CS/CS/HB 583 Summary

• Deletes provision exempting estates of decedents dying after December 31, 2012 from state death tax credit and generation-skipping transfer credit reporting requirements, with retroactive effect to January 1, 2013.

• Creates new statutory section 717.1125 establishing that intangible property held by fiduciaries under trust instruments is presumed unclaimed unless owner demonstrates activity within 2 years (shorter timeframe than the 5-year standard for other fiduciary property).

• Establishes that gifts to lawyers and related persons in written instruments are void if the lawyer prepared or supervised the instrument, unless the recipient is related to the person making the gift; provides exceptions for fiduciary appointments and remedies including attorney fees.

• Clarifies will deposit and preservation procedures: custodians must provide testator's date of death or last four digits of social security number; original wills submitted with pleadings are deemed deposited; clerks must retain original wills in original form for at least 20 years.

• Amends trust jurisdiction provisions to establish in rem and personal jurisdiction over trustees and beneficiaries; creates new service of process procedures for trust matters using mail with signed receipt under certain circumstances.