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FL S1070
Bill
Status
Passed
7/6/2021
Primary Sponsor
Community Affairs
Click for details
AI Summary
- Creates the "Florida Uniform Directed Trust Act" (Part XIV, Ch. 736), establishing a framework for directed trusts where a trust director holds powers of direction over trust property, including investment, management, and distribution decisions, while defining duties and liabilities for both trust directors and directed trustees
- Creates the "Community Property Trust Act" (Part XV, Ch. 736), allowing married couples regardless of domicile to classify property as community property by transferring it to a qualifying trust, with provisions for property division upon death or dissolution of marriage and a required conspicuous warning to both spouses
- Amends provisions on the effect of dissolution of marriage on wills (s. 732.507) and revocable trusts (s. 736.1105), specifying that provisions affecting a former spouse become void upon judicial dissolution or declaration of invalidity, unless the instrument or divorce judgment expressly provides otherwise
- Clarifies homestead protections for trusts (s. 736.1109), providing that unconstitutional devises of homestead through a trust pass title under s. 732.401 at death, and that general powers of sale or directions to pay debts do not subject protected homestead to creditor claims
- Amends depository requirements (s. 69.031) to allow officers in probate proceedings to elect to post bond for the value of personal property in lieu of a court-ordered depository, requiring the court to vacate the depository order upon such election
Legislative Description
Estates and Trusts
Last Action
Chapter No. 2021-183
7/6/2021
Committee Referrals
Rules4/2/2021
Community Affairs3/24/2021
Judiciary2/10/2021
Full Bill Text
No bill text available