How “Settlor” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Settlor” Fla. Stat. § 736.0103(21) defines the term “settlor.” The text of the subsection reads: “Settlor” means a person, including a testator, who creates or contributes property to a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the […]
How “Ascertainable Standard” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Ascertainable Standard” Fla. Stat. § 736.0103(3) defines the term “ascertainable standard.” The text of the subsection reads: “Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of s. 2041(b)(1)(A) or s. 2514(c)(1) of the Internal Revenue Code of 1986, as amended. […]
How “Charitable Trust” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Charitable Trust” Fla. Stat. § 736.0103(5) defines the term “charitable trust.” The text of the subsection reads: “Charitable trust” means a trust, or portion of a trust, created for a charitable purpose as described in s. 736.0405(1). Thus, if a trust was created for a “charitable purpose,” then it […]
How “Guardian of the Property” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Guardian of the Property” Fla. Stat. § 736.0103(12) defines the term “guardian of the property.” The text of the subsection reads: “Guardian of the property” means a person appointed by the court to administer the estate of a minor or incapacitated adult. Although chapter 744 of the Florida Statutes […]
How “Property” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Property” Fla. Stat. § 736.0103(18) defines the term “property.” The text of the subsection reads: “Property” means anything that may be the subject of ownership, real or personal, legal or equitable, or any interest therein. The Uniform Trust Code commentary notes that this definition “is intended to be as […]
How “General Power of Appointment” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “General Power of Appointment” Fla. Stat. § 736.0103(10) defines the term “general power of appointment.” The text of the subsection reads: “General power of appointment” means a power of appointment exercisable in favor of the holder of the power, the power holder’s creditors, the power holder’s estate, or the […]
Fla. Stat. § 736.0415 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.0415 Fla. Stat. § 736.0415 establishes that a trust may be reformed to eliminate a mistake if it is shown by clear and convincing evidence (1) that the the reformation would accomplish the settlor’s intent and (2) that the terms of the trust were affected by a mistake of […]
How “Interests of the Beneficiaries” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Interests of the Beneficiaries” Fla. Stat. § 736.0103(13) defines the term “interests of the beneficiaries” The text of the subsection reads: “Interests of the beneficiaries” means the beneficial interests intended by the settlor as provided in the terms of a trust. Defining “interests of the beneficiaries” with the phrase […]
How “Distributee” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Distributee” Fla. Stat. § 736.0103(8) defines the term “distributee.” The text of the subsection reads: “Distributee” means a beneficiary who is currently entitled to receive a distribution. First, in order to be a distributee, one must be a beneficiary. Thus, a distributee must have some sort of beneficial interest […]
How “Permissible Distributee” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Permissible Distributee” Fla. Stat. § 736.0103(15) defines the term “permissible distributee.” The text of the subsection reads: “Permissible distributee” means a beneficiary who is currently eligible to receive a distribution. First, in order to be a permissible distributee, one must be a beneficiary. Thus, a permissible distributee must have […]