CS/HB 361 - Trust Administration Summary

• Limits personal representatives' entitlement to payment from revocable trusts for estate expenses to cases where estate assets are insufficient, subject to abatement priorities under s. 736.05053

• Removes requirement for "notice to all interested persons" before court review of trustee employment decisions and makes expert witness fees discretionary rather than mandatory, payable only if testimony assists the court

• Creates s. 736.04114 allowing courts to interpret irrevocable trusts with federal tax provisions (referencing estate tax exemptions, marital deductions, or similar language) during the applicable period (January 1 - December 31, 2010), with retroactive operation to January 1, 2010

• Modifies creditors' claims provisions to value powers of withdrawal using the greater of IRC amounts or twice the annual gift tax exclusion if donor was married, and deems certain spousal trust assets as contributed by the spouse after settlor's death

• Removes provisions requiring court determination of trustee attorney's fees as part of trust administration, allowing fees to be determined by agreement or market standards rather than court order