Florida Trust Accounting Requirements (Fla. Stat. § 736.08135)

What annual accountings must include + how to demand one as a beneficiary

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Florida trust accounting requirements are set by Fla. Stat. § 736.08135 and require trustees of irrevocable trusts to provide qualified beneficiaries with an annual accounting that includes specific categories of information. Failure to provide a required accounting is one of the most common grounds for beneficiary complaints, court-ordered accountings, and ultimately trustee removal.

Florida Trust Accounting — Frequently Asked Questions

What does a Florida trust accounting need to include?

Under Fla. Stat. § 736.08135, a Florida trust accounting must include: (1) all cash and property transactions since the last accounting (or since the trustee’s appointment); (2) gains and losses on investments; (3) trustee fees taken; (4) attorney fees and other professional fees paid; (5) distributions to beneficiaries; (6) current inventory of trust assets with values; (7) any other information needed to fairly and accurately reflect trust administration. The accounting must be signed by the trustee.

How often must a Florida trustee provide accountings?

Annually. Under Fla. Stat. § 736.08135, the trustee of an irrevocable trust must provide a written accounting to qualified beneficiaries at least once a year, unless the requirement is waived in writing by all qualified beneficiaries. The accounting covers a fiscal year (typically calendar year unless the trust specifies otherwise). The trustee can also provide more frequent accountings if circumstances warrant.

Who is entitled to a Florida trust accounting?

Under Fla. Stat. § 736.0813(1)(d), ‘qualified beneficiaries’ are entitled to annual accountings. A qualified beneficiary is a beneficiary who, on the date of qualification: (a) is a distributee or permissible distributee of trust income or principal, (b) would be a distributee if the trust terminated on that date, or (c) would be a distributee if the interests of the distributees described in (a) terminated on that date without causing the trust to terminate. Remainder beneficiaries with current contingent interests qualify.

Can a Florida trustee refuse to provide an accounting?

Generally no. The only legitimate basis for refusal is a written waiver by all qualified beneficiaries (Fla. Stat. § 736.08135(4)). Without a valid waiver, refusal to provide an accounting is a breach of fiduciary duty. Beneficiaries can petition the court to compel the accounting and may recover attorney’s fees if the trustee’s refusal was unreasonable. Persistent refusal is grounds for trustee removal under § 736.0706.

What if a Florida trust accounting is incomplete or inaccurate?

Beneficiaries can object to the accounting within the limitations period (typically 6 months from receipt under Fla. Stat. § 736.1008 with proper notice). Objections are filed in the probate court and trigger an evidentiary hearing where the trustee must justify the entries. If the court finds the accounting deficient, it can: order corrections, surcharge the trustee for unaccounted losses, remove the trustee, and award attorney’s fees against the trustee personally.

Can I get a Florida trust accounting for a revocable trust during the settlor's life?

Generally no, while the settlor is alive and competent. Under Fla. Stat. § 736.0603, the rights of beneficiaries of a revocable trust are subject to the rights of the settlor, who can amend or revoke the trust. Only after the settlor’s death (or incapacity, depending on trust terms) do qualified beneficiaries gain the right to accountings. Some revocable trusts include accounting requirements during the settlor’s lifetime as a matter of trust drafting.

How do I demand a Florida trust accounting from the trustee?

Start with a written demand letter citing Fla. Stat. § 736.08135 and requesting the accounting within a reasonable time (typically 30-60 days). If the trustee refuses or ignores the demand, file a petition in the circuit court probate division for an order compelling the accounting. The petition can also seek removal of the trustee, surcharge for breach of fiduciary duty, and attorney’s fees. Many trustees comply once a formal petition is filed.

Can a Florida trust accounting be waived?

Yes — under Fla. Stat. § 736.08135(4), a qualified beneficiary may waive the right to receive an accounting, but the waiver must be in writing. Waivers are revocable at any time, prospectively. Best practice is to memorialize any waiver in writing and to confirm the waiver applies only to past or current periods (not future years). Trust instruments sometimes include accounting waiver provisions, but those are subject to scrutiny for fairness.