Can a beneficary be a trustee?
Under the laws of Florida, can a non grantor who is one of the beneficaries under the terms of the testimonary trust be a co-trustee along with the bank?
Asked on 1/02/99, 9:42 pm
1 Answer from Attorneys
William W. Fernandez, Sr., J.D.
Law Ofc. Wm. W. Fernandez, Sr., J.D., Atty. at Law
Re: Can a beneficary be a trustee?
Q: Under the laws of Florida, can a non grantor who is one of the beneficaries under the terms of the testimonary trust be a co-trustee along with the bank?
A: Yes. I have personal experience of being in this situation as one of the other beneficiaries who was not the co-trustee. I ultimately had to file a lawsuit to force termination of the trust after it was supposed to expire.
William W. Fernandez
William W. Fernandez, Attorney at Law
250 Panama Road East
Answered on 1/28/99, 12:52 pm
