What Are My Duties as Trustee in Florida?

Florida requires the successor trustee to notify qualified beneficiaries of the trust's existence and the trustee's contact information within 60 days of the grantor's death.Fla. Stat. § 736.0101 et seq.Verified May 30, 2026 The notice typically includes the trustee's name and address, and the beneficiary's right to request trust information.

When the grantor dies, the revocable trust becomes irrevocable and requires its own EIN (Employer Identification Number) from the IRS. The trustee must file Form 1041 (U.S. Income Tax Return for Estates and Trusts) for any income earned by trust assets after the date of death. The trust may also need to file a Florida state income tax return.

Florida requires trustees to maintain detailed records of all trust transactions, including income, expenses, distributions, and investment decisions.Fla. Stat. § 736.0101 et seq.Verified May 30, 2026 Beneficiaries have the right to request accountings. Proper documentation protects the trustee from liability claims and provides transparency for beneficiaries.

Trustee compensation in Florida is based on reasonable compensation for the services performed. Professional trustees typically charge 0.5-1.5% of trust assets annually. Individual (non-professional) trustees often reference executor fee guidelines (2-5% of estate value) as a benchmark. See the Florida trustee compensation guide for details.

Trust administration in Florida typically takes 6-12 months, compared to 9-12 months for average probate cases.Fla. Stat. § 733.402 (bond — required by default; waivable by will or court order; banks/trust companies exempt), § 733.617 (PR commission presumed reasonable: 3% first $1M, 2.5% $1M-$5M, 2% $5M-$10M, 1.5% above $10M), § 733.6171 (attorney compensation presumed reasonable: $1,500 flat ≤$40K; +$750 $40K-$70K; +$750 $70K-$100K; 3% $100K-$1M; 2.5% $1M-$3M; 2% $3M-$5M; 1.5% $5M-$10M; 1% above $10M; written disclosure of negotiability required), § 733.702 (creditor claims: later of 3 months from first publication OR 30 days from service on known creditor), § 733.710 (absolute 2-year nonclaim bar from date of death), § 733.2121 (publication once/week for 2 consecutive weeks in county newspaper), § 735.201 (summary administration: nonexempt estate ≤$75K OR decedent dead >2 years), § 735.301 (disposition without administration: nonexempt personal property ≤ funeral expenses + 60-day medical/hospital expenses; no fixed dollar cap). Re-verified 2026-05-30 via leg.state.fl.us — all statutory values and thresholds confirmed unchanged.Verified May 30, 2026 Trust creditors have 24 months to file claims, compared to 3 months for probate creditor claims. Trust administration avoids court involvement, public filings, and many of the procedural delays associated with probate. See the Florida estate settlement guide for a complete overview.