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 expansive as possible.” This is important because a trust may be created by the “[t]ransfer of property to another person as trustee” or by “[d]eclaration by the owner of property that the owner holds identifiable property as trustee.” Fla. Stat. § 736.0401. In both cases, the broad definition of “property” creates a broad set of circumstances under which a trust may be created.

History of the Definition of “Property”

The term “property” has been consistently defined since the Florida Trust Code took effect in 2007. However, the placement of the definition within the statute section has changed multiple times. For example, the term was originally found at Fla. Stat. § 736.0103(13).

This article is part of the PTM Legal Commentary to the Florida Trust Code. Click here to navigate through the entire commentary.