Under Florida law, you can select anyone to be the Trustee of your Trust, unless that person is disqualified under the Statutes. But you shouldn’t select just anyone. You need to be sure the person, or in the case of a corporate trustee, entity, actually wants the job. Trustees are bound by many duties and obligations under the Florida Statutes, including the duty of loyalty, duty to administer the trust, fiduciary duties, and the duty of impartiality. Many corporate trustees have specific requirements prior to accepting trusteeship. Serving as Trustee can be time-consuming. Trustees are also entitled to compensation. If you select a family member or friend, you need to be sure that individual understands the requirements and is willing to accept the position. Speak with your attorney for more information about important considerations when selecting your Trustee.
-Emily A. Helmick, Esq.