When Florida residents decide to make loved ones beneficiaries of living trusts, many of those listed as beneficiaries are unsure of their rights. Fortunately, information is available that outlines beneficiaries' rights that can help eliminate this uncertainty. So, exactly what rights do beneficiaries have?
Before summarizing the rights listed in a recent financial article, it is important to understand what a living trust is. A living trust is one that becomes active during the creator's lifetime in which the trustee remains the legal owner of the assets. The purpose of this type of trust is, generally, to provide for an individual, charity or even corporation.
Often, requirements are set forth in the trust, and the beneficiary must meet these requirements in order to benefit from the trust. In addition, the trustee is expected to manage the assets in the trust in the way that allows the beneficiary to continue to benefit. It is at this point that beneficiary rights come into play. A beneficiary has the right to demand an accounting record, and a beneficiary has the right to claim a breach of fiduciary duty, if such a breach is suspected.
For beneficiaries in Florida who suspect issues related to living trusts, help may be found in the form of an experienced estate attorney. Such an attorney can examine the records relating to a living trust in order to determine if problems exist that warrant legal action. Once identified, such a legal professional can assist beneficiaries in taking action and rectifying a potentially damaging financial situation.