A trustee or qualified beneficiary may petition a court to modify a trust when circumstances have occurred that were not anticipated by the settlor. Status as a qualified beneficiary is important – it determines who is entitled to receive an accounting for a trust. So if you’re a Florida trustee, you need to know this term cold. — The trustee shall keep the qualified beneficiaries of the trust reasonably informed of the trust and its administration. 736.0103(4), the term “beneficiary” refers to the entire universe of persons who have a beneficial interest in a trust, as well as to any person who has a power of appointment over trust property in a capacity other than as trustee. “Jurisdiction” with respect to a geographic area, includes a state or country. These beneficiaries are prioritized in two key ways. “Permissible distributee” means a beneficiary who is currently eligible to receive a distribution. Chapter 736 - FLORIDA TRUST CODE Part I - GENERAL PROVISIONS AND DEFINITIONS (ss. A recent 4th DCA opinion on who is a “qualified beneficiary” under Florida’s Trust Code is a puzzler, at least to me. F.S. Withdrawals of prior waivers are effective only with respect to accountings for future periods. The term does not include a guardian ad litem. “Settlor” means a person, including a testator, who creates or contributes property to a trust. On these facts, the beneficiaries of D’s trust include S, C1, C2, Bob, Fay, QB University, and an indeterminate and unascertainable class of as yet unborn descendants of D. Note that T’s power to spray trust income among D’s children does not make T a beneficiary because T holds that power as a trustee. § 16:1 (2016-2017 ed. Under the new Florida trust law, a qualified beneficiary may waive the Trustee's duty to account. Can you use a “multiple-trust scheme” to draft remainder beneficiaries out of the picture? C1 and C2 are included because they would become permissible distributees were S’s interest to terminate at D’s death (i.e., were she to die at that time). So can they get sued? This is my running list of significant trust, probate and guardianship related appellate opinions since 2005. 736.0813 Duty to inform and account. Should you assume intermediate beneficiaries die “sequentially” or “simultaneously”? defines a qualified beneficiary as a living beneficiary who, on the date the beneficiary’s qualification is determined: (a) Is a distributee … Indeed, by definition, a remainder interest in a trust refers to the right to receive trust property upon the termination of the trust. “Affiliate” means any person or entity that directly or indirectly through one or more intermediaries owns or controls, is owned or controlled by, or is under common control or ownership with, the fiduciary. (2) A qualified beneficiary may waive the trustee’s duty to account under paragraph (1) (d). Here’s why: [T]he fact that the Family Trust terminates upon the wife’s death does not preclude the children from having a beneficial interest in the Family Trust. Bob is also a qualified beneficiary because he would take the trust property were the trust to terminate at D’s death (because of the death of S, C1 and C2). If you are the beneficiary of a Florida estate, the Florida Probate Code also gives you the right to an accounting. 736.0105 tells us you can’t waive the duty under F.S. Unless the context otherwise requires, in this code: “Action,” with respect to an act of a trustee, includes a failure to act. Trust protectors; they're like trustees, but not quite. (4) “Beneficiary” means a person who has a present or future beneficial interest in a trust, vested or contingent, or who holds a power of appointment over trust … 736.0103(16), encompasses a much smaller — but favored — subset of trust beneficiaries. 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