides for the removal of a Florida trustee under certain circumstances.
Trustee compensation in Florida is determined first by the terms of the Trust, then by what is reasonable under the circumstances.
Under certain conditions, the principal place of administration of a Trust can be designated in the Trust itself. However, certain limitations may apply.
In Florida as in most states, a Trustee has a fiduciary duty to administer the Trust according to the terms of the Trust. This is an extremely high standard of care.