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Legal Terminology "qualified beneficiary" trust (FL)

Asked almost 4 years ago - Orlando, FL

Just who qualifies for being a "qualified beneficiary"?.

My grandma (in florida) has a trust and my brother and my I (also in florida) are both suppose to receive all her assets upon her passing. Does that mean my brother and I are "qualified beneficiaries?". I ask because 736.0813 of florida statues says that (among other things):
"Upon reasonable request, the trustee shall provide a qualified beneficiary with a complete copy of the trust instrument."

I was told by the trustee that I am not entitled to a copy of the trust instrument until my grandma passes. Do I have to wait or am I currently a "qualified beneficiary"?

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Attorney answers (3)

Phillip Gustavo Day

Reputation Level 10

Answered almost 4 years ago. Estate Planning Attorney in Largo, FL.

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Under section 4 of that same statute you will note that "As provided in s. 736.0603(1), the trustee's duties under this section extend only to the settlor while a trust is revocable." Assuming your grandmother is still alive, she most likely is the settlor of the trust as defined under 736.0103 which states "16) "Settlor" means a person, including a testator, who creates or contributes property to a trust...." Most revocable trusts are revocable until the death of the settlor, at which time they generally go irrevocable and then those duties you refered to would kick in. I hope this helps.

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Janet Lee Brewer

Reputation Level 16

Answered almost 4 years ago. Estate Planning Attorney in Palo Alto, CA.

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Since I am not a member of the Florida Bar, I will answer based on California law. In California all you have is an "expectancy". The trust most likely can be revoked up until the time your grandmother dies. In California you would only become the equivalent of a "qualified beneficiary" if the trust were irrevocable.

So I wouldn't start spending the money yet - your grandmother could write you out of the trust at any time before her death.

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Marc Jeremy Soss

Reputation Level 11

Answered almost 4 years ago. Estate Planning Attorney in Sarasota, FL.

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Assuming your Grandma has a Revocable Trust, the only individuals entitled to an annual accounting is her. As such, while she is alive you are not a "qualified beneficiary." At her death, assuming you are named in her Trust as a beneficiary, your status will change.

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