Fla. Stat. § 736.0412 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.0412 Fla. Stat. § 736.0412 establishes a means for irrevocable trust modification without court involvement and without the need for any court order. However, under Fla. Stat. § 736.0410, after such a modification, the court may be called upon by any trust beneficiary to review (and potentially disapprove of […]
Fla. Stat. § 736.0704 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.0704 Fla. Stat. § 736.0704 establishes the means of appointing a successor trustee when a trustee vacancy occurs. The statute section also mandates the filling of any trustee vacancy, although no penalty is given for failing to do so. Any of the following results in a trustee vacancy, so […]
Fla. Stat. § 736.04115 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.04115 Fla. Stat. § 736.04115 establishes a means for judicial modification of an irrevocable trust based on the “best interests of the beneficiaries.” Such a modification can be made without meeting any of the requirements of Fla. Stat. § 736.04113. The modification can be made by the court after […]
Fla. Stat. § 736.0707 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.0707 Fla. Stat. § 736.0707 explains the authority and duty of a former trustee who still holds trust assets in said former trustee’s possession. Generally, a former trustee must deliver all trust property to a co-trustee, new trustee, or (if appropriate) trust beneficiary within a reasonable period of time. […]
Fla. Stat. § 736.0709 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.0709 Fla. Stat. § 736.0709 establishes that a trustee has a right to be reimbursed for trust expenses paid by the trustee. To be reimbursed for an expense, the expense must be both reasonable and properly incurred. These requirements echo Fla. Stat. § 736.0805, which requires that a trustee […]
Fla. Stat. § 736.04113 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.04113 Fla. Stat. § 736.04113 provides a means for a court to modify an irrevocable trust. Either a trustee or qualified beneficiary can petition the court for such a modification. Notably, a settlor cannot petition the court under this statue, as held by the Second District Court of Appeal […]
Can you change a life estate deed in Florida?
Yes, a life estate deed can be changed as long as all parties to the deed join in the modification. For an enhanced life estate deed, the life tenant may change the deed with or without the consent of the other parties to the deed. What is a life estate deed? A life estate deed […]
Fla. Stat. § 736.0109 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.0109 Fla. Stat. § 736.0109 establishes how notice may be provided or waived under the Florida Trust Code. This is an important section for trustees, who are frequently required to notify qualified beneficiaries of various matters. For example, under Fla. Stat. § 736.0813(1)(a) and (b), a trustee must notify […]
How “Trust Director” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Trust Director” Fla. Stat. § 736.0103(25) defines the term “trust director.” The text of the subsection reads: “Trust director” means a person who is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as […]
How “Trustee” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Trustee” Fla. Stat. § 736.0103(27) defines the term “trustee.” The text of the subsection reads: “Trustee” means the original trustee and includes any additional trustee, any successor trustee, and any cotrustee. The term is defined broadly enough to encompass an initial trustee, any successor trustees, and any co-trustees. Thus, […]