Trustee Reimbursement Withdrawal Rules

Summary

Trustees have a fiduciary duty to act in the best interest of the trust. Any withdrawals should be in accordance with the trust terms. Florida law also stipulates that a trustee cannot withdraw reimbursed funds unless specified in the trust terms. Florida Statutes Title XLII § 736.0802 outlines the duties and powers of a trustee. Consult a local attorney for specific advice.

Full Conversation

if a trustee reimburses a trust for fees incurred, can they later withdraw those reimbursed funds
Hello Mary, generally, a trustee cannot withdraw funds that they've reimbursed to the trust. However, this might vary depending on the trust agreement terms or the New York trust laws:
- Trustees have a fiduciary duty to act in the best interest of the trust.
- Any withdrawals should be in accordance with the trust terms.
Please consult a local attorney for advice specific to your situation.
are there any florida laws related to thise
Florida state law also stipulates that a trustee cannot withdraw reimbursed funds unless it's specified in the trust terms. Key points include:
- Trustees are subject to fiduciary duties.
- Withdrawals should be compliant with trust agreement.
- Florida Statutes Title XLII § *.* outlines the duties and powers of a trustee.
Please consult with a local attorney for specific advice.
if the trust agreement states a trustee shall be reimbursed for expenses but the trust originally paid the expense can the trustee withdraw the reimbursement
In New York, generally, a trustee should only be reimbursed for expenses that they paid out-of-pocket, not expenses paid by the trust. However, specifics may vary based on the trust agreement:
- The trust agreement's terms govern the trustee's actions.
- If reimbursement is allowed, it should align with trust terms and New York trust laws.
- Consult a local attorney for advice tailored to your situation.