When Does a Trustee Have to Show You the Money? Florida’s Trust Accounting Rules Explained
If you are a beneficiary of a Florida trust, you have probably wondered at some point what is actually happening with the assets. Are bills being paid? Is the trustee spending trust funds appropriately? Is anyone keeping track of all this? The good news is that Florida law does not leave beneficiaries in the dark. Trustees are required to provide regular, detailed accountings, and understanding those requirements can help you know what to expect.
What Exactly Is a Trust Accounting?
A trust accounting is a formal report of the trust’s financial activity. Think of it as a financial snapshot covering a specific period, usually a year, that shows what came in, what went out, and what remains. It is not just a casual summary. Florida law spells out exactly what has to be included, and a trustee cannot simply hand over a vague letter and call it done.
What Florida Law Requires a Trustee to Disclose
Under Florida Statute Section 736.08135, a trust accounting must be a reasonably understandable report covering the time since the last accounting (or since the trustee took over, if there has not been one before). So what does that report actually need to contain? Generally, it should include:
- A statement identifying the trust, the trustee, and the time period covered
- All cash and property transactions, including any compensation paid to the trustee
- The value of trust assets on hand at the end of the period
- Significant changes to investments or custodial arrangements
- How income and principal were allocated among beneficiaries
- A plan for distributing any assets that have not yet been paid out, if it is a final accounting
That is a fairly detailed list. Why does the law require so much? Because beneficiaries cannot protect their interests if they cannot see what is happening with the money. Trustees of irrevocable trusts also generally need to provide these accountings at least once a year, and again when the trust ends or a new trustee takes over.
What Happens When a Trustee Doesn’t Comply?
Here is a question worth sitting with. What if you never receive an accounting at all, or what you do receive raises more questions than it answers? A trustee who ignores these obligations, or provides an accounting that does not substantially comply with the statute, may be creating a real problem for themselves. Beneficiaries have options, including asking a court to compel a proper accounting. But getting to that point can be confusing and stressful, especially when a family member is the trustee and emotions are already running high.
Questions About a Trust Accounting?
Trust administration should feel transparent, not like a mystery you have to solve on your own. If you have received an accounting that seems incomplete, or you have not received one at all, it may be time to get some answers. Our Fort Lauderdale trustee duties attorneys regularly help beneficiaries and trustees sort through exactly these kinds of questions. If you are dealing with a trust dispute in Broward County, contact us at the office of Edward J. Jennings, P.A. to schedule a consultation.
Source:
flsenate.gov/Laws/Statutes/2025/0736.08135
