Legal Question in Wills and Trusts in Florida
Early distribution of Trust to beneficiaries
A ten year Estate Trust, established by Will of father 5 years ago, with 3 Trustees and 3 daughters/beneficiaries (Two adjacent residences, with rents supporting taxes, maintenance, etc.). Two daughter beneficiaries and one Co-Trustee desire to ''break'' the Trust, sell off one residence and divide the proceeds among the three. Principal Trustee and one daughter beneficiary say ''No'' and contend that that ''breaking'' or early distribution could not be done legally in Florida. No other issues, e.g., Breach of Fiduciary Resp., coerced Will, etc. Can Trust/Will be challenged? Second question: If all 3 Trustees and 3 beneficiaries agreed, could it be done?
1 Answer from Attorneys
Re: Early distribution of Trust to beneficiaries
A responsive reply to your inquiry requires an examination of the trust document and other relevant documents. Administration of the trust may be challenged for alleged fiduciary misconduct on the part of trustees or for other reasons. However, to "break" the trust and dispose of assets contrary to the expressed intent of the grantor requires more than merely a showing that the trustees and beneficiaries agree to an alternative plan. In the absence of a court order, the trustees are liable for failure to administer the trust consistent with its provisions. You are advised to consult with an attorney knowledgeable in trust law to discuss the nature of the trust, history of administration, reasons for desiring to break the trust, and other considerations.
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