Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

Detailing the trustee's duty of loyalty

Being asked to serve as trustee of a trust account created by a family member, friend or colleague in Miami may be a daunting task. As we here at The Law Offices of Frye and Vasquez, P.L. can attest to, the relationship between trustees and beneficiaries can be a tenuous one. If you are new to the position of a trustee, then it may be important to know exactly what your duties are, both in satisfying the interested parties to your trust and in fulfilling its purposes.

The Florida Trust code basically sums up your duty of loyalty to the beneficiaries of your trust by simply stating that all of your administrative actions should be done solely in their best interests. A conflict of such interest may often arise in your management and investment of trust property. According to state law, your personal and fiduciary interests are presumed to be conflicted if you enter into any transaction involving trust property with any of the following parties:

  •          Your spouse or other members of your immediate family
  •          Your attorney or any of your directors, executive officers, agents or employees
  •          Any corporations or enterprises in which you have a vested interest

If it is determined that a transaction presents such a conflict, it may be voided by beneficiaries. Such action is not permitted, however, if the transaction was authorized by the terms of the trust, the court, or by consent of the beneficiaries (or they did not exercise their voiding rights in time). The same is true if you entered into a contract commencing the transaction prior to being named trustee, or the transaction was approved by the settlor while the trust was still revocable.

More information on your powers as a trustee can be found by continuing to explore our site. 

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Miami, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions