Title XLII, Estates and Trusts

(1) A charitable organization, private foundation trust, split interest trust, or a private foundation as defined in s. 509(a) of the Internal Revenue Code may not be required by a state agency or a local government to disclose the race, religion, gender, national origin, socioec…

Any provisions of this code governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, are deemed to conform to the requirements of s. 102 of the Electron…

If any provision of this code or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this code that can be given effect without the invalid provision or application, and to this end the provisions of t…

(1) Except as otherwise provided in this code, on July 1, 2007:(a) This code applies to all trusts created before, on, or after such date.(b) This code applies to all judicial proceedings concerning trusts commenced on or after such date.(c) This code applies to judicial proceedi…

This part may be cited as the “Florida Uniform Directed Trust Act.”History.—s. 14, ch. 2021-183.

(1) This part applies to a trust subject to this chapter, whenever created, that has its principal place of administration in the state, subject to the following rules:(a) If the trust was created before July 1, 2021, this part applies only to a decision or action occurring on or…

(1) As used in this section, the term “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.(2) Unless the terms of a trust expressly pr…

(1) Subject to s. 736.1407, relating to trust directors being subject to the same rules as a trustee regarding Social Security Act reimbursement requirements and charitable trust instruments, the terms of a trust may grant a power of direction to a trust director.(2) A power of d…

A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under s. 736.1406(3)(a), relating to additional power granted to a trust director in furtherance o…

(1) Subject to subsection (2), with respect to a power of direction or further power under s. 736.1406(3)(a), relating to additional power granted to a trust director in furtherance of an express power of direction:(a) A trust director has the same fiduciary duty and liability in…

(1) Subject to subsection (2), a directed trustee shall take reasonable action to comply with a trust director’s exercise or nonexercise of a power of direction or further power under s. 736.1406(3)(a), relating to additional power granted to a trust director in furtherance of an…

(1) Subject to s. 736.1411, relating to limitations on the duties of trustees or trust directors to monitor, inform, or advise on matters involving the other, a trustee shall provide information to a trust director to the extent the information is reasonably related to the powers…

(1) Notwithstanding s. 736.1409(1), relating to the duty of a directed trustee to take reasonable action when directed and to the release of liability for such action, unless the terms of a trust provide otherwise:(a) A trustee does not have a duty to:1. Monitor a trust director;…

(1) The terms of a trust may provide for the appointment of more than one trustee but confer upon one or more of the trustees, to the exclusion of the others, the power to direct or prevent specified actions of the trustees.(2) The excluded trustees shall act in accordance with t…

(1) An action against a trust director for breach of trust must be commenced within the same limitation period for an action for breach of trust against a trustee in a like position and under similar circumstances under s. 736.1008, relating to limitations on proceedings against …

In an action against a trust director for breach of trust, the trust director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee.History.—s. 25, ch. 2021-183.

(1) By accepting appointment as a trust director of a trust subject to this part, the trust director submits to the personal jurisdiction of the courts of the state regarding any matter related to a power or duty of the trust director.(2) This section does not preclude other meth…

(1) Unless the terms of a trust provide otherwise, a trust director shall be considered a trustee for purposes of the following:(a) Role of the court in trust proceedings under s. 736.0201.(b) Proceedings for review of employment of agents and review of compensation of a trustee …

This part may be cited as the “Community Property Trust Act.”History.—s. 29, ch. 2021-183.

Unless the context otherwise requires, as used in this part:(1) “Community property” means the property and the appreciation of and income from the property owned by a qualified trustee of a community property trust during the marriage of the settlor spouses. The property owned b…

An arrangement is a community property trust if one or both settlor spouses transfer property to a trust that:(1) Expressly declares that the trust is a community property trust within the meaning of this part.(2) Has at least one trustee who is a qualified trustee, provided that…

(1) In the agreement establishing a community property trust, the settlor spouses may agree upon:(a) The rights and obligations in the property transferred to the trust, notwithstanding when and where the property is acquired or located.(b) The management and control of the prope…

(1) Whether both, one, or neither is domiciled in the state, settlor spouses may classify any or all of their property as community property by transferring that property to a community property trust and providing in the trust that the property is community property pursuant to …

Except as provided in s. 4, Art. X of the State Constitution:(1) An obligation solely incurred by one settlor spouse before or during the marriage may be satisfied from that settlor spouse’s one-half share of a community property trust, unless a greater amount is otherwise provid…

Upon the death of a spouse, one-half of the aggregate value of the property held in a community property trust established by the settlor spouses reflects the share of the surviving spouse and is not subject to testamentary disposition by the decedent spouse or distribution under…

