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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to trusts; amending s. 689.225, F.S.; 2
revising criteria for application of the rule against 3
perpetuities to trusts created on or after a specified 4
date; amending s. 736.0105, F.S.; providing that 5
certain irrevocable trusts may specify a trustee's 6
duty to account to certain beneficiaries; amending s. 7
736.0109, F.S.; specifying additional circumstances 8
under which notice, or the sending of a document, to a 9
person under the Florida Trust Code is deemed 10
satisfied; amending s. 736.0303, F.S.; specifying 11
circumstances under which a parent may represent and 12
bind the unborn descendants of his or her unborn or 13
minor child; amending s. 736.0409, F.S.; revising the 14
timeframe for which certain noncharitable trusts may 15
be enforced; amending s. 736.0813, F.S.; providing 16
that certain irrevocable trusts may specify a 17
trustee's duty to account to certain beneficiaries; 18
amending s. 736.08135, F.S.; providing a n alternate 19
procedure for trust accountings under certain 20
circumstances; specifying requirements and 21
applicability; amending s. 736.08145, F.S.; clarifying 22
the application of law governing grantor trust 23
reimbursement; providing an effective date. 24
25
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Be It Enacted by the Legislature of the State of Florida: 26
27
Section 1. Paragraph (f) of subsection (2) of section 28
689.225, Florida Statutes, is amended, and paragraph (g) is 29
added to that subsection to read: 30
689.225 Statutory rule against perpetuities. — 31
(2) STATEMENT OF THE RULE. — 32
(f) As to any trust created after December 31, 2000, 33
through June 30, 2022, this section shall apply to a nonvested 34
property interest or power of appointment contained in a trust 35
by substituting 360 years in place of "90 year s" in each place 36
such term appears in this section unless the terms of the trust 37
require that all beneficial interests in the trust vest or 38
terminate within a lesser period. 39
(g) As to any trust created on or after July 1, 2022, this 40
section shall apply t o a nonvested property interest or power of 41
appointment contained in a trust by substituting 1,000 years in 42
place of "90 years" in each place such term appears in this 43
section unless the terms of the trust require that all 44
beneficial interests in the trust vest or terminate within a 45
lesser period. 46
Section 2. Paragraph (s) of subsection (2) of section 47
736.0105, Florida Statutes, is amended to read: 48
736.0105 Default and mandatory rules. — 49
(2) The terms of a trust prevail over any provision of 50
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this code except: 51
(s) The duty under s. 736.0813(1)(c) and (d) to provide a 52
complete copy of the trust instrument and to account to 53
qualified beneficiaries , except as otherwise provided in s. 54
736.0813(1)(d). 55
Section 3. Subsections (4), (5), and (6) of section 56
736.0109, Florida Statutes, are renumbered as subsections (5), 57
(6), and (7), respectively, subsection (1) and present 58
subsection (4) are amended, and a new subsection (4) is added to 59
that section, to read: 60
736.0109 Methods and waiver of notice. — 61
(1) Notice to a person under this code or the sending of a 62
document to a person under this code must be accomplished in a 63
manner reasonably suitable under the circumstances and likely to 64
result in receipt of the notice or document. Permissible methods 65
of notice or for sending a document include first -class mail, 66
personal delivery, delivery to the person's last known place of 67
residence or place of business, a properly directed facsimile or 68
other electronic message including e-mail, or posting on a 69
secure electronic account or website in accordance with 70
subsection (3). 71
(4)(a) Notwithstanding subsection (3), a family trust 72
company, licensed family trust company, or foreign licensed 73
family trust company, as defined in s. 662.111, which is a 74
trustee of the trust, may use: 75
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1. Any of the permissible methods of notice or for sending 76
a document described in subsection (1); or 77
2. A properly directed e -mail message with an attached 78
notice or document or containing a hyperlink through which the 79
recipient can view the notice or document. 80
(b) For purposes of this subsection, the notice or 81
document is deemed sent only if any username, password, or other 82
specific instructions needed to access the notice or document 83
are communicated to the recipient either before or 84
contemporaneously with the e -mail message containing the notice, 85
document, or hyperlink, or upon request by the recipient. 86
(5)(4) Notice to a person under this code, or the sending 87
of a document to a person under this code electronically by 88
