Legal Question in Wills and Trusts in Florida
What does it mean to be a trustee?
I have been named as primary trustee in a relative's trust, my sister is secondary trustee. We have 3 other siblings and there are other distant relatives. Is trustee the same as being a beneficiary in the normal sense, or does it mean that we must oversee the property involved and disperse it to all who make a verified claim? The older relative who set up the trust is in good health, I am just trying to do my homework ''pre-need''. Thanks.
2 Answers from Attorneys
Re: What does it mean to be a trustee?
In addition to the previous answer given to you, you should also know that a trustee owes the beneficiaries certain duties and that he or she is entitled to compensation for the services rendered as trustee.
Re: What does it mean to be a trustee?
Although a trustee may also be a beneficiary, a trustee is the one charged with managing and distributing the assets in the trust in accordance with the terms of the trust. In your situation, if you take over as trustee while the maker is alive, the trust probably provides for you to use your discretion in using the trust assets for the maker's care, support, etc. Then upon the maker's death you are directed to make some sort of distribution, either right away, or perhaps after some period of time (such as when a beneficiary is under age and the maker wishes the assets to remain under the control of the trustee until the beneficiary comes of age).
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