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 […]
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 […]