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  1. #1
    Join Date
    Oct 2006
    Posts
    5

    Default Distributions as a Sole Trustee Beneficiary

    State of Florida. I am working with a relative trust attorney to do a revocable trust. Its almost done. Florida revised its trust law as of
    July 1, 2007 so many trust attorneys are still using old softwear and not up on the new trust law. I need to pin down one feature in connection with restriction on distributions under an ascertainable
    standard. I could use a quick consultation and I dont mind paying for it. The problem:... My son will become sole trustee beneficiary of an ongoing trust. He will have the option of taking distributions under an ascertainable standard as trustee or as the beneficiary. Under the old softwear printout there is a restriction
    on distributions by a trustee beneficiary in that he "shall consider
    all other resources" However that restriction does not apply if I
    take it as a beneficiary. I do have other resourses but I want to have the option of taking out the full amount. The new Florida trust law really improved its creditor protection but not if the distribution is taken as a beneficiary. So if a trustee-beneficiary writes out a check to himself, how do you know if he is taking it as a trustee or as a beneficiary. Therefor, I think that the right to take as a beneficiary should be eliminated here. The softwear changed in reference to the restriction "shall consider all other resourses". In 2004 and 2005 the softwear did not have the restriction. In 2006 it did add that restriction. It would cost $3000 to get the current softwear and the attorney is not ready to do that. There is a posiblity that with the
    new improvement in the Florida creditor protection trust provisions that maybe the restriction is not needed. Sorry to be so long.
    If anyone want to reach me my e-mail is sarafamily@att.com.......Thank You. NatSara

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Distributions as a Sole Trustee Beneficiary

    Have an estate planning professional draft the trust.

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