FL S0630

Defines "general power of appointment" in Florida's transfer to minors statute by reference to s. 732.2025(3)

Treats irrevocable gifts from a revocable trust as direct transfers by the grantor for all purposes under the transfers to minors law

Allows custodianships created by irrevocable gift or irrevocable exercise of a general power of appointment to extend until age 25 instead of terminating at age 21

Grants minors the absolute right to compel immediate distribution of custodial property at age 21, even in custodianships extending to age 25, unless the transferor provides written notice allowing a fixed period for the minor to exercise this right

Protects financial institutions from liability when distributing custodial property to minors age 21 in custodianships created by irrevocable gift or power of appointment exercise