Florida Banking June 2023

Trust Banking, Continued from page 19

(“ACTEC”). She currently serves on the Executive Council for the Real Property, Probate and Trust Law Section of The Florida Bar, and is the Chair of the Guardianship, Power of Attorney & Advance Directives Committee and a Co-Chair of the Ad Hoc Guardianship Law Revision Committee. Rubel is also Co-Chair of the Florida Probate Rules Committee and is an Executive Board Member of the Professional Fiduciary Council of Florida. She is a past Chair of the Dade County Bar Association’s Probate and Guardianship Committee and is a frequent lecturer on probate, trust and guardianship topics. Richard DeNapoli has more than 20 years of experience in law and trust services and is the chief trust officer and fiduciary counsel for Coral Gables Trust Company. He is a longtime member of The Florida Bar’s Real Property Probate and Trust Law Section and has been featured in many local and national publications for trust and estate planning topics. DeNapoli is a graduate of the University of Miami School of Law (2008, LL.M., Estate Planning), Fordham Law School (2002, J.D.) and New York University (1999, B.A., Politics; B.A. Italian), and served as a Florida Real Estate Commissioner (2007-2013).

What if the trust director accepts and exercises a power but the trustee is uncertain about its duty to comply? A directed trustee that has reasonable doubt about its duty can apply to the court for instructions, with attorney fees and costs to be paid from the assets of the trust. Conclusion The Legislation provides clarity to both those drafting and administering trusts. The determination of fiduciary duties is relevant to any litigation relating to a trust administration, particularly breach of trust cases. A key question is whether and when a decision maker, whether a trustee or non-trustee, has a fiduciary duty to the beneficiaries. The answer is clarified by the Act. Drafting attorneys should be mindful of this when advising clients and choosing those with decision-making authority. Litigation attorneys also need to understand which decisions impose duties, and therefore, may result in litigation. Stacy B. Rubel is a partner at Virgil & Rubel LLP focusing on probate, trust and guardianship litigation and administration, and she is also a Florida Supreme Court Certified Circuit Mediator. Rubel is a Fellow of the American College of Trust and Estate Counsel

64th Annual Trust & Wealth Management Conference SEPTEMBER 21-22, RITZ-CARLTON FORT LAUDERDALE This event serves as the annual meeting for the FBA Wealth Management Division, and the timely curriculum covers topics currently challenging the trust and wealth management industry. Continuing Education Credits: 9.0 CLE, 9.0 CFP, 9.0 CTFA/CCTS (applications pending) To register, visit www.FloridaBankers.com or email Matthew Bennett, FBA Vice President of Education, at mbennett@floridabankers.com.

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