FL Stat § 736.0708 (2021)
2021 Florida Statutes|Title XLII - Estates and Trusts|Chapter 736 - Florida Trust Code|Part VII - Office of Trustee (Ss. 736.0701-736.0709)|736.0708 - Compensation of trustee.

736.0708 Compensation of trustee.—(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 court may allow more or less compensation if:(a) The duties of the trustee are substantially different from those contemplated when the trust was created; or(b) The compensation specified by the terms of the trust would be unreasonably low or high.(3) If the trustee has rendered other services in connection with the administration of the trust, the trustee shall also be allowed reasonable compensation for the other services rendered in addition to reasonable compensation as trustee.(4)(a) An attorney serving as a trustee, or a person related to such attorney, is not entitled to compensation for serving as a trustee if the attorney prepared or supervised the execution of the trust instrument that appointed the attorney or person related to the attorney as trustee, unless the attorney or person appointed is related to the settlor or the attorney makes the following disclosures to the settlor before the trust instrument is executed:1. Unless specifically disqualified by the terms of the trust instrument, any person, regardless of state of residence and including a family member, friend, or corporate fiduciary, is eligible to serve as a trustee;2. Any person, including an attorney, who serves as a trustee is entitled to receive reasonable compensation for serving as trustee; and3. Compensation payable to the trustee is in addition to any attorney fees payable to the attorney or the attorney’s firm for legal services rendered to the trustee.(b)1. The settlor must execute a written statement acknowledging that the disclosures required under paragraph (a) were made prior to the execution of the trust instrument. The written statement must be in a separate writing from the trust instrument but may be annexed to the trust instrument. The written statement may be executed before or after the execution of the trust in which the attorney or related person is appointed as the trustee.2. The written statement must be in substantially the following form:I,   (Name)  , declare that:I have designated my attorney, an attorney employed in the same law firm as my attorney, or a person related to my attorney as a trustee in my trust instrument dated   (insert date)  .Before executing the trust, I was informed that:1. Unless specifically disqualified by the terms of the trust instrument, any person, regardless of state of residence and including family members, friends, and corporate fiduciaries, is eligible to serve as a trustee.2. Any person, including an attorney, who serves as a trustee is entitled to receive reasonable compensation for serving as trustee.3. Compensation payable to the trustee is in addition to any attorney fees payable to the attorney or the attorney’s firm for legal services rendered to the trustee.  (Signature)    (Settlor)    (Insert Date)  (c) For purposes of this subsection:1. An attorney is deemed to have prepared, or supervised the execution of, a trust instrument if the preparation, or supervision of the execution, of the trust instrument was performed by an employee or attorney employed by the same firm as the attorney at the time the trust instrument was executed.2. A person is “related” to an individual if, at the time the attorney prepared or supervised the execution of the trust instrument, the person is:a. A spouse of the individual;b. A lineal ascendant or descendant of the individual;c. A sibling of the individual;d. A relative of the individual or of the individual’s spouse with whom the attorney maintains a close, familial relationship;e. A spouse of a person described in sub-subparagraphs b.-d.;f. A person who cohabitates with the individual; org. An employee or attorney employed by the same firm as the attorney at the time the trust instrument is executed.3. An attorney or a person related to the attorney is deemed appointed in the trust instrument when the trust instrument appoints the attorney or the person related to the attorney as trustee, cotrustee, successor, or alternate trustee in the event another person nominated is unable to or unwilling to serve, or provides the attorney or any person related to the attorney with the power to appoint the trustee and the attorney or person related to the attorney was appointed using that power.(d) Other than compensation payable to the trustee, this subsection does not limit any rights or remedies that any interested person may have at law or equity.(e) The failure to obtain an acknowledgment from the settlor under this subsection does not disqualify a trustee from serving and does not affect the validity of a trust instrument.(f) This subsection applies to all appointments made pursuant to a trust agreement:1. Executed by a resident of this state on or after October 1, 2020; or2. Amended by a resident of this state on or after October 1, 2020, if the trust agreement nominates the attorney who prepared or supervised the execution of the amendment or a person related to such attorney as trustee.History.—s. 7, ch. 2006-217; s. 9, ch. 2020-67.