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What is Short title.—This chapter may be cited as the “Florida Trust Code” and for purposes of this chapter is referred to as the “code.” as specified by florida state law section 736.0101 | [
"History.—s. 1, ch. 2006-217."
] | |
What is Scope.— as specified by florida state law section 736.0102 | [
"(1) Except as otherwise provided in this section, this code applies to express trusts, charitable or noncharitable, and trusts created pursuant to a law, judgment, or decree that requires the trust to be administered in the manner of an express trust.",
"(2) This code does not apply to constructive or resulting ... | |
What is Definitions.—Unless the context otherwise requires, in this code: as specified by florida state law section 736.0103 | [
"(1) “Action,” with respect to an act of a trustee, includes a failure to act.",
"(2) “Affiliate” means any person or entity that directly or indirectly through one or more intermediaries owns or controls, is owned or controlled by, or is under common control or ownership with, the fiduciary. An affiliate may inc... | |
What is Knowledge.— as specified by florida state law section 736.0104 | [
"(1) Subject to subsection (2), a person has knowledge of a fact if the person:",
"(a) Has actual knowledge of the fact;",
"(b) Has received a notice or notification of the fact; or",
"(c) Has reason to know the fact from all the other facts and circumstances known to the person at the time in question.",
"... | |
What is Default and mandatory rules.— as specified by florida state law section 736.0105 | [
"(1) Except as otherwise provided in the terms of the trust, this code governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.",
"(2) The terms of a trust prevail over any provision of this code except:",
"(a) The requirements for creating a trust.",
... | |
What is Common law of trusts; principles of equity.—The common law of trusts and principles of equity supplement this code, except to the extent modified by this code or another law of this state. as specified by florida state law section 736.0106 | [
"History.—s. 1, ch. 2006-217."
] | |
What is Governing law.—The meaning and effect of the terms of a trust are determined by: as specified by florida state law section 736.0107 | [
"(1) The law of the jurisdiction designated in the terms of the trust, provided there is a sufficient nexus to the designated jurisdiction at the time of the creation of the trust or during the trust administration, including, but not limited to, the location of real property held by the trust or the residence or l... | |
What is Principal place of administration.— as specified by florida state law section 736.0108 | [
"(1) Terms of a trust designating the principal place of administration of the trust are valid only if there is a sufficient connection with the designated jurisdiction. Without precluding other means for establishing a sufficient connection, terms of a trust designating the principal place of administration are va... | |
What is Methods and waiver of notice.— as specified by florida state law section 736.0109 | [
"(1) Notice to a person under this code or the sending of a document to a person under this code must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. Permissible methods of notice or for sending a document include first-class mail, p... | |
What is Others treated as qualified beneficiaries.— as specified by florida state law section 736.0110 | [
"(1) A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under this code if the charitable organization, on the date the charitable organization’s qualification is being determined:",
"(a) Is a distributee or permi... | |
What is Nonjudicial settlement agreements.— as specified by florida state law section 736.0111 | [
"(1) For purposes of this section, the term “interested persons” means persons whose interest would be affected by a settlement agreement.",
"(2) Except as otherwise provided in subsection (3), interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trus... | |
What is Qualification of foreign trustee.—Unless otherwise doing business in this state, local qualification by a foreign trustee is not required for the trustee to receive distribution from a local estate. Nothing in this chapter shall affect the provisions of s. 660.41. as specified by florida state law section 736.0... | [
"History.—s. 1, ch. 2006-217.",
"PART II",
"JUDICIAL PROCEEDINGS"
] | |
What is Role of court in trust proceedings.— as specified by florida state law section 736.0201 | [
"(1) Except as provided in subsections (5), (6), and (7) and s. 736.0206, judicial proceedings concerning trusts shall be commenced by filing a complaint and shall be governed by the Florida Rules of Civil Procedure.",
"(2) The court may intervene in the administration of a trust to the extent the court’s jurisdi... | |
What is Jurisdiction over trustee and beneficiary.— as specified by florida state law section 736.0202 | [
"(1) IN REM JURISDICTION.—Any beneficiary of a trust having its principal place of administration in this state is subject to the jurisdiction of the courts of this state to the extent of the beneficiary’s interest in the trust.",
"(2) PERSONAL JURISDICTION.—",
"(a) Any trustee, trust beneficiary, or other pers... | |
What is Service of process.— as specified by florida state law section 736.02025 | [
"(1) Except as otherwise provided in this section, service of process upon any person may be made as provided in chapter 48.",
"(2) Where only in rem or quasi in rem relief is sought against a person in a matter involving a trust, service of process on that person may be made by sending a copy of the summons and ... | |
What is Subject matter jurisdiction.—The circuit court has original jurisdiction in this state of all proceedings arising under this code. as specified by florida state law section 736.0203 | [
"History.—s. 2, ch. 2006-217."