electronic message, is complete when the document is sent. 89
(a) An electronic message is presumed received on the date 90
that the message is sent. 91
(b) If the sender has knowledge that an electronic message 92
did not reach the recipient, the electronic message is deemed to 93
have not been received. The sender has the burden to prove that 94
another copy of the notice or document was sent by electronic 95
message or by other means authorized by this section. 96
Section 4. Subsection (5) of section 736.0303, Florida 97
Statutes, is amended to read: 98
736.0303 Representation by fiduciaries and parents. —To the 99
extent there is no conflict of interest between the 100
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representative and the person represented or among those being 101
represented with respect to a particular question or dispute: 102
(5) A parent may represent and bind the parent's unborn 103
child and the unborn descendants of such unborn child , or the 104
parent's minor child and the minor or unborn descendants of such 105
minor child, if a guardian of the property for the unborn child, 106
minor child, or such child's descendants has not been appointed. 107
Section 5. Subsection (1) of section 736.0409, Florida 108
Statutes, is amended to read: 109
736.0409 Noncharitable trust without ascertainable 110
beneficiary.—Except as otherwise provided in s. 736.0408 or by 111
another provision of law, the following rules apply: 112
(1) A trust may be created for a noncharitable purpose 113
without a definite or definitely ascertainable beneficiary or 114
for a noncharitable but otherwise valid purpose to be selected 115
by the trustee. The trust may not be enforced for more than 116
1,000 21 years. 117
Section 6. Subsection (1) of section 736.0813, Florida 118
Statutes, is amended to read: 119
736.0813 Duty to inform and account. —The trustee shall 120
keep the qualified beneficiaries of the trust reasonab ly 121
informed of the trust and its administration. 122
(1) The trustee's duty to inform and account includes, but 123
is not limited to, the following: 124
(a) Within 60 days after acceptance of the trust, the 125
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trustee shall give notice to the qualified beneficiaries of the 126
acceptance of the trust, the full name and address of the 127
trustee, and that the fiduciary lawyer -client privilege in s. 128
90.5021 applies with respect to the trustee and any attorney 129
employed by the trustee. 130
(b) Within 60 days after the date the tr ustee acquires 131
knowledge of the creation of an irrevocable trust, or the date 132
the trustee acquires knowledge that a formerly revocable trust 133
has become irrevocable, whether by the death of the settlor or 134
otherwise, the trustee shall give notice to the qual ified 135
beneficiaries of the trust's existence, the identity of the 136
settlor or settlors, the right to request a copy of the trust 137
instrument, the right to accountings under this section, and 138
that the fiduciary lawyer -client privilege in s. 90.5021 applies 139
with respect to the trustee and any attorney employed by the 140
trustee. 141
(c) Upon reasonable request, the trustee shall provide a 142
qualified beneficiary with a complete copy of the trust 143
instrument. 144
(d)1. A trustee of an irrevocable trust shall provide a 145
trust accounting, as set forth in s. 736.08135, from the date of 146
the last accounting or, if none, from the date on which the 147
trustee became accountable, to each qualified beneficiary at 148
least annually and on termination of the trust or on change of 149
the trustee. 150
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2. Notwithstanding s. 736.0105 or the duties set forth in 151
this paragraph, if a family trust company, licensed family trust 152
company, or foreign licensed family trust company, as defined in 153
s. 662.111, is a trustee of an irrevocable trust, the terms of 154
the trust may permit such a trustee to only account to the 155
qualified beneficiaries upon: 156
a. The termination of the trust; 157
b. The removal, resignation, or other event resulting in a 158
trustee ceasing to serve; or 159
c. Demand of a qualified beneficiary or the representative 160
of a qualified beneficiary. 161
3. Nothing in this paragraph shall prevent a trustee that 162
is a family trust company, licensed family trust company, or 163
foreign licensed family trust company from voluntarily 164
accounting to the qualified benef iciaries annually or at other 165
times selected by such trustee. 166
(e) Upon reasonable request, the trustee shall provide a 167
qualified beneficiary with relevant information about the assets 168
and liabilities of the trust and the particulars relating to 169
administration. 170
171
Paragraphs (a) and (b) do not apply to an irrevocable trust 172
created before the effective date of this code, or to a 173
revocable trust that becomes irrevocable before the effective 174
