THE DEVIL’S IN THE DETAILS: beneficiary rights to trust accountings

Q: Trust beneficiaries: do you know what to look for?

• In Palm Beach or Broward trust accountings.
• Under the Florida Trust Code. ….
• Do you know what you are ENTITLTED to?
• Do you know what information you MIGHT get?

Here are a few tips for trust beneficiaries:

1. The estate is not the same as the trust – although they can be very closely related and work together
2. A person has an “estate” when they die although they may, or may not, “probate” it
3. A person may also have a trust, such as a living trust or a revocable trust (which becomes ir-revocable upon death)
4. Most living trusts and revocable trusts are obligated to the pay the debts of the person who passed away and created the trust
5. Don’t confuse an estate inventory with a trust accounting.
6. Know what to look for in trust accountings, estate inventories and estate accountings….. after all………. The devil is in the details