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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.; specifying that the 5
terms of a trust do not prevail over a trustee's duty 6
to account to qualified beneficiaries under certain 7
circumstances; specifying when certain notice or 8
document is deemed sent; amending s. 736.0109, F.S.; 9
specifying circumstances under which notice, or the 10
sending of a document, to a person under the Florida 11
Trust Code is deemed satisfied; authorizing certain 12
trust companies that are trustees to use specified 13
methods for providing notice or sending a document; 14
amending s. 736.0303, F.S.; specifying circumstances 15
under which a parent may repre sent and bind the unborn 16
descendants of his or her unborn or minor child; 17
amending s. 736.0409, F.S.; revising the timeframe for 18
which certain noncharitable trusts may be enforced; 19
amending ss. 736.04115 and 736.0412, F.S.; conforming 20
provisions to changes made by the act; amending s. 21
736.0813, F.S.; providing that the terms of a trust 22
may permit for accounting to the qualified 23
beneficiaries only under certain circumstances; 24
providing construction; amending s. 736.08135, F.S.; 25
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providing an alternate procedu re for trust accountings 26
under certain circumstances; specifying requirements 27
and applicability; amending s. 736.08145, F.S.; 28
clarifying the application of law governing grantor 29
trust reimbursement; providing an effective date. 30
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Be It Enacted by the Le gislature of the State of Florida: 32
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Section 1. Paragraph (f) of subsection (2) of section 34
689.225, Florida Statutes, is amended, and paragraph (g) is 35
added to that subsection to read: 36
689.225 Statutory rule against perpetuities. — 37
(2) STATEMENT OF THE RULE.— 38
(f) As to any trust created after December 31, 2000, 39
through June 30, 2022, this section shall apply to a nonvested 40
property interest or power of appointment contained in a trust 41
by substituting 360 years in place of "90 years" in each place 42
such term appears in this section unless the terms of the trust 43
require that all beneficial interests in the trust vest or 44
terminate within a lesser period. 45
(g) As to any trust created on or after July 1, 2022, this 46
section shall apply to a nonvested prope rty interest or power of 47
appointment contained in a trust by substituting 1,000 years in 48
place of "90 years" in each place such term appears in this 49
section unless the terms of the trust require that all 50
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beneficial interests in the trust vest or terminate within a 51
lesser period. 52
Section 2. Paragraph (s) of subsection (2) of section 53
736.0105, Florida Statutes, is amended to read: 54
736.0105 Default and mandatory rules. — 55
(2) The terms of a trust prevail over any provision of 56
this code except: 57
(s) The duty under s. 736.0813(1)(c) and (d) to provide a 58
complete copy of the trust instrument and to account to 59
qualified beneficiaries , except as otherwise provided in s. 60
736.0813(1)(d). 61
Section 3. Subsections (4), (5), and (6) of section 62
736.0109, Florida Statutes, are renumbered as subsections (5), 63
(6), and (7), respectively, subsection (1) and present 64
subsection (4) are amended, and a new subsection (4) is added to 65
that section, to read: 66
736.0109 Methods and waiver of notice. — 67
(1) Notice to a person u nder this code or the sending of a 68
document to a person under this code must be accomplished in a 69
manner reasonably suitable under the circumstances and likely to 70
result in receipt of the notice or document. Permissible methods 71
of notice or for sending a d ocument include first -class mail, 72
personal delivery, delivery to the person's last known place of 73
residence or place of business, a properly directed facsimile or 74
other electronic message including e-mail, or posting on a 75
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secure electronic account or websi te in accordance with 76
subsection (3). 77
(4) Notwithstanding subsection (3), a family trust 78
company, licensed family trust company, or foreign licensed 79
family trust company, as defined in s. 662.111, that is a 80
trustee of a trust may use any permissible method for providing 81
notice or for sending a document specified in subsection (1) or 82
may send a properly directed e -mail that contains an attached 83
notice or document or contains a hyperlink through which the 84
recipient can view the notice or document as a p ermissible 85
method of providing notice or sending a document. For purposes 86
of this subsection, such notice or document sent by e -mail is 87
deemed to have been sent if any username, password, or other 88
specific instructions needed to access the notice or docume nt 89
are communicated to the recipient beforehand or 90
contemporaneously with the sending of the e -mail message 91
