Fla. Stat. § 738.101
Short title
This chapter may be cited as the “Florida Uniform Fiduciary Income and Principal Act.”
Florida Statutes Chapter 738 — UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT
Florida · statute · Fla. Stat. ch. 738 · 50 active provisions
Fla. Stat. § 738.102
Definitions
As used in this chapter, the term:(1) “Accounting period” means a calendar year unless a fiduciary selects another period of 12 calendar months or approximately 12 calendar months. The term includes a part of a calendar year or another period of 12 calendar months or approximately 12 calendar months which begins or end…
Fla. Stat. § 738.103
Scope
Except as otherwise provided in the terms of a