Trustee states will provide annual accounting and by request will provide beneficiary with the trust.
How often does Trustee have to provide accounting and do they have to provide bank statements? Does Trustee have to provide list of assets?
Trustee accountings are required by statute in Florida. If you are a beneficiary, you should request a copy of the trust and consult with an attorney in regards to any additional specific duties or responsibilities that may be created by the terms of the trust.
A portion of the statute relating to the content of trust accountings follows:
736.08135 Trust accountings.—
(1) A trust accounting must be a reasonably understandable report from the date of the last accounting or, if none, from the date on which the trustee became accountable, that adequately discloses the information required in subsection (2).
(2)(a) The accounting must begin with a statement identifying the trust, the trustee furnishing the accounting, and the time period covered by the accounting.
(b) The accounting must show all cash and property transactions and all significant transactions affecting administration during the accounting period, including compensation paid to the trustee and the trustee’s agents. Gains and losses realized during the accounting period and all receipts and disbursements must be shown.
(c) To the extent feasible, the accounting must identify and value trust assets on hand at the close of the accounting period. For each asset or class of assets reasonably capable of valuation, the accounting shall contain two values, the asset acquisition value or carrying value and the estimated current value. The accounting must identify each known noncontingent liability with an estimated current amount of the liability if known.
Any answer provided on the AVVO website is for informational purposes only and does not constitute legal advice for your specific situation. You should always seek legal advice before taking any action which may affect your future rights. Your local legal aid office may well provide information or access to free legal advice and your state bar organization may provide referrals to reputable attorneys who will provide advice on a reduced cost basis.
According to your facts, the "Trustee states will provide annual accounting." So the answer to your question "How often does Trustee have to provide accounting" is self-evident: Annually, like they said.
No the Trustee does not "have to provide bank statements." As to the list of assets, that information should be part of the annual accounting--because that is what an accounting includes. .
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