summary
Introduced
02/04/2025
02/04/2025
In Committee
03/31/2025
03/31/2025
Crossed Over
Passed
Dead
06/16/2025
06/16/2025
Introduced Session
2025 Regular Session
Bill Summary
An act relating to trusts; amending s. 736.04117, F.S.; revising the definition of the term "authorized trustee"; revising how an authorized trustee may exercise the power to invade principal as an authorized trustee administering a trust; providing that notice of such exercise by an authorized trustee is not a trust disclosure document; providing that a trust disclosure document will not commence a limitations period unless such trust disclosure document is provided after the effective date of the exercise of the power to invade principal by an authorized trustee; providing applicability; amending s. 736.08125, F.S.; providing an exception with regard to protection of successor trustees; creating s. 736.10085, F.S.; barring certain actions initiated by specified parties against prior trustees; creating s. 736.1110, F.S.; providing that property devised to or from a revocable trust which is devised, given, or distributed to a donee by a settlor during the settlor's lifetime is treated as a satisfaction of devise to that donee if certain criteria are met; providing that property distributed or given to a devisee during a settlor's lifetime is to be valued at the time the devisee came into possession or enjoyment hb385-02-c2 of the property, or at the time of the death of the settlor, whichever occurs first; providing applicability; amending s. 736.1502, F.S.; revising the definitions of the terms "community property" and "community property trust"; amending s. 736.151, F.S.; providing that homestead property transferred by one or both settlor spouses to a community property trust will not be treated as a change of ownership for the purposes of reassessing the property; providing that such transfer qualifies as a change or transfer of legal or equitable title between spouses; providing construction and retroactive application; providing an effective date.
AI Summary
This bill makes several significant changes to Florida's trust laws, focusing on expanding the powers and protections of trustees and clarifying certain trust-related provisions. The bill revises the definition of an "authorized trustee" to allow more flexibility in trust management, permitting such trustees to modify trust terms, transfer principal between trusts, and create new trusts under specific conditions. It provides new rules for distributing trust assets, especially when transferring assets to supplemental needs trusts or between trusts with similar beneficiaries. The bill also creates protections for successor trustees by limiting the ability to bring claims against prior trustees and establishes new guidelines for how property gifted during a settlor's lifetime might satisfy future devises in a revocable trust. Additionally, the bill makes technical changes to community property trust definitions and clarifies that transferring homestead property to a community property trust will not be considered a change of ownership for property tax purposes. These changes aim to provide trustees with more administrative flexibility and clarify legal uncertainties in trust management, with most provisions applying to trusts created before, on, or after the effective date of the act.
Committee Categories
Business and Industry, Justice
Sponsors (2)
Other Sponsors (2)
Civil Justice & Claims Subcommittee (House), Judiciary Committee (House)
Last Action
Laid on Table, companion bill(s) passed, see CS/CS/SB 262 (Ch. 2025-159) (on 04/29/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
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