FL
Florida House Bill H1001

Florida 2022 Regular Session

Florida House Bill H1001 Compare Versions

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1010 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
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1414 A bill to be entitled 1
1515 An act relating to trusts; amending s. 689.225, F.S.; 2
1616 revising criteria for application of the rule against 3
1717 perpetuities to trusts created on or after a specified 4
18-date; amending s. 736.0105, F.S.; specifying that the 5
19-terms of a trust do not prevail over a trustee's duty 6
20-to account to qualified beneficiaries under certain 7
21-circumstances; specifying when certain notice or 8
22-document is deemed sent; amending s. 736.0109, F.S.; 9
23-specifying circumstances under which notice, or the 10
24-sending of a document, to a person under the Florida 11
25-Trust Code is deemed satisfied; authorizing certain 12
26-trust companies that are trustees to use specified 13
27-methods for providing notice or sending a document; 14
28-amending s. 736.0303, F.S.; specifying circumstances 15
29-under which a parent may repre sent and bind the unborn 16
30-descendants of his or her unborn or minor child; 17
31-amending s. 736.0409, F.S.; revising the timeframe for 18
32-which certain noncharitable trusts may be enforced; 19
33-amending ss. 736.04115 and 736.0412, F.S.; conforming 20
34-provisions to changes made by the act; amending s. 21
35-736.0813, F.S.; providing that the terms of a trust 22
36-may permit for accounting to the qualified 23
37-beneficiaries only under certain circumstances; 24
38-providing construction; amending s. 736.08135, F.S.; 25
18+date; amending s. 736.0105, F.S.; providing that 5
19+certain irrevocable trusts may specify a trustee's 6
20+duty to account to certain beneficiaries; amending s. 7
21+736.0109, F.S.; specifying additional circumstances 8
22+under which notice, or the sending of a document, to a 9
23+person under the Florida Trust Code is deemed 10
24+satisfied; amending s. 736.0303, F.S.; specifying 11
25+circumstances under which a parent may represent and 12
26+bind the unborn descendants of his or her unborn or 13
27+minor child; amending s. 736.0409, F.S.; revising the 14
28+timeframe for which certain noncharitable trusts may 15
29+be enforced; amending s. 736.0813, F.S.; providing 16
30+that certain irrevocable trusts may specify a 17
31+trustee's duty to account to certain beneficiaries; 18
32+amending s. 736.08135, F.S.; providing a n alternate 19
33+procedure for trust accountings under certain 20
34+circumstances; specifying requirements and 21
35+applicability; amending s. 736.08145, F.S.; clarifying 22
36+the application of law governing grantor trust 23
37+reimbursement; providing an effective date. 24
38+ 25
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4747 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
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51-providing an alternate procedu re for trust accountings 26
52-under certain circumstances; specifying requirements 27
53-and applicability; amending s. 736.08145, F.S.; 28
54-clarifying the application of law governing grantor 29
55-trust reimbursement; providing an effective date. 30
56- 31
57-Be It Enacted by the Le gislature of the State of Florida: 32
58- 33
59- Section 1. Paragraph (f) of subsection (2) of section 34
60-689.225, Florida Statutes, is amended, and paragraph (g) is 35
61-added to that subsection to read: 36
62- 689.225 Statutory rule against perpetuities. — 37
63- (2) STATEMENT OF THE RULE.— 38
64- (f) As to any trust created after December 31, 2000, 39
65-through June 30, 2022, this section shall apply to a nonvested 40
66-property interest or power of appointment contained in a trust 41
67-by substituting 360 years in place of "90 years" in each place 42
68-such term appears in this section unless the terms of the trust 43
69-require that all beneficial interests in the trust vest or 44
70-terminate within a lesser period. 45
71- (g) As to any trust created on or after July 1, 2022, this 46
72-section shall apply to a nonvested prope rty interest or power of 47
73-appointment contained in a trust by substituting 1,000 years in 48
74-place of "90 years" in each place such term appears in this 49
75-section unless the terms of the trust require that all 50
51+Be It Enacted by the Legislature of the State of Florida: 26
52+ 27
53+ Section 1. Paragraph (f) of subsection (2) of section 28
54+689.225, Florida Statutes, is amended, and paragraph (g) is 29
55+added to that subsection to read: 30
56+ 689.225 Statutory rule against perpetuities. — 31
57+ (2) STATEMENT OF THE RULE. — 32
58+ (f) As to any trust created after December 31, 2000, 33
59+through June 30, 2022, this section shall apply to a nonvested 34
60+property interest or power of appointment contained in a trust 35
61+by substituting 360 years in place of "90 year s" in each place 36
62+such term appears in this section unless the terms of the trust 37
63+require that all beneficial interests in the trust vest or 38
64+terminate within a lesser period. 39
65+ (g) As to any trust created on or after July 1, 2022, this 40
66+section shall apply t o a nonvested property interest or power of 41
67+appointment contained in a trust by substituting 1,000 years in 42
68+place of "90 years" in each place such term appears in this 43
69+section unless the terms of the trust require that all 44
70+beneficial interests in the trust vest or terminate within a 45
71+lesser period. 46
72+ Section 2. Paragraph (s) of subsection (2) of section 47
73+736.0105, Florida Statutes, is amended to read: 48
74+ 736.0105 Default and mandatory rules. — 49
75+ (2) The terms of a trust prevail over any provision of 50
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8484 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
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88-beneficial interests in the trust vest or terminate within a 51
89-lesser period. 52
90- Section 2. Paragraph (s) of subsection (2) of section 53
91-736.0105, Florida Statutes, is amended to read: 54
92- 736.0105 Default and mandatory rules. — 55
93- (2) The terms of a trust prevail over any provision of 56
94-this code except: 57
95- (s) The duty under s. 736.0813(1)(c) and (d) to provide a 58
96-complete copy of the trust instrument and to account to 59
97-qualified beneficiaries , except as otherwise provided in s. 60
98-736.0813(1)(d). 61
99- Section 3. Subsections (4), (5), and (6) of section 62
100-736.0109, Florida Statutes, are renumbered as subsections (5), 63
101-(6), and (7), respectively, subsection (1) and present 64
102-subsection (4) are amended, and a new subsection (4) is added to 65
103-that section, to read: 66
104- 736.0109 Methods and waiver of notice. — 67
105- (1) Notice to a person u nder this code or the sending of a 68
106-document to a person under this code must be accomplished in a 69
107-manner reasonably suitable under the circumstances and likely to 70
108-result in receipt of the notice or document. Permissible methods 71
109-of notice or for sending a d ocument include first -class mail, 72
110-personal delivery, delivery to the person's last known place of 73
111-residence or place of business, a properly directed facsimile or 74
112-other electronic message including e-mail, or posting on a 75
88+this code except: 51
89+ (s) The duty under s. 736.0813(1)(c) and (d) to provide a 52
90+complete copy of the trust instrument and to account to 53
91+qualified beneficiaries , except as otherwise provided in s. 54
92+736.0813(1)(d). 55
93+ Section 3. Subsections (4), (5), and (6) of section 56
94+736.0109, Florida Statutes, are renumbered as subsections (5), 57
95+(6), and (7), respectively, subsection (1) and present 58
96+subsection (4) are amended, and a new subsection (4) is added to 59
97+that section, to read: 60
98+ 736.0109 Methods and waiver of notice. — 61
99+ (1) Notice to a person under this code or the sending of a 62
100+document to a person under this code must be accomplished in a 63
101+manner reasonably suitable under the circumstances and likely to 64
102+result in receipt of the notice or document. Permissible methods 65
103+of notice or for sending a document include first -class mail, 66
104+personal delivery, delivery to the person's last known place of 67
105+residence or place of business, a properly directed facsimile or 68
106+other electronic message including e-mail, or posting on a 69
107+secure electronic account or website in accordance with 70
108+subsection (3). 71
109+ (4)(a) Notwithstanding subsection (3), a family trust 72
110+company, licensed family trust company, or foreign licensed 73
111+family trust company, as defined in s. 662.111, which is a 74
112+trustee of the trust, may use: 75
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121121 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
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125-secure electronic account or websi te in accordance with 76
126-subsection (3). 77
127- (4) Notwithstanding subsection (3), a family trust 78
128-company, licensed family trust company, or foreign licensed 79
