How Long Does A Trustee Have To Distribute Trust Assets?
When a person passes away, their assets are often put into a trust to ensure they are distributed according to the wishes of the deceased. But how long does it take for these assets to be distributed? In Florida, there are specific regulations that govern trust asset distribution, so it is important to understand the process.
Below, we will take a look at how long a trustee has to distribute trust assets in the state of Florida. If you were appointed to serve as a trustee to administer the asset distribution process, you need to understand the requirements and statute of limitations for distributing assets to ensure that you act in compliance with applicable regulations and laws.
If you are a beneficiary and believe that the trustee takes too long to distribute trust assets or otherwise fails to uphold their legal responsibilities, contact our Pompano Beach estate and trust litigation lawyer at Mark R. Manceri, P.A., to explore your legal options.
Statute of Limitations for Florida Trusts
Under Florida law, there is no specific timeframe for distributing trust assets. However, trustees must act in accordance with state statutes and should make distributions as soon as possible after receiving an order from the court or upon the death of the grantor (the person who created the trust).
The statute of limitations—the amount of time during which a lawsuit can be filed—begins running on the date when all beneficiaries have either received their distributions or waived their rights to receive them. As such, trustees should strive to make distributions as soon as practicable in order to avoid any potential legal issues.
In addition to following applicable laws and statutes, trustees also have several other responsibilities when distributing trust assets. For example, they must provide an accurate accounting of all transactions related to the trust and use reasonable care when handling financial decisions pursuant to Florida Statutes § 736.08135.
Furthermore, trustees should keep meticulous records and document any changes made throughout the distribution process. This helps ensure that all parties involved are aware of exactly what is happening with each asset and that beneficiaries receive what they were promised by their loved one’s will or trust agreement.
Can Beneficiaries Remove the Trustee for Delays in the Asset Distribution Process?
Yes, beneficiaries of a trust have a right to seek removal of the trustee if he or she mismanages trust assets or unreasonably delays the asset distribution process in violation of the trust agreement. In fact, beneficiaries can pursue legal action against the trustee every time he or she fails to act in their best interests. Trustees must exercise due diligence when handling financial decisions related to trusts in order to avoid potential legal issues down the road.
However, delays in the asset distribution process should be unreasonable in order to justify legal action to remove the trustee. Consider speaking with an experienced attorney to determine whether or not you have grounds to remove the trustee.
Speak with Mark R. Manceri, P.A., Today
Distributing trust assets can be a complex process that involves numerous steps and considerations. It is important for trustees in Florida to familiarize themselves with relevant laws and regulations so that they can properly administer trusts in accordance with state statutes.
By understanding these requirements and taking appropriate measures throughout distribution proceedings, trustees can ensure that all parties involved are informed about every step taken throughout this process. If you want to learn more about the laws and regulations surrounding the trust asset distribution process in Florida, reach out to Mark R. Manceri, P.A., for a consultation. Call 954-491-7099 today.