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Florida Statutes, Title XLII

Florida/Statutes

← All Florida coverage

Title XLII, Estates and Trusts

9 chapters · 470 sections in this title.

All chapters in Title XLII470 Ch 736, Florida Trust Code162 Ch 733, Probate Code: Administration of Estates95 Ch 732, Probate Code: Intestate Succession a…93 Ch 738, Uniform Fiduciary Income and Princip…50 Ch 740, Fiduciary Access to Digital Assets19 Ch 731, Probate Code: General Provisions18 Ch 739, Florida Uniform Disclaimer of Proper…17 Ch 735, Probate Code: Small Estates10 Ch 734, Probate Code: Foreign Personal Repre…6

162 sections·Filtered byTitle XLII✕Ch 736✕

Fla. Stat. § 736.05053 Trustee’s duty to pay expenses and obligations of settlor’s estate
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(1) A trustee of a trust described in s. 733.707(3) shall pay to the personal representative of a settlor’s estate any amounts that the personal representative certifies in writing to the trustee are required to pay the expenses of the administration and obligations of the settlo…
Fla. Stat. § 736.05055 Notice of trust
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(1) Upon the death of a settlor of a trust described in s. 733.707(3), the trustee must file a notice of trust with the court of the county of the settlor’s domicile and the court having jurisdiction of the settlor’s estate.(2) The notice of trust must contain the name of the set…
Fla. Stat. § 736.0506 Overdue distribution
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(1) As used in this section, the term “mandatory distribution” means a distribution of income or principal the trustee is required to make to a beneficiary under the terms of the trust, including a distribution on termination of the trust. The term does not include a distribution…
Fla. Stat. § 736.0507 Personal obligations of trustee
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Except to the extent of the trustee’s interest in the trust other than as a trustee, trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.History.—s. 5, ch. 2006-217.

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Fla. Stat. § 736.0601 Capacity of settlor of revocable trust

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The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will.History.—s. 6, ch. 2006-217.

Fla. Stat. § 736.0602 Revocation or amendment of revocable trust

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(1) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before the effective date of this code.(2) If a revocable trust is created or…

Fla. Stat. § 736.0603 Settlor’s powers; powers of withdrawal

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(1) While a trust is revocable, the duties of the trustee are owed exclusively to the settlor.(2) During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property su…

Fla. Stat. § 736.0604 Limitation on action contesting validity of revocable trust

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An action to contest the validity of a trust that was revocable at the settlor’s death is barred, if not commenced within the earlier of:(1) The time as provided in chapter 95; or(2) Six months after the trustee sent the person a copy of the trust instrument and a notice informin…

Fla. Stat. § 736.0701 Accepting or declining trusteeship

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(1) Except as otherwise provided in subsection (3), a person designated as trustee accepts the trusteeship:(a) By substantially complying with a method of acceptance provided in the terms of the trust; or(b) If the terms of the trust do not provide a method or the method provided…

Fla. Stat. § 736.0702 Trustee’s bond

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(1) A trustee shall give bond to secure performance of the trustee’s duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.(2) The court may …

Fla. Stat. § 736.0703 Cotrustees

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(1) Cotrustees who are unable to reach a unanimous decision may act by majority decision.(2) If a vacancy occurs in a cotrusteeship, the remaining cotrustees or a majority of the remaining cotrustees may act for the trust.(3) Subject to s. 736.1412, relating to the allocation of …

Fla. Stat. § 736.0704 Vacancy in trusteeship; appointment of successor

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(1) A vacancy in a trusteeship occurs if:(a) A person designated as trustee declines the trusteeship;(b) A person designated as trustee cannot be identified or does not exist;(c) A trustee resigns;(d) A trustee is disqualified or removed;(e) A trustee dies; or(f) A trustee is adj…

Fla. Stat. § 736.0705 Resignation of trustee

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(1) A trustee may resign in accordance with the procedure set forth in the trust instrument and upon notice to the cotrustees or, if none, to the successor trustee who has accepted the appointment, or, if none, to the person or persons who have the authority to appoint a successo…

Fla. Stat. § 736.0706 Removal of trustee

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(1) The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on the court’s own initiative.(2) The court may remove a trustee if:(a) The trustee has committed a serious breach of trust;(b) The lack of cooperati…

Fla. Stat. § 736.0707 Delivery of property by former trustee

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(1) Unless a cotrustee remains in office or the court otherwise orders and until the trust property is delivered to a successor trustee or other person entitled to the property, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to pro…

Fla. Stat. § 736.0708 Compensation of trustee

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(1) If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances.(2) If the terms of a trust specify the trustee’s compensation, the trustee is entitled to be compensated as specified, but the …

Fla. Stat. § 736.0709 Reimbursement of expenses

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(1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for reasonable expenses that were properly incurred in the administration of the trust.(2) An advance by the trustee of money for the protection of the trust gives rise to a lien a…

Fla. Stat. § 736.0801 Duty to administer trust

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Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this code.History.—s. 8, ch. 2006-217.

