How “Terms of a Trust” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Terms of a Trust” Fla. Stat. § 736.0103(24) defines the term “terms of a trust.” The text of the subsection reads: “Terms of a trust” means: (a) Except as otherwise provided in paragraph (b), the manifestation of the settlor’s intent regarding a trust’s provisions as: 1. Expressed in the trust instrument; […]
Fla. Stat. § 736.0407 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.0407 Fla. Stat. § 736.0407 establishes that oral trusts are generally allowed in Florida, if the terms of said trust are established by clear and convincing evidence. In Slomowitz v. Walker, 429 So. 2d 797, 800 (Fla. 4th DCA 1983), the Fourth District Court of Appeal explained what constitutes […]
How “Trust Instrument” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Trust Instrument” Fla. Stat. § 736.0103(26) defines the term “trust instrument” The text of the subsection reads: “Trust instrument” means an instrument executed by a settlor that contains terms of the trust, including any amendments to the trust. Thus, a trust instrument is a writing which contains trust terms. […]
Fla. Stat. § 736.0112 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.0112 Fla. Stat. § 736.0112 eliminates local qualifications for foreign trustees who receive distributions from an estate in Florida, unless the trustee otherwise does business in the state of Florida. Generally, a foreign business must register with the state of Florida before conducting business in the state. This is […]
Fla. Stat. § 736.0111 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.0111 Fla. Stat. § 736.0111 governs nonjudicial settlement agreements, which are binding agreements among interested persons related to any matter involving a trust. The statute section first establishes who “interested persons” are for the purposes of the section. This matters greatly, as interested persons are the only individuals who […]
Can a Revocable Trust be Made Irrevocable in Florida?
Yes, a revocable trust can be converted into an irrevocable trust in Florida. The simplest way to accomplish this is through a trust amendment. This article explores the mechanics of converting a revocable trust to an irrevocable one, the disparities between the two trust types, some motivations behind opting for irrevocability, and a few potential […]
Fla. Stat. § 736.1301 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.1301 Fla. Stat. § 736.1301 preempts the federal Electronic Signatures in Global and National Commerce Act for all matters regarding the Florida Trust Code. Thus, to comply with the notice methods found in Fla. Stat. § 736.0109, one need not also comply with all of the requirements found in […]
Fla. Stat. § 736.1303 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.1303 Fla. Stat. § 736.1303 establishes that trusts are included under the Florida Trust Code even when those trusts were executed prior to the effective date of the Code of July 1, 2007. Thus, there is a retroactive application of the Florida Trust Code. The same is true of […]
Fla. Stat. § 736.0507 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.0507 Fla. Stat. § 736.0507 establishes that a personal creditor of a trustee cannot go after trust assets to satisfy the debt of the trustee. For example, if Jim serves as trustee but owes $10,000.00 on a personal credit card, the bank who issued the credit card loan would […]
Fla. Stat. § 736.1003 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.1003 Fla. Stat. § 736.1003 makes clear that a trustee is liable for any loss of trust assets or a lack of profit resulting from trust assets if no breach of trust has occurred. This statute section creates some tension with Fla. Stat. § 736.0804, which requires a trustee […]