date of this code. Paragraph (a) does not apply to a trustee who 175
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accepts a trusteeship before the effective date of this code. 176
Section 7. Subsection (3) of section 736.08135, Florida 177
Statues, is renumbered as subsection (4) and amended, and a new 178
subsection (3) is added to that section, to read: 179
736.08135 Trust accountings.— 180
(3) Notwithstanding subsections (1) and (2), if a family 181
trust company, licensed family trust company, or foreign 182
licensed family trust company, as defined in s. 662.111, is a 183
trustee of the trust, such a trustee may elect, for any 184
accounting period, to provide the qualified beneficiaries all of 185
the following information: 186
(a) A notice stating that the trustee has made an election 187
to provide the information enumerated in this subsection. 188
(b) The information required by paragraph (2)(a) an d, if 189
applicable, the information required by paragraph (2)(f). 190
(c) A financial statement for the trust which summarizes 191
the information specified in paragraphs (2)(a) -(e). The 192
financial statement must contain sufficient information to put 193
the beneficiary on notice of the trust's comprehensive assets 194
and liabilities as well as the transactions occurring during the 195
accounting period. A financial statement that reports the 196
comprehensive assets and liabilities at the beginning and end of 197
the accounting perio d and the aggregate amounts of all cash and 198
property transactions, gains, losses, receipts, expenses, 199
disbursements, distributions, accruals, or allowances occurring 200
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within the accounting period for each category of assets and 201
liabilities, meets the requir ements of this paragraph. 202
203
For purposes of this chapter, a financial statement that a 204
trustee provides to a beneficiary of the trust under this 205
subsection is deemed to be a trust accounting. Any trustee that 206
makes the election provided by this subsection s hall, upon a 207
request of any beneficiary made within the limitations period 208
prescribed by s. 736.1008, make available the detailed 209
information necessary for the preparation of the statement 210
within 30 days of the date of the request, including copies of 211
the requested information. A request by a beneficiary for the 212
detailed information necessary for the preparation of the 213
financial statement shall toll the running of any applicable 214
limitations period until the detailed information is made 215
available to the bene ficiary. 216
(4)(3) Subsections (1) and (2) govern the form and content 217
of all trust accountings rendered for any accounting periods 218
beginning on or after January 1, 2003, and all trust accountings 219
rendered on or after July 1, 2018. The election provided in 220
subsection (3) for trusts for which a family trust company, 221
licensed family trust company, or foreign licensed family trust 222
company, as defined in s. 662.111, is a trustee is available for 223
any accounting periods beginning on or after July 1, 2022. This 224
subsection does not affect the beginning period from which a 225
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trustee is required to render a trust accounting. 226
Section 8. Subsection (2) of section 736.08145, Florida 227
Statutes, is amended to read: 228
736.08145 Grantor trust reimbursement. — 229
(2) This section applies to all trusts that are governed 230
by the laws of the state or that have a principal place of 231
administration within the state , whether created on, before, or 232
after July 1, 2020, unless: 233
(a) The trustee provides written notification that the 234
trustee intends to irrevocably elect out of the application of 235
this section, at least 60 days before the effective date of such 236
election, to the person treated as the owner of all or a portion 237
of the trust under s. 671 of the Internal Revenue Code or a ny 238
similar federal, state, or other tax law and to all persons who 239
have the ability to remove and replace the trustee. 240
(b) Applying this section would prevent a contribution to 241
the trust from qualifying for, or would reduce, a federal tax 242
benefit, including a federal tax exclusion or deduction, which 243
was originally claimed or could have been claimed for the 244
contribution, including: 245
1. An exclusion under s. 2503(b) or s. 2503(c) of the 246
Internal Revenue Code; 247
2. A marital deduction under s. 2056, s. 205 6A, or s. 2523 248
of the Internal Revenue Code; 249
3. A charitable deduction under s. 170(a), s. 642(c), s. 250
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2055(a), or s. 2522(a) of the Internal Revenue Code; or 251
4. Direct skip treatment under s. 2642(c) of the Internal 252
Revenue Code. 253
Section 9. This act shall take effect July 1, 2022. 254