] | |
What is Venue.—Venue for actions and proceedings concerning trusts, including those under s. 736.0201, may be laid in: as specified by florida state law section 736.0204 | [
"(1) Any county where the venue is proper under chapter 47;",
"(2) Any county where the beneficiary suing or being sued resides or has its principal place of business; or",
"(3) The county where the trust has its principal place of administration.",
"History.—s. 2, ch. 2006-217."
] | |
What is Proceedings for review of employment of agents and review of compensation of trustee and employees of trust.— as specified by florida state law section 736.0206 | [
"(1) The court may review the propriety of the employment by a trustee of any person, including any attorney, auditor, investment adviser, or other specialized agent or assistant, and the reasonableness of any compensation paid to that person or to the trustee.",
"(2) If the settlor’s estate is being probated, an... | |
What is Trust contests.— as specified by florida state law section 736.0207 | [
"(1) In an action to contest the validity or revocation of all or part of a trust, the contestant has the burden of establishing the grounds for invalidity.",
"(2) An action to contest the validity of all or part of a revocable trust, or the revocation of part of a revocable trust, may not be commenced until the ... | |
What is Representation; basic effect.— as specified by florida state law section 736.0301 | [
"(1) Notice, information, accountings, or reports given to a person who may represent and bind another person under this part may serve as a substitute for and have the same effect as notice, information, accountings, or reports given directly to the other person.",
"(2) Actions taken by a person who represents t... | |
What is Representation by holder of power of appointment.— as specified by florida state law section 736.0302 | [
"(1) The holder of a power of appointment may represent and bind persons whose interests, as permissible appointees, takers in default, or otherwise, are subject to the power.",
"(2) The takers in default of the exercise of a power of appointment may represent and bind persons whose interests, as permissible appo... | |
What is Representation by fiduciaries and parents.—To the extent there is no conflict of interest between the representative and the person represented or among those being represented with respect to a particular question or dispute: as specified by florida state law section 736.0303 | [
"(1) A guardian of the property may represent and bind the estate that the guardian of the property controls.",
"(2) An agent having authority to act with respect to the particular question or dispute may represent and bind the principal.",
"(3) A trustee may represent and bind the beneficiaries of the trust.",... | |
What is Representation by person having substantially identical interest.—Unless otherwise represented, a minor, incapacitated, or unborn individual, or a person whose identity or location is unknown and not reasonably ascertainable, may be represented by and bound by another person having a substantially identical int... | [
"History.—s. 3, ch. 2006-217."
] | |
What is Appointment of representative.— as specified by florida state law section 736.0305 | [
"(1) If the court determines that an interest is not represented under this part, or that the otherwise available representation might be inadequate, the court may appoint a representative to receive notice, give consent, and otherwise represent, bind, and act on behalf of a minor, incapacitated, or unborn individu... | |
What is Designated representative.— as specified by florida state law section 736.0306 | [
"(1) If specifically nominated in the trust instrument, one or more persons may be designated to represent and bind a beneficiary and receive any notice, information, accounting, or report. The trust instrument may also authorize any person or persons, other than a trustee of the trust, to designate one or more per... | |
What is Methods of creating trust.—A trust may be created by: as specified by florida state law section 736.0401 | [
"(1) Transfer of property to another person as trustee during the settlor’s lifetime or by will or other disposition taking effect on the settlor’s death;",
"(2) Declaration by the owner of property that the owner holds identifiable property as trustee; or",
"(3) Exercise of a power of appointment in favor of a... | |
What is Requirements for creation.— as specified by florida state law section 736.0402 | [
"(1) A trust is created only if:",
"(a) The settlor has capacity to create a trust.",
"(b) The settlor indicates an intent to create the trust.",
"(c) The trust has a definite beneficiary or is:",
"1. A charitable trust;",
"2. A trust for the care of an animal, as provided in s. 736.0408; or",
"3. A tru... | |
What is Trusts created in other jurisdictions; formalities required for revocable trusts.— as specified by florida state law section 736.0403 | [
"(1) A trust not created by will is validly created if the creation of the trust complies with the law of the jurisdiction in which the trust instrument was executed or the law of the jurisdiction in which, at the time of creation, the settlor was domiciled.",
"(2) Notwithstanding subsection (1):",
"(a) No trus... | |
What is Trust purposes.—A trust may be created only to the extent the purposes of the trust are lawful, not contrary to public policy, and possible to achieve. as specified by florida state law section 736.0404 | [
"History.—s. 4, ch. 2006-217; s. 4, ch. 2018-35."
