Trustees and Personal Representatives are required to file Fiduciary Accountings in Florida and serve such Accountings on interested persons in the Estate and Trust. The purpose of the Accounting is to report to the beneficiaries and other interested parties the financial details of the administration of the Trust and Estate.
A Personal Representative of an Estate is required to file an Accounting upon removal, resignation or completion of Estate administration.
A Personal Representative may also elect to file an interim Accounting at any time. The Accounting is required to show the assets on hand at the beginning of the Accounting period, all capital transactions of the Estate, all Estate receipts, all Estate disbursements, all Estate distributions to beneficiaries, and the assets on hand at the end of the Accounting period. The Accounting is required to be served on interested persons (beneficiaries, creditors, etc.).
If an interested person does not agree with a transaction reported in the Accounting or believes that the Fiduciary has acted improperly, the interested person can file an Objection to the Accounting.
Objections to an interim Accounting and a final Accounting of a Personal Representative must be filed within thirty (30) days of service or shall be deemed abandoned. When an Objection is filed to a final Accounting, the person filing the Objection must serve a notice of hearing within ninety (90) days of filing the Objection or the Objection will be deemed to be abandoned.
Trustees are required to serve similar Accountings to each qualified beneficiary on an annual basis and upon termination of the Trust or change of Trustee.
A qualified beneficiary is defined as beneficiaries currently entitled to Trust income or principal, beneficiaries who would be entitled to distributions if the interests of the current beneficiaries terminated on the date that the Accounting is filed, or beneficiaries who would be entitled to distributions if the Trust terminated in accordance with its terms on the date the Accounting is filed.
A qualified beneficiary is required to bring an action against the Trustee within six (6) months after receipt of a Trust Accounting or a Trust disclosure document which contains a limitation notice (a notification that all actions against the Trustee for breach of trust must be commenced within six (6) months after receipt of the Trust disclosure document) with respect to all matters which are adequately disclosed in the Accounting.
A beneficiary who fails to bring an action against the Trustee for a breach of trust disclosed in the Trust Accounting within six (6) months of receipt of the Accounting will be forever barred from bringing the action.