Legal Question in Wills and Trusts in Florida
If a trustee of trust (domiciled in FL) incurs/earns trustee fees going back say 15 years, but does not take them until say 2013, is there any statute of limitations that prevent him from taking those fees from the prior years? (assuming full disclosure is made to beneficiaries)
In other words, would there be a limitations period that says, sorry trustee you can only trace back 5 years for trustee fees allegedly earned?
2 Answers from Attorneys
There would be rules within the trust agreement that determine the adequacy of a claim. There is not statute of limitations that applies of the trust allows for the billing for back fees.
Well, generally the trustee is supposed to provide annual accountings as well; this would include trustee fees earned or incurred. If the trustee did in fact provide annual accountings and those fees were properly disclosed in the annual accountings, and no objections were received, then he could take them in 2013. But if they were not disclosed in annual accountings, then you might have a problem trying to take them 'all at once', as there might be some question as to why they weren't disclosed in annual accountings. And if the annual accountings weren't provided at all, you may have another problem.
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