containing the notice, document, or hyperlink, or upon the 92
request of the recipient. 93
(5)(4) Notice to a person under this code, or the sending 94
of a document to a person under this code electronically by 95
electronic message, is complete when the document is sent. 96
(a) An electronic message is presumed received on the date 97
that the message is sent. 98
(b) If the sender has knowledge that an electronic message 99
did not reach the recipient, the electronic message is deemed to 100
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have not been received. The sender has the burden to prove that 101
another copy of the notice or document was sent by electronic 102
message or by other means authorized by this section. 103
Section 4. Subsection (5) of section 736.0303, Florida 104
Statutes, is amended to read: 105
736.0303 Representation by fiduciaries and parents. —To the 106
extent there is no conflict of interest between the 107
representative and the person represented or among those being 108
represented with respect to a particular question or dispute: 109
(5) A parent may represent and bind the parent's unborn 110
child and the unborn descendants of such unborn child , or the 111
parent's minor child and the minor or unborn descendants of such 112
minor child, if a guardian of the property for the unborn child, 113
minor child, or such child's descendants has not been appointed. 114
Section 5. Subsection (1) of section 736.0409, Florida 115
Statutes, is amended to read: 116
736.0409 Noncharitable trust without a scertainable 117
beneficiary.—Except as otherwise provided in s. 736.0408 or by 118
another provision of law, the following rules apply: 119
(1) A trust may be created for a noncharitable purpose 120
without a definite or definitely ascertainable beneficiary or 121
for a noncharitable but otherwise valid purpose to be selected 122
by the trustee. The trust may not be enforced for more than 123
1,000 21 years. 124
Section 6. Paragraph (b) of subsection (3) of section 125
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736.04115, Florida Statutes, is amended to read: 126
736.04115 Judicial modification of irrevocable trust when 127
modification is in best interests of beneficiaries. — 128
(3) This section shall not apply to: 129
(b) Any trust created after December 31, 2000, if: 130
1. Under the terms of the trust, all beneficial interests 131
in the trust must vest or terminate within the period prescribed 132
by the rule against perpetuities in s. 689.225(2), 133
notwithstanding s. 689.225(2)(f) and (g) s. 689.225(2)(f). 134
2. The terms of the trust expressly prohibit judicial 135
modification. 136
Section 7. Paragraph (b) of subsection (4) of section 137
736.0412, Florida Statutes, is amended to read: 138
736.0412 Nonjudicial modification of irrevocable trust. — 139
(4) This section shall not apply to: 140
(b) Any trust created after December 31, 2000, if, under 141
the terms of the trust, all beneficial interests in the trust 142
must vest or terminate within the period prescribed by the rule 143
against perpetuities in s. 689.225(2), notwithstanding s. 144
689.225(2)(f) and (g) s. 689.225(2)(f), unless the terms of the 145
trust expressly autho rize nonjudicial modification. 146
Section 8. Paragraph (d) of subsection (1) of section 147
736.0813, Florida Statutes, is amended to read: 148
736.0813 Duty to inform and account. —The trustee shall 149
keep the qualified beneficiaries of the trust reasonably 150
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informed of the trust and its administration. 151
(1) The trustee's duty to inform and account includes, but 152
is not limited to, the following: 153
(d) A trustee of an irrevocable trust shall provide a 154
trust accounting, as set forth in s. 736.08135, from the date of 155
the last accounting or, if none, from the date on which the 156
trustee became accountable, to each qualified beneficiary at 157
least annually and on termination of the trust or on change of 158
the trustee. Notwithstanding s. 736.0105(2)(s) or the duties 159
under this paragraph, if a family trust company, licensed family 160
trust company, or foreign licensed family trust company, as 161
defined in s. 662.111, is a trustee of an irrevocable trust, the 162
terms of the trust may permit for accounting to the qualified 163
beneficiaries only at the termination of the trust; upon the 164
removal, resignation, or other event resulting in a trustee 165
ceasing to serve as a trustee; or upon demand of a qualified 166
beneficiary or the representative of a qualified beneficiary. 167
This paragraph may not be construed to prohibit a trustee that 168
is a family trust company, licensed family trust company, or 169
foreign licensed family trust company from voluntarily 170
accounting to the qualified beneficiaries annually or at other 171
times selected by such trustee. 172
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Paragraphs (a) and (b) do not apply to an irrevocable trust 174
created before the effective date of this code, or to a 175
