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 […]
Fla. Stat. § 736.0811 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.0811 Fla. Stat. § 736.0811 establishes that a trustee has a duty to “take reasonable steps” to (1) enforce the claims of a trust and (2) defend claims against the trust. The words “take reasonable steps” indicate that there are situations in which a trustee may potentially find the […]
How “Beneficiary” is Defined – Commentary to Florida Trust Code
Legal Commentary on the Definition of “Beneficiary” Fla. Stat. § 736.0103(4) defines the term “beneficiary.” The text of the subsection reads: “Beneficiary” means a person who has a present or future beneficial interest in a trust, vested or contingent, or who holds a power of appointment over trust property in a capacity other than that […]
Fla. Stat. § 736.151- Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.151 Fla. Stat. § 736.151 makes clear that real property in a community property trust may qualify as the homestead of the settlor spouses for all purposes, including for purposes of creditor protection, devise restriction, and for the homestead tax exemption. Community Property Trusts and Homestead Creditor Protection Homestead property […]
Fla. Stat. § 736.1401 – Commentary to Florida Trust Code
Legal Commentary on Fla. Stat. § 736.1401 Fla. Stat. § 736.1401 gives the Florida Uniform Directed Trust Act its name. Text of Fla. Stat. § 736.1401 Short title.—This part may be cited as the “Florida Uniform Directed Trust Act.” History of Fla. Stat. § 736.1401 Fla. Stat. § 736.1401 became law on July 1, 2021 […]