129-family trust company, as defined in s. 662.111, that is a 80
130-trustee of a trust may use any permissible method for providing 81
131-notice or for sending a document specified in subsection (1) or 82
132-may send a properly directed e -mail that contains an attached 83
133-notice or document or contains a hyperlink through which the 84
134-recipient can view the notice or document as a p ermissible 85
135-method of providing notice or sending a document. For purposes 86
136-of this subsection, such notice or document sent by e -mail is 87
137-deemed to have been sent if any username, password, or other 88
138-specific instructions needed to access the notice or docume nt 89
139-are communicated to the recipient beforehand or 90
140-contemporaneously with the sending of the e -mail message 91
141-containing the notice, document, or hyperlink, or upon the 92
142-request of the recipient. 93
143- (5)(4) Notice to a person under this code, or the sending 94
144-of a document to a person under this code electronically by 95
145-electronic message, is complete when the document is sent. 96
146- (a) An electronic message is presumed received on the date 97
147-that the message is sent. 98
148- (b) If the sender has knowledge that an electronic message 99
149-did not reach the recipient, the electronic message is deemed to 100
125+ 1. Any of the permissible methods of notice or for sending 76
126+a document described in subsection (1); or 77
127+ 2. A properly directed e -mail message with an attached 78
128+notice or document or containing a hyperlink through which the 79
129+recipient can view the notice or document. 80
130+ (b) For purposes of this subsection, the notice or 81
131+document is deemed sent only if any username, password, or other 82
132+specific instructions needed to access the notice or document 83
133+are communicated to the recipient either before or 84
134+contemporaneously with the e -mail message containing the notice, 85
135+document, or hyperlink, or upon request by the recipient. 86
136+ (5)(4) Notice to a person under this code, or the sending 87
137+of a document to a person under this code electronically by 88
138+electronic message, is complete when the document is sent. 89
139+ (a) An electronic message is presumed received on the date 90
140+that the message is sent. 91
141+ (b) If the sender has knowledge that an electronic message 92
142+did not reach the recipient, the electronic message is deemed to 93
143+have not been received. The sender has the burden to prove that 94
144+another copy of the notice or document was sent by electronic 95
145+message or by other means authorized by this section. 96
146+ Section 4. Subsection (5) of section 736.0303, Florida 97
147+Statutes, is amended to read: 98
148+ 736.0303 Representation by fiduciaries and parents. —To the 99
149+extent there is no conflict of interest between the 100
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158158 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
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162-have not been received. The sender has the burden to prove that 101
163-another copy of the notice or document was sent by electronic 102
164-message or by other means authorized by this section. 103
165- Section 4. Subsection (5) of section 736.0303, Florida 104
166-Statutes, is amended to read: 105
167- 736.0303 Representation by fiduciaries and parents. —To the 106
168-extent there is no conflict of interest between the 107
169-representative and the person represented or among those being 108
170-represented with respect to a particular question or dispute: 109
171- (5) A parent may represent and bind the parent's unborn 110
172-child and the unborn descendants of such unborn child , or the 111
173-parent's minor child and the minor or unborn descendants of such 112
174-minor child, if a guardian of the property for the unborn child, 113
175-minor child, or such child's descendants has not been appointed. 114
176- Section 5. Subsection (1) of section 736.0409, Florida 115
177-Statutes, is amended to read: 116
178- 736.0409 Noncharitable trust without a scertainable 117
179-beneficiary.—Except as otherwise provided in s. 736.0408 or by 118
180-another provision of law, the following rules apply: 119
181- (1) A trust may be created for a noncharitable purpose 120
182-without a definite or definitely ascertainable beneficiary or 121
183-for a noncharitable but otherwise valid purpose to be selected 122
184-by the trustee. The trust may not be enforced for more than 123
185-1,000 21 years. 124