Fla. Stat. § 736.0802 Duty of loyalty

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(1) As between a trustee and the beneficiaries, a trustee shall administer the trust solely in the interests of the beneficiaries.(2) Subject to the rights of persons dealing with or assisting the trustee as provided in s. 736.1016, a sale, encumbrance, or other transaction invol…

Fla. Stat. § 736.0803 Impartiality

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If a trust has two or more beneficiaries, the trustee shall act impartially in administering the trust property, giving due regard to the beneficiaries’ respective interests.History.—s. 8, ch. 2006-217.

Fla. Stat. § 736.0804 Prudent administration

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A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.History.—s. 8, ch. 2006…

Fla. Stat. § 736.0805 Expenses of administration

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In administering a trust, the trustee shall only incur expenses that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.History.—s. 8, ch. 2006-217.

Fla. Stat. § 736.0806 Trustee’s skills

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A trustee who has special skills or expertise, or is named trustee in reliance on the trustee’s representation that the trustee has special skills or expertise, shall use those special skills or expertise.History.—s. 8, ch. 2006-217.

Fla. Stat. § 736.0807 Delegation by trustee

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(1) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances, including investment functions pursuant to s. 518.112. The trustee shall exercise reasonable care, skill, and caution in:(a) Selecting an agen…

Fla. Stat. § 736.0809 Control and protection of trust property

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A trustee shall take reasonable steps to take control of and protect the trust property.History.—s. 8, ch. 2006-217.

Fla. Stat. § 736.0810 Recordkeeping and identification of trust property

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(1) A trustee shall keep clear, distinct, and accurate records of the administration of the trust.(2) A trustee shall keep trust property separate from the trustee’s own property.(3) Except as otherwise provided in subsection (4), a trustee shall cause the trust property to be de…

Fla. Stat. § 736.08105 Duty to ascertain marketable title of trust real property

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A trustee holding title to real property received from a settlor or estate shall not be required to obtain title insurance or proof of marketable title until a marketable title is required for a sale or conveyance of the real property.History.—s. 8, ch. 2006-217.

Fla. Stat. § 736.0811 Enforcement and defense of claims

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A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.History.—s. 8, ch. 2006-217.

Fla. Stat. § 736.0812 Collecting trust property

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A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and, except as provided in s. 736.08125, to redress a breach of trust known to the trustee to have been committed by a former trustee.History.—s. 8, ch. 2006-…

Fla. Stat. § 736.08125 Protection of successor trustees

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(1) A successor trustee is not personally liable for actions taken by any prior trustee, nor does any successor trustee have a duty to institute any proceeding against any prior trustee, or file any claim against any prior trustee’s estate, for any of the prior trustee’s actions …

Fla. Stat. § 736.0813 Duty to inform and account

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The trustee shall keep the qualified beneficiaries of the trust reasonably informed of the trust and its administration.(1) The trustee’s duty to inform and account includes, but is not limited to, the following:(a) Within 60 days after acceptance of the trust, the trustee shall …

Fla. Stat. § 736.08135 Trust accountings

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(1) A trust accounting must be a reasonably understandable report from the date of the last accounting or, if none, from the date on which the trustee became accountable, that adequately discloses the information required in subsection (2).(2)(a) The accounting must begin with a …

Fla. Stat. § 736.0814 Discretionary powers; tax savings

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(1) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as “absolute,” “sole,” or “uncontrolled,” the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of …

Fla. Stat. § 736.08145 Grantor trust reimbursement

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(1)(a) Except as otherwise provided under the terms of a trust, if all or any portion of the trust is treated as being owned by a person under s. 671 of the Internal Revenue Code or any similar federal, state, or other tax law, the trustee may, in the trustee’s sole discretion, r…

