HB 283 Summary

• Defines "general power of appointment" in Florida's Transfers to Minors Act by referencing the definition in section 732.2025(3)

• Treats transfers from a revocable trust (where the grantor retains a right of revocation) as transfers made directly by the grantor for purposes of the Transfers to Minors Act

• Allows custodianships created by irrevocable gift or irrevocable exercise of a general power of appointment to extend until age 25, while preserving the minor's absolute right to compel distribution at age 21

• Permits transferors to restrict the minor's right to compel distribution at age 21 by providing written notice between 30 days before and 30 days after the minor's 21st birthday, with the restriction period lasting at least 30 days

• Protects financial institutions from liability when distributing custodial property to a minor at age 21 in custodianships created by irrevocable gift or exercise of general power of appointment

• Takes effect July 1, 2015