] | |
What is Charitable purposes; enforcement.— as specified by florida state law section 736.0405 | [
"(1) A trust may be created for charitable purposes. Charitable purposes include, but are not limited to, the relief of poverty; the advancement of arts, sciences, education, or religion; and the promotion of health, governmental, or municipal purposes.",
"(2) If the terms of a charitable trust do not indicate a ... | |
What is Effect of fraud, duress, mistake, or undue influence.— If the creation, amendment, or restatement of a trust is procured by fraud, duress, mistake, or undue influence, the trust or any part so procured is void. The remainder of the trust not procured by such means is valid if the remainder is not invalid for ot... | [
"History.—s. 4, ch. 2006-217; s. 10, ch. 2011-183."
] | |
What is Evidence of oral trust.—Except as required by s. 736.0403 or a law other than this code, a trust need not be evidenced by a trust instrument but the creation of an oral trust and its terms may be established only by clear and convincing evidence. as specified by florida state law section 736.0407 | [
"History.—s. 4, ch. 2006-217."
] | |
What is Trust for care of an animal.— as specified by florida state law section 736.0408 | [
"(1) A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates on the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor’s lifetime, on the death of the last surviving animal.",
"(2) ... | |
What is Noncharitable trust without ascertainable beneficiary.—Except as otherwise provided in s. 736.0408 or by another provision of law, the following rules apply: as specified by florida state law section 736.0409 | [
"(1) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The trust may not be enforced for more than 1,000 years.",
"(2) A trust authorized by this section may be enforced by... | |
What is Modification or termination of trust; proceedings for disapproval of nonjudicial acts.— as specified by florida state law section 736.0410 | [
"(1) In addition to the methods of termination prescribed by ss. 736.04113-736.0414, a trust terminates to the extent the trust expires or is revoked or is properly distributed pursuant to the terms of the trust.",
"(2) A proceeding to disapprove a proposed modification or termination under s. 736.0412 or a trust... | |
What is Judicial modification of irrevocable trust when modification is not inconsistent with settlor’s purpose.— as specified by florida state law section 736.04113 | [
"(1) Upon the application of a trustee of the trust or any qualified beneficiary, a court at any time may modify the terms of a trust that is not then revocable in the manner provided in subsection (2), if:",
"(a) The purposes of the trust have been fulfilled or have become illegal, impossible, wasteful, or impra... | |
What is Limited judicial construction of irrevocable trust with federal tax provisions.— as specified by florida state law section 736.04114 | [
"(1) Upon the application of a trustee or any qualified beneficiary of a trust, a court at any time may construe the terms of a trust that is not then revocable to define the respective shares or determine beneficiaries, in accordance with the intention of the settlor, if a disposition occurs during the applicable ... | |
What is Judicial modification of irrevocable trust when modification is in best interests of beneficiaries.— as specified by florida state law section 736.04115 | [
"(1) Without regard to the reasons for modification provided in s. 736.04113, if compliance with the terms of a trust is not in the best interests of the beneficiaries, upon the application of a trustee or any qualified beneficiary, a court may at any time modify a trust that is not then revocable as provided in s.... | |
What is Trustee’s power to invade principal in trust.— as specified by florida state law section 736.04117 | [
"(1) DEFINITIONS.—As used in this section, the term:",
"(a) “Absolute power” means a power to invade principal that is not limited to specific or ascertainable purposes, such as health, education, maintenance, and support, regardless of whether the term “absolute” is used. A power to invade principal for purposes... | |
What is Nonjudicial modification of irrevocable trust.— as specified by florida state law section 736.0412 | [
"(1) After the settlor’s death, a trust may be modified at any time as provided in s. 736.04113(2) upon the unanimous agreement of the trustee and all qualified beneficiaries.",
"(2) Modification of a trust as authorized in this section is not prohibited by a spendthrift clause or by a provision in the trust inst... | |
What is Cy pres.— as specified by florida state law section 736.0413 | [
"(1) If a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful, the court may apply the doctrine of cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor’s cha... | |
What is Modification or termination of uneconomic trust.— as specified by florida state law section 736.0414 | [
"(1) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $50,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.",
"(2) Upon application of a tru... | |
What is Reformation to correct mistakes.—Upon application of a settlor or any interested person, the court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor’s intent if it is proved by clear and convincing evidence that both the accomplishment of the settlor’s intent and the term... | [
"History.—s. 4, ch. 2006-217."