186- Section 6. Paragraph (b) of subsection (3) of section 125
162+representative and the person represented or among those being 101
163+represented with respect to a particular question or dispute: 102
164+ (5) A parent may represent and bind the parent's unborn 103
165+child and the unborn descendants of such unborn child , or the 104
166+parent's minor child and the minor or unborn descendants of such 105
167+minor child, if a guardian of the property for the unborn child, 106
168+minor child, or such child's descendants has not been appointed. 107
169+ Section 5. Subsection (1) of section 736.0409, Florida 108
170+Statutes, is amended to read: 109
171+ 736.0409 Noncharitable trust without ascertainable 110
172+beneficiary.—Except as otherwise provided in s. 736.0408 or by 111
173+another provision of law, the following rules apply: 112
174+ (1) A trust may be created for a noncharitable purpose 113
175+without a definite or definitely ascertainable beneficiary or 114
176+for a noncharitable but otherwise valid purpose to be selected 115
177+by the trustee. The trust may not be enforced for more than 116
178+1,000 21 years. 117
179+ Section 6. Subsection (1) of section 736.0813, Florida 118
180+Statutes, is amended to read: 119
181+ 736.0813 Duty to inform and account. —The trustee shall 120
182+keep the qualified beneficiaries of the trust reasonab ly 121
183+informed of the trust and its administration. 122
184+ (1) The trustee's duty to inform and account includes, but 123
185+is not limited to, the following: 124
186+ (a) Within 60 days after acceptance of the trust, the 125
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195195 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
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199-736.04115, Florida Statutes, is amended to read: 126
200- 736.04115 Judicial modification of irrevocable trust when 127
201-modification is in best interests of beneficiaries. — 128
202- (3) This section shall not apply to: 129
203- (b) Any trust created after December 31, 2000, if: 130
204- 1. Under the terms of the trust, all beneficial interests 131
205-in the trust must vest or terminate within the period prescribed 132
206-by the rule against perpetuities in s. 689.225(2), 133
207-notwithstanding s. 689.225(2)(f) and (g) s. 689.225(2)(f). 134
208- 2. The terms of the trust expressly prohibit judicial 135
209-modification. 136
210- Section 7. Paragraph (b) of subsection (4) of section 137
211-736.0412, Florida Statutes, is amended to read: 138
212- 736.0412 Nonjudicial modification of irrevocable trust. — 139
213- (4) This section shall not apply to: 140
214- (b) Any trust created after December 31, 2000, if, under 141
215-the terms of the trust, all beneficial interests in the trust 142
216-must vest or terminate within the period prescribed by the rule 143
217-against perpetuities in s. 689.225(2), notwithstanding s. 144
218-689.225(2)(f) and (g) s. 689.225(2)(f), unless the terms of the 145
219-trust expressly autho rize nonjudicial modification. 146
220- Section 8. Paragraph (d) of subsection (1) of section 147
221-736.0813, Florida Statutes, is amended to read: 148
222- 736.0813 Duty to inform and account. —The trustee shall 149
223-keep the qualified beneficiaries of the trust reasonably 150
199+trustee shall give notice to the qualified beneficiaries of the 126
200+acceptance of the trust, the full name and address of the 127
201+trustee, and that the fiduciary lawyer -client privilege in s. 128
202+90.5021 applies with respect to the trustee and any attorney 129
203+employed by the trustee. 130
204+ (b) Within 60 days after the date the tr ustee acquires 131
205+knowledge of the creation of an irrevocable trust, or the date 132
206+the trustee acquires knowledge that a formerly revocable trust 133
207+has become irrevocable, whether by the death of the settlor or 134
208+otherwise, the trustee shall give notice to the qual ified 135
209+beneficiaries of the trust's existence, the identity of the 136
210+settlor or settlors, the right to request a copy of the trust 137
211+instrument, the right to accountings under this section, and 138
212+that the fiduciary lawyer -client privilege in s. 90.5021 applies 139
213+with respect to the trustee and any attorney employed by the 140
214+trustee. 141
215+ (c) Upon reasonable request, the trustee shall provide a 142
216+qualified beneficiary with a complete copy of the trust 143
217+instrument. 144
218+ (d)1. A trustee of an irrevocable trust shall provide a 145
219+trust accounting, as set forth in s. 736.08135, from the date of 146
220+the last accounting or, if none, from the date on which the 147