Fla. Stat. § 736.08147 Duty to distribute trust income

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If a will or trust instrument granting income to the settlor’s or testator’s spouse for life is silent as to the time of distribution of income and the frequency of distributions, the trustee shall distribute all net income, as defined in chapter 738, to the spouse no less freque…

Fla. Stat. § 736.0815 General powers of trustee

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(1) A trustee, without authorization by the court, may, except as limited or restricted by this code, exercise:(a) Powers conferred by the terms of the trust.(b) Except as limited by the terms of the trust:1. All powers over the trust property that an unmarried competent owner ha…

Fla. Stat. § 736.0816 Specific powers of trustee

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Except as limited or restricted by this code, a trustee may:(1) Collect trust property and accept or reject additions to the trust property from a settlor, including an asset in which the trustee is personally interested, and hold property in the name of a nominee or in other for…

Fla. Stat. § 736.08163 Powers of trustees relating to environmental or human health laws or to trust property contaminated with hazardous or toxic substances; liability

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(1) From the creation of a trust until final distribution of the assets from the trust, the trustee has, without court authorization, the powers specified in subsection (2).(2) Unless otherwise provided in the trust instrument, a trustee has the power, acting reasonably, to:(a) I…

Fla. Stat. § 736.08165 Administration pending outcome of contest or other proceeding

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(1) Pending the outcome of a proceeding filed to determine the validity of all or part of a trust or the beneficiaries of all or part of a trust, the trustee shall proceed with the administration of the trust as if no proceeding had been commenced, except no action may be taken a…

Fla. Stat. § 736.0817 Distribution on termination

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Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to the property, subject to the right of the trustee to retain a reasonable reserve for the payment of de…

Fla. Stat. § 736.0901 Applicability of chapter 518

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A trustee shall invest trust property in accordance with chapter 518.History.—s. 9, ch. 2006-217.

Fla. Stat. § 736.0902 Nonapplication of prudent investor rule

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(1) Notwithstanding the provisions of s. 518.11 or s. 736.0804, with respect to any contract for life insurance acquired or retained on the life of a qualified person, a trustee has no duty to:(a) Determine whether the contract of life insurance is or was procured or effected in …

Fla. Stat. § 736.1001 Remedies for breach of trust

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(1) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.(2) To remedy a breach of trust that has occurred or may occur, the court may:(a) Compel the trustee to perform the trustee’s duties;(b) Enjoin the trustee from committing a breach of tr…

Fla. Stat. § 736.1002 Damages for breach of trust

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(1) A trustee who commits a breach of trust is liable for the greater of:(a) The amount required to restore the value of the trust property and trust distributions to what they would have been if the breach had not occurred, including lost income, capital gain, or appreciation th…

Fla. Stat. § 736.1003 Damages in absence of breach

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Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.History.—s. 10, ch. 2006-217.

Fla. Stat. § 736.1004 Attorney’s fees and costs

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(1)(a) In all actions for breach of fiduciary duty or challenging the exercise of, or failure to exercise, a trustee’s powers; and(b) In proceedings arising under ss. 736.0410-736.0417,the court shall award taxable costs as in chancery actions, including attorney fees and guardia…

Fla. Stat. § 736.1005 Attorney fees for services to the trust

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(1) Any attorney who has rendered services to a trust may be awarded reasonable compensation from the trust. The attorney may apply to the court for an order awarding attorney fees and, after notice and service on the trustee and all beneficiaries entitled to an accounting under …

Fla. Stat. § 736.1006 Costs in trust proceedings

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(1) In all trust proceedings, costs may be awarded as in chancery actions.(2) If costs are to be paid from the trust under subsection (1) or s. 733.106(4)(a), the court, in its discretion, may direct from what part of the trust the costs shall be paid. All or any part of the cost…

Fla. Stat. § 736.1007 Trustee’s attorney fees

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(1)(a) Except as provided in paragraph (d), if the trustee of a revocable trust retains an attorney to render legal services in connection with the initial administration of the trust, the attorney is entitled to reasonable compensation for those legal services, payable from the …

Fla. Stat. § 736.1008 Limitations on proceedings against trustees

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(1) Except as provided in subsection (2), all claims by a beneficiary against a trustee for breach of trust are barred as provided in chapter 95 as to:(a) All matters adequately disclosed in a trust disclosure document issued by the trustee or a trust director, with the limitatio…