] | |
What is Modification to achieve settlor’s tax objectives.—Upon application of any interested person, to achieve the settlor’s tax objectives the court may modify the terms of a trust in a manner that is not contrary to the settlor’s probable intent. The court may provide that the modification has retroactive effect. as... | [
"History.—s. 4, ch. 2006-217."
] | |
What is Combination and division of trusts.— as specified by florida state law section 736.0417 | [
"(1) After notice to the qualified beneficiaries, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trusts or trust, respectively.",
"(2) Su... | |
What is Rights of beneficiary’s creditor or assignee.—Except as provided in s. 736.0504, to the extent a beneficiary’s interest is not subject to a spendthrift provision, the court may authorize a creditor or assignee of the beneficiary to reach the beneficiary’s interest by attachment of present or future distribution... | [
"History.—s. 5, ch. 2006-217; s. 11, ch. 2007-153."
] | |
What is Spendthrift provision.— as specified by florida state law section 736.0502 | [
"(1) A spendthrift provision is valid only if the provision restrains both voluntary and involuntary transfer of a beneficiary’s interest. This subsection does not apply to any trust the terms of which are included in an instrument executed before the effective date of this code.",
"(2) A term of a trust providin... | |
What is Exceptions to spendthrift provision.— as specified by florida state law section 736.0503 | [
"(1) As used in this section, the term “child” includes any person for whom an order or judgment for child support has been entered in this or any other state.",
"(2) To the extent provided in subsection (3), a spendthrift provision is unenforceable against:",
"(a) A beneficiary’s child, spouse, or former spous... | |
What is Discretionary trusts; effect of standard.— as specified by florida state law section 736.0504 | [
"(1) As used in this section, the term “discretionary distribution” means a distribution that is subject to the trustee’s discretion whether or not the discretion is expressed in the form of a standard of distribution and whether or not the trustee has abused the discretion.",
"(2) Whether or not a trust contains... | |
What is Creditors’ claims against settlor.— as specified by florida state law section 736.0505 | [
"(1) Whether or not the terms of a trust contain a spendthrift provision, the following rules apply:",
"(a) The property of a revocable trust is subject to the claims of the settlor’s creditors during the settlor’s lifetime to the extent the property would not otherwise be exempt by law if owned directly by the s... | |
What is Trustee’s duty to pay expenses and obligations of settlor’s estate.— as specified by florida state law section 736.05053 | [
"(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 settlor’s estate. Payments made by a trus... | |
What is Notice of trust.— as specified by florida state law section 736.05055 | [
"(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 settlor, the settlor’s date of d... | |
What is Overdue distribution.— as specified by florida state law section 736.0506 | [
"(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 subject to the exercise of the tru... | |
What is Personal obligations of trustee.—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. as specified by florida state law section 736.0507 | [
"History.—s. 5, ch. 2006-217.",
"PART VI",
"REVOCABLE TRUSTS"
] | |
What is Capacity of settlor of revocable trust.—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. as specified by florida state law section 736.0601 | [
"History.—s. 6, ch. 2006-217."
] | |
What is Revocation or amendment of revocable trust.— as specified by florida state law section 736.0602 | [
"(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 funded by more than one sett... | |
What is Settlor’s powers; powers of withdrawal.— as specified by florida state law section 736.0603 | [
"(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 subject to the power.",
"(3) ... | |
What is Limitation on action contesting validity of revocable trust.—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: as specified by florida state law section 736.0604 | [
"(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 informing the person of the trust’s existence, of the trustee’s name and address, and of the time allowed for commencing a proceeding.",
"History.—s. 6, ch. 2006-217.",
"... | |
What is Accepting or declining trusteeship.— as specified by florida state law section 736.0701 | [
"(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 in the terms is not ex... | |
What is Trustee’s bond.— as specified by florida state law section 736.0702 | [
"(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 specify the amount of a bond,... | |
What is Cotrustees.— as specified by florida state law section 736.0703 | [
"(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 powers among cotrustees... | |
What is Vacancy in trusteeship; appointment of successor.— as specified by florida state law section 736.0704 | [
"(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 ad... | |
What is Resignation of trustee.— as specified by florida state law section 736.0705 | [
"(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 successor trustee. Notwithstanding any prov... | |
What is Removal of trustee.— as specified by florida state law section 736.0706 | [
"(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 cooperation among cotruste... | |
What is Delivery of property by former trustee.— as specified by florida state law section 736.0707 | [
"(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 protect the trust property.",
"(2) A... | |
What is Compensation of trustee.— as specified by florida state law section 736.0708 | [
"(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 ... | |
What is Reimbursement of expenses.— as specified by florida state law section 736.0709 | [
"(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 against trust property to secu... | |
What is Duty to administer trust.—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. as specified by florida state law section 736.0801 | [
"History.—s. 8, ch. 2006-217."