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revocable trust that becomes irrevocable before the effective 176
date of this code. Paragraph (a) does not apply to a trustee who 177
accepts a trusteeshi p before the effective date of this code. 178
Section 9. Subsection (3) of section 736.08135, Florida 179
Statues, is renumbered as subsection (4) and amended, and a new 180
subsection (3) is added to that section, to read: 181
736.08135 Trust accountings. — 182
(3) Notwithstanding subsections (1) and (2), if a family 183
trust company, licensed family trust company, or foreign 184
licensed family trust company, as defined in s. 662.111, is a 185
trustee of the trust, such trustee may elect, for any accounting 186
period, to provide th e qualified beneficiaries with all of the 187
following information: 188
(a) A notice stating that the trustee has made an election 189
to provide the information described in this subsection. 190
(b) The information required by paragraph (2)(a) and, if 191
applicable, the information required by paragraph (2)(f). 192
(c) A financial statement for the trust which summarizes 193
the information provided pursuant to paragraphs (2)(b) -(e). The 194
financial statement must contain sufficient information to put 195
the beneficiary on notic e of the trust's comprehensive assets 196
and liabilities as well as of the transactions occurring during 197
the accounting period. A financial statement that reports a 198
summary of the comprehensive assets and liabilities at the 199
beginning and end of the accounting period and the aggregate 200
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amounts of all cash and property transactions, gains, losses, 201
receipts, expenses, disbursements, distributions, accruals, or 202
allowances occurring within the accounting period for each 203
category of assets and liabilities meets the r equirements of 204
this paragraph. 205
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For the purposes of this chapter, a financial statement that a 207
trustee provides to a beneficiary of a trust under this 208
subsection is deemed to be a trust accounting. Any trustee that 209
makes the election provided in this subse ction shall, upon 210
request of any beneficiary made within the limitations period 211
under s. 736.1008, make available the detailed information 212
necessary for preparation of the financial statement to the 213
beneficiary within 30 days after the date of such request , 214
including providing copies of the requested information. A 215
request by a beneficiary for the detailed information necessary 216
for the preparation of the financial statement tolls the running 217
of any applicable limitations period until the detailed 218
information is made available to the beneficiary. 219
(4)(3) Subsections (1) and (2) govern the form and content 220
of all trust accountings rendered for any accounting periods 221
beginning on or after January 1, 2003, and all trust accountings 222
rendered on or after July 1, 2018. The election provided in 223
subsection (3) for trusts for which a family trust company, 224
licensed family trust company, or foreign licensed family trust 225
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company, as defined in s. 662.111, is a trustee is available for 226
any accounting periods beginning on or after July 1, 2022. This 227
subsection does not affect the beginning period from which a 228
trustee is required to render a trust accounting. 229
Section 10. Subsection (2) of section 736.08145, Florida 230
Statutes, is amended to read: 231
736.08145 Grantor trust reimbursement.— 232
(2) This section applies to all trusts that are governed 233
by the laws of this state or that have a principal place of 234
administration within this state , whether created on, before, or 235
after July 1, 2020, unless: 236
(a) The trustee provides w ritten notification that the 237
trustee intends to irrevocably elect out of the application of 238
this section, at least 60 days before the effective date of such 239
election, to the person treated as the owner of all or a portion 240
of the trust under s. 671 of the I nternal Revenue Code or any 241
similar federal, state, or other tax law and to all persons who 242
have the ability to remove and replace the trustee. 243
(b) Applying this section would prevent a contribution to 244
the trust from qualifying for, or would reduce, a fe deral tax 245
benefit, including a federal tax exclusion or deduction, which 246
was originally claimed or could have been claimed for the 247
contribution, including: 248
1. An exclusion under s. 2503(b) or s. 2503(c) of the 249
Internal Revenue Code; 250
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2. A marital deduct ion under s. 2056, s. 2056A, or s. 2523 251
of the Internal Revenue Code; 252
3. A charitable deduction under s. 170(a), s. 642(c), s. 253
2055(a), or s. 2522(a) of the Internal Revenue Code; or 254
4. Direct skip treatment under s. 2642(c) of the Internal 255
Revenue Code. 256
Section 11. This act shall take effect July 1, 2022. 257