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FL S0262
Bill
Status
Passed
6/23/2025
Primary Sponsor
Community Affairs
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AI Summary
- Expands the power of authorized trustees to invade principal by allowing them to modify the terms of a first trust or appoint principal to a second trust, and clarifies that an authorized trustee is not considered the settlor of a second trust even if they created its trust instrument
- Establishes that an authorized trustee's notice of exercising the power to invade principal is not a trust disclosure document, and a trust disclosure document cannot commence a limitations period unless provided after the effective date of the exercise of that power
- Creates s. 736.10085 to bar claims by successor trustees or other persons acting on behalf of a trust against a prior trustee to the same extent those claims would be barred if brought directly by the beneficiary whose interests are represented
- Creates s. 736.1110 providing that property given or distributed from a revocable trust to a donee during the settlor's lifetime is treated as a satisfaction of a devise upon the settlor's death if the trust instrument provides for deduction, the settlor/trustee declares it in a contemporaneous writing, or the devisee acknowledges it in writing; applies to revocable trusts becoming irrevocable on or after July 1, 2025
- Provides that transferring homestead property by one or both settlor spouses to a community property trust is not treated as a change of ownership for property tax reassessment purposes, and the amendments to ss. 736.04117, 736.1502, and 736.151 apply retroactively to trusts created before, on, or after the effective date
Legislative Description
Trusts
Last Action
Chapter No. 2025-159
6/23/2025
Committee Referrals
Rules3/12/2025
Community Affairs2/21/2025
Full Bill Text
No bill text available