221+trustee became accountable, to each qualified beneficiary at 148
222+least annually and on termination of the trust or on change of 149
223+the trustee. 150
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236-informed of the trust and its administration. 151
237- (1) The trustee's duty to inform and account includes, but 152
238-is not limited to, the following: 153
239- (d) A trustee of an irrevocable trust shall provide a 154
240-trust accounting, as set forth in s. 736.08135, from the date of 155
241-the last accounting or, if none, from the date on which the 156
242-trustee became accountable, to each qualified beneficiary at 157
243-least annually and on termination of the trust or on change of 158
244-the trustee. Notwithstanding s. 736.0105(2)(s) or the duties 159
245-under this paragraph, if a family trust company, licensed family 160
246-trust company, or foreign licensed family trust company, as 161
247-defined in s. 662.111, is a trustee of an irrevocable trust, the 162
248-terms of the trust may permit for accounting to the qualified 163
249-beneficiaries only at the termination of the trust; upon the 164
250-removal, resignation, or other event resulting in a trustee 165
251-ceasing to serve as a trustee; or upon demand of a qualified 166
252-beneficiary or the representative of a qualified beneficiary. 167
253-This paragraph may not be construed to prohibit a trustee that 168
254-is a family trust company, licensed family trust company, or 169
255-foreign licensed family trust company from voluntarily 170
256-accounting to the qualified beneficiaries annually or at other 171
257-times selected by such trustee. 172
258- 173
259-Paragraphs (a) and (b) do not apply to an irrevocable trust 174
260-created before the effective date of this code, or to a 175
236+ 2. Notwithstanding s. 736.0105 or the duties set forth in 151
237+this paragraph, if a family trust company, licensed family trust 152
238+company, or foreign licensed family trust company, as defined in 153
239+s. 662.111, is a trustee of an irrevocable trust, the terms of 154
240+the trust may permit such a trustee to only account to the 155
241+qualified beneficiaries upon: 156
242+ a. The termination of the trust; 157
243+ b. The removal, resignation, or other event resulting in a 158
244+trustee ceasing to serve; or 159
245+ c. Demand of a qualified beneficiary or the representative 160
246+of a qualified beneficiary. 161
247+ 3. Nothing in this paragraph shall prevent a trustee that 162
248+is a family trust company, licensed family trust company, or 163
249+foreign licensed family trust company from voluntarily 164
250+accounting to the qualified benef iciaries annually or at other 165
251+times selected by such trustee. 166
252+ (e) Upon reasonable request, the trustee shall provide a 167
253+qualified beneficiary with relevant information about the assets 168
254+and liabilities of the trust and the particulars relating to 169
255+administration. 170
256+ 171
257+Paragraphs (a) and (b) do not apply to an irrevocable trust 172
258+created before the effective date of this code, or to a 173
259+revocable trust that becomes irrevocable before the effective 174
260+date of this code. Paragraph (a) does not apply to a trustee who 175
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273-revocable trust that becomes irrevocable before the effective 176
274-date of this code. Paragraph (a) does not apply to a trustee who 177
275-accepts a trusteeshi p before the effective date of this code. 178
276- Section 9. Subsection (3) of section 736.08135, Florida 179
277-Statues, is renumbered as subsection (4) and amended, and a new 180
278-subsection (3) is added to that section, to read: 181
279- 736.08135 Trust accountings. — 182
280- (3) Notwithstanding subsections (1) and (2), if a family 183
281-trust company, licensed family trust company, or foreign 184
282-licensed family trust company, as defined in s. 662.111, is a 185
283-trustee of the trust, such trustee may elect, for any accounting 186
284-period, to provide th e qualified beneficiaries with all of the 187
285-following information: 188
286- (a) A notice stating that the trustee has made an election 189
287-to provide the information described in this subsection. 190
288- (b) The information required by paragraph (2)(a) and, if 191
289-applicable, the information required by paragraph (2)(f). 192
290- (c) A financial statement for the trust which summarizes 193
291-the information provided pursuant to paragraphs (2)(b) -(e). The 194
292-financial statement must contain sufficient information to put 195