(1) Upon the dissolution of the marriage of the settlor spouses, the community property trust shall terminate and the trustee shall distribute one-half of the trust assets to each spouse in accordance with subsection (3). For purposes of this act, s. 61.075 does not apply to the …

A community property trust does not adversely affect the right of a child of the settlor spouses to support, pursuant to s. 61.30 or the applicable law of another jurisdiction, that either spouse would be required to give under the applicable laws of the settlor spouses’ state of…

(1) Property that is transferred to or acquired subject to a community property trust may continue to qualify or may initially qualify as the settlor spouses’ homestead within the meaning of s. 4(a)(1), Art. X of the State Constitution and for all purposes of general law, provide…

For purposes of the application of s. 1014(b)(6) of the Internal Revenue Code of 1986, 26 U.S.C. s. 1014(b)(6), as of January 1, 2021, a community property trust is considered a trust established under the community property laws of the state. Community property, as classified by…

(1) A community property trust executed during marriage is not enforceable if the spouse against whom enforcement is sought proves that:(a) The trust was unconscionable when made;(b) The spouse against whom enforcement is sought did not execute the community property trust agreem…

This chapter may be cited as the “Florida Uniform Fiduciary Income and Principal Act.”History.—s. 1, ch. 2002-42; s. 1, ch. 2024-216.

As used in this chapter, the term:(1) “Accounting period” means a calendar year unless a fiduciary selects another period of 12 calendar months or approximately 12 calendar months. The term includes a part of a calendar year or another period of 12 calendar months or approximatel…

Except as otherwise provided in the terms of a trust or this chapter, this chapter applies to all of the following:(1) A trust or an estate.(2) A life estate or other term interest in which the interest of one or more persons will be succeeded by the interest of one or more other…

Except as otherwise provided in the terms of a trust or this chapter, this chapter applies when this state is the principal place of administration of a trust or estate or the situs of property that is not held in a trust or estate and is subject to a life estate or other term in…

(1) In making an allocation or determination or exercising discretion under this chapter, a fiduciary shall do all of the following:(a) Act in good faith, based on what is a fair and reasonable fee to all beneficiaries;(b) Administer a trust or estate impartially, except to the e…

(1) As used in this section, the term “fiduciary decision” means any of the following:(a) A fiduciary’s allocation between income and principal or other determination regarding income and principal required or authorized by the terms of the trust or this chapter.(b) The fiduciary…

(1) Except as otherwise provided in the terms of a trust or this section, a fiduciary, in a record without court approval, may adjust between income and principal if the fiduciary determines that the exercise of the power to adjust will assist the fiduciary in administering the t…

For purposes of this section and ss. 738.302-738.310:(1) “Applicable value” means the amount of the net fair market value of a trust taken into account under s. 738.307.(2) “Express unitrust” means a trust for which, under the terms of the trust without regard to this section and…

(1) Except as otherwise provided in subsection (2), ss. 738.301-738.310 apply to all of the following:(a) An income trust, unless the terms of the trust expressly prohibit the use of ss. 738.301-738.310 by a specific reference to this paragraph or corresponding provision of prior…

(1) By complying with subsections (2) and (6), and without court approval, a fiduciary may do any of the following:(a) Convert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust which provides:1. That in administering the trust, the …

(1) A notice required by s. 738.303(2)(b) must be sent in a manner authorized under s. 736.0109 to all of the following:(a) The qualified beneficiaries determined under s. 736.0103, other than the Attorney General.(b) Each person that is granted a power over the trust by the term…

(1) In administering a unitrust under ss. 738.301-738.310, a fiduciary shall follow a unitrust policy adopted under s. 738.303(1)(a) or (b) or amended or replaced under s. 738.303(1)(b).(2) A unitrust policy must provide all of the following:(a) The unitrust rate or method for de…

(1) A unitrust rate must be at least 3 percent and not more than 5 percent. Within those limits, the unitrust rate may be:(a) A fixed unitrust rate; or(b)1. A unitrust rate that is determined for each period using:a. A market index or other published data; orb. A mathematical ble…

(1) A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including all of the following:(a) The frequency of valuing the asset, which need not require a valuation in every period.(b) The da…

(1) A unitrust policy must provide the period used under ss. 738.306 and 738.307. The period must be the calendar year.(2) A unitrust policy may provide standards for:(a) Using fewer preceding periods under s. 738.306(1)(b)1. or (2)(a) or (b) if:1. The trust was not in existence …

(1) This section applies to a trust that, by its governing instrument, requires or allows income or net income to be calculated as a unitrust amount.(2) The trustee of an express unitrust may determine the unitrust amount by reference to the net fair market value of the unitrust’…