Bill > S0786

This bill allows a trustee, under certain conditions, to finalize their responsibilities and be released from liability without needing a court order, a process known as a nonjudicial settlement and discharge. Specifically, a trustee who has substantially fulfilled their duty to keep beneficiaries informed and provide accountings can initiate this process six months after accepting their role, either when the trust ends or when the trustee resigns or is removed. To do this, the trustee must send a "trust disclosure document" to the trust's qualified beneficiaries (those who are entitled to current or future distributions) and any co-trustees or successor trustees. This document must include the trustee's contact information, a plan detailing how assets will be distributed, any debts or expenses to be paid, and any reserves to be held. If the trustee's duty to account hasn't been waived, a trust accounting for the period not previously provided must also be included. Crucially, the disclosure document must contain a prominent notice stating that any claims against the trustee related to the disclosed matters may be barred if a written objection is not received within 60 days of the beneficiary receiving the document. If no timely written objection is received, and after all distributions are completed according to the plan, the trustee is discharged from all liability and claims related to the disclosed matters, similar to a court-approved settlement. A waiver of the right to object is treated the same as if the 60-day period expired without an objection. This new process is in addition to existing ways a trustee can settle their accounts and applies to trusts that are irrevocable on or after the bill's effective date.

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Judiciary (Senate)

https://www.flsenate.gov/Session/Bill/2026/786