293-the beneficiary on notic e of the trust's comprehensive assets 196
294-and liabilities as well as of the transactions occurring during 197
295-the accounting period. A financial statement that reports a 198
296-summary of the comprehensive assets and liabilities at the 199
297-beginning and end of the accounting period and the aggregate 200
273+accepts a trusteeship before the effective date of this code. 176
274+ Section 7. Subsection (3) of section 736.08135, Florida 177
275+Statues, is renumbered as subsection (4) and amended, and a new 178
276+subsection (3) is added to that section, to read: 179
277+ 736.08135 Trust accountings.— 180
278+ (3) Notwithstanding subsections (1) and (2), if a family 181
279+trust company, licensed family trust company, or foreign 182
280+licensed family trust company, as defined in s. 662.111, is a 183
281+trustee of the trust, such a trustee may elect, for any 184
282+accounting period, to provide the qualified beneficiaries all of 185
283+the following information: 186
284+ (a) A notice stating that the trustee has made an election 187
285+to provide the information enumerated in this subsection. 188
286+ (b) The information required by paragraph (2)(a) an d, if 189
287+applicable, the information required by paragraph (2)(f). 190
288+ (c) A financial statement for the trust which summarizes 191
289+the information specified in paragraphs (2)(a) -(e). The 192
290+financial statement must contain sufficient information to put 193
291+the beneficiary on notice of the trust's comprehensive assets 194
292+and liabilities as well as the transactions occurring during the 195
293+accounting period. A financial statement that reports the 196
294+comprehensive assets and liabilities at the beginning and end of 197
295+the accounting perio d and the aggregate amounts of all cash and 198
296+property transactions, gains, losses, receipts, expenses, 199
297+disbursements, distributions, accruals, or allowances occurring 200
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310-amounts of all cash and property transactions, gains, losses, 201
311-receipts, expenses, disbursements, distributions, accruals, or 202
312-allowances occurring within the accounting period for each 203
313-category of assets and liabilities meets the r equirements of 204
314-this paragraph. 205
315- 206
316-For the purposes of this chapter, a financial statement that a 207
317-trustee provides to a beneficiary of a trust under this 208
318-subsection is deemed to be a trust accounting. Any trustee that 209
319-makes the election provided in this subse ction shall, upon 210
320-request of any beneficiary made within the limitations period 211
321-under s. 736.1008, make available the detailed information 212
322-necessary for preparation of the financial statement to the 213
323-beneficiary within 30 days after the date of such request , 214
324-including providing copies of the requested information. A 215
325-request by a beneficiary for the detailed information necessary 216
326-for the preparation of the financial statement tolls the running 217
327-of any applicable limitations period until the detailed 218
328-information is made available to the beneficiary. 219
329- (4)(3) Subsections (1) and (2) govern the form and content 220
330-of all trust accountings rendered for any accounting periods 221
331-beginning on or after January 1, 2003, and all trust accountings 222
332-rendered on or after July 1, 2018. The election provided in 223
333-subsection (3) for trusts for which a family trust company, 224
334-licensed family trust company, or foreign licensed family trust 225
310+within the accounting period for each category of assets and 201
311+liabilities, meets the requir ements of this paragraph. 202
312+ 203
313+For purposes of this chapter, a financial statement that a 204
314+trustee provides to a beneficiary of the trust under this 205
315+subsection is deemed to be a trust accounting. Any trustee that 206
316+makes the election provided by this subsection s hall, upon a 207
317+request of any beneficiary made within the limitations period 208
318+prescribed by s. 736.1008, make available the detailed 209
319+information necessary for the preparation of the statement 210
320+within 30 days of the date of the request, including copies of 211
321+the requested information. A request by a beneficiary for the 212
322+detailed information necessary for the preparation of the 213
323+financial statement shall toll the running of any applicable 214
324+limitations period until the detailed information is made 215