] | |
What is Duty of loyalty.— as specified by florida state law section 736.0802 | [
"(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 involving the investment or manage... | |
What is Impartiality.—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. as specified by florida state law section 736.0803 | [
"History.—s. 8, ch. 2006-217."
] | |
What is Prudent administration.—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. as specified by florida state ... | [
"History.—s. 8, ch. 2006-217."
] | |
What is Expenses of administration.—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. as specified by florida state law section 736.0805 | [
"History.—s. 8, ch. 2006-217."
] | |
What is Trustee’s skills.—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. as specified by florida state law section 736.0806 | [
"History.—s. 8, ch. 2006-217."
] | |
What is Delegation by trustee.— as specified by florida state law section 736.0807 | [
"(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 agent.",
"(b) Establishing the ... | |
What is Control and protection of trust property.—A trustee shall take reasonable steps to take control of and protect the trust property. as specified by florida state law section 736.0809 | [
"History.—s. 8, ch. 2006-217."
] | |
What is Recordkeeping and identification of trust property.— as specified by florida state law section 736.0810 | [
"(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 designated so that the in... | |
What is Duty to ascertain marketable title of trust real property.—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. as specified by f... | [
"History.—s. 8, ch. 2006-217."
] | |
What is Enforcement and defense of claims.—A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. as specified by florida state law section 736.0811 | [
"History.—s. 8, ch. 2006-217."
] | |
What is Collecting trust property.—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. as specified by florida stat... | [
"History.—s. 8, ch. 2006-217."
] | |
What is Protection of successor trustees.— as specified by florida state law section 736.08125 | [
"(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 as trustee under any of the followi... | |
What is Duty to inform and account.—The trustee shall keep the qualified beneficiaries of the trust reasonably informed of the trust and its administration. as specified by florida state law section 736.0813 | [
"(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 give notice to the qualified beneficiaries of the acceptance of the trust, the full name and address of the trustee, and that the fiduciary lawyer-cl... | |
What is Trust accountings.— as specified by florida state law section 736.08135 | [
"(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 statement identifying the tru... | |
What is Discretionary powers; tax savings.— as specified by florida state law section 736.0814 | [
"(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 the trust and the interests of the ... | |
What is Grantor trust reimbursement.— as specified by florida state law section 736.08145 | [
"(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, reimburse the person being treated a... | |
What is Duty to distribute trust income.—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 frequ... | [
"History.—s. 8, ch. 2006-217."
] | |
What is General powers of trustee.— as specified by florida state law section 736.0815 | [
"(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 has over individual... | |
What is Specific powers of trustee.—Except as limited or restricted by this code, a trustee may: as specified by florida state law section 736.0816 | [
"(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 form without disclosure of the trust so that title to the property may pass by delivery but the tr... | |
What is Powers of trustees relating to environmental or human health laws or to trust property contaminated with hazardous or toxic substances; liability.— as specified by florida state law section 736.08163 | [
"(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) Inspect or investigate, ... | |
What is Administration pending outcome of contest or other proceeding.— as specified by florida state law section 736.08165 | [
"(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 and no distribution may be made to a... | |
What is Distribution on termination.—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 debts... | [
"History.—s. 8, ch. 2006-217.",
"PART IX",
"TRUST INVESTMENTS"
] | |
What is Applicability of chapter 518.—A trustee shall invest trust property in accordance with chapter 518. as specified by florida state law section 736.0901 | [
"History.—s. 9, ch. 2006-217."
] | |
What is Nonapplication of prudent investor rule.— as specified by florida state law section 736.0902 | [
"(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 compliance with s. 627.404;",... | |
What is Remedies for breach of trust.— as specified by florida state law section 736.1001 | [
"(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 trust;",
"(c) Com... | |
What is Damages for breach of trust.— as specified by florida state law section 736.1002 | [
"(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 that would have resulted from p... | |
What is Damages in absence of breach.—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. as specified by florida state law section 736.1003 | [
"History.—s. 10, ch. 2006-217."
] | |
What is Attorney’s fees and costs.— as specified by florida state law section 736.1004 | [
"(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 guardian ad litem fees.",
"(... | |
What is Attorney fees for services to the trust.— as specified by florida state law section 736.1005 | [
"(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 s. 736.0813, the court shall enter ... |
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