You are a beneficiary of a family trust, yet months have gone by and the trustee has told you almost nothing. You do not know what the trust holds or whether your share is shrinking. That silence is unsettling because it prevents you from evaluating whether the trustee is managing the assets responsibly. Florida law gives beneficiaries several ways to obtain information, beginning with the right to receive a formal trust accounting.
Your right to an accounting under Florida law
Florida’s trust code imposes specific disclosure duties on trustees. A trustee must keep beneficiaries reasonably informed by sharing material information about how the trust is being managed. For an irrevocable trust, that duty generally includes sending qualified beneficiaries a formal accounting each year. A qualified beneficiary generally includes someone who currently receives trust benefits or could receive property when the trust ends.
The contents of a proper trust accounting
A formal accounting provides substantially more information than a brief financial summary. To count as valid, the report must follow the format Florida law requires. It identifies the trust and the period covered, then lays out what came in and went out, any gains or losses, the trustee’s pay, the remaining assets with their values and any debts. This level of detail allows you to evaluate transactions, identify unexplained changes and determine whether the reported figures are consistent.
Exceptions that can limit your access
The right to an accounting is not absolute. While a trust remains revocable, usually during the creator’s lifetime, the trustee answers to that person, not to future beneficiaries. In most cases you cannot demand one until the trust becomes irrevocable, often at the creator’s death.
A qualified beneficiary can also waive yearly accountings in writing, though you can withdraw that waiver later. Because these rights depend on the trust’s legal status, confirming whether it is revocable or irrevocable is an important first step.
Options when a trustee refuses to cooperate
Sometimes a trustee ignores a fair request. Begin by making the request in writing and preserving a copy so you have documentation of your efforts to obtain information. If the trustee still will not respond, you can ask a court to order a full accounting.
When a trustee has mismanaged assets or hidden information, a beneficiary may petition the court to hold a trustee accountable, which can lead to removal or a financial penalty called a surcharge. These are serious steps worth preparing for.
Your next step as a beneficiary
Silence from a trustee does not have to leave you guessing. If you are a qualified beneficiary of an irrevocable trust and no accounting has come, confirm the trust’s status and send a written request for the records you are owed.
That request can create a useful record while also clarifying whether the trustee intends to provide the required financial information. From there, you can evaluate whether the accounting is consistent with the trust’s terms and the creator’s intentions.