325+available to the bene ficiary. 216
326+ (4)(3) Subsections (1) and (2) govern the form and content 217
327+of all trust accountings rendered for any accounting periods 218
328+beginning on or after January 1, 2003, and all trust accountings 219
329+rendered on or after July 1, 2018. The election provided in 220
330+subsection (3) for trusts for which a family trust company, 221
331+licensed family trust company, or foreign licensed family trust 222
332+company, as defined in s. 662.111, is a trustee is available for 223
333+any accounting periods beginning on or after July 1, 2022. This 224
334+subsection does not affect the beginning period from which a 225
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343343 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
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345345
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347-company, as defined in s. 662.111, is a trustee is available for 226
348-any accounting periods beginning on or after July 1, 2022. This 227
349-subsection does not affect the beginning period from which a 228
350-trustee is required to render a trust accounting. 229
351- Section 10. Subsection (2) of section 736.08145, Florida 230
352-Statutes, is amended to read: 231
353- 736.08145 Grantor trust reimbursement.— 232
354- (2) This section applies to all trusts that are governed 233
355-by the laws of this state or that have a principal place of 234
356-administration within this state , whether created on, before, or 235
357-after July 1, 2020, unless: 236
358- (a) The trustee provides w ritten notification that the 237
359-trustee intends to irrevocably elect out of the application of 238
360-this section, at least 60 days before the effective date of such 239
361-election, to the person treated as the owner of all or a portion 240
362-of the trust under s. 671 of the I nternal Revenue Code or any 241
363-similar federal, state, or other tax law and to all persons who 242
364-have the ability to remove and replace the trustee. 243
365- (b) Applying this section would prevent a contribution to 244
366-the trust from qualifying for, or would reduce, a fe deral tax 245
367-benefit, including a federal tax exclusion or deduction, which 246
368-was originally claimed or could have been claimed for the 247
369-contribution, including: 248
370- 1. An exclusion under s. 2503(b) or s. 2503(c) of the 249
371-Internal Revenue Code; 250
347+trustee is required to render a trust accounting. 226
348+ Section 8. Subsection (2) of section 736.08145, Florida 227
349+Statutes, is amended to read: 228
350+ 736.08145 Grantor trust reimbursement. — 229
351+ (2) This section applies to all trusts that are governed 230
352+by the laws of the state or that have a principal place of 231
353+administration within the state , whether created on, before, or 232
354+after July 1, 2020, unless: 233
355+ (a) The trustee provides written notification that the 234
356+trustee intends to irrevocably elect out of the application of 235
357+this section, at least 60 days before the effective date of such 236
358+election, to the person treated as the owner of all or a portion 237
359+of the trust under s. 671 of the Internal Revenue Code or a ny 238
360+similar federal, state, or other tax law and to all persons who 239
361+have the ability to remove and replace the trustee. 240
362+ (b) Applying this section would prevent a contribution to 241
363+the trust from qualifying for, or would reduce, a federal tax 242
364+benefit, including a federal tax exclusion or deduction, which 243
365+was originally claimed or could have been claimed for the 244
366+contribution, including: 245
367+ 1. An exclusion under s. 2503(b) or s. 2503(c) of the 246
368+Internal Revenue Code; 247
369+ 2. A marital deduction under s. 2056, s. 205 6A, or s. 2523 248
370+of the Internal Revenue Code; 249
371+ 3. A charitable deduction under s. 170(a), s. 642(c), s. 250
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384- 2. A marital deduct ion under s. 2056, s. 2056A, or s. 2523 251
385-of the Internal Revenue Code; 252
386- 3. A charitable deduction under s. 170(a), s. 642(c), s. 253
387-2055(a), or s. 2522(a) of the Internal Revenue Code; or 254
388- 4. Direct skip treatment under s. 2642(c) of the Internal 255
389-Revenue Code. 256
390- Section 11. This act shall take effect July 1, 2022. 257
384+2055(a), or s. 2522(a) of the Internal Revenue Code; or 251
385+ 4. Direct skip treatment under s. 2642(c) of the Internal 252
386+Revenue Code. 253
387+ Section 9. This act shall take effect July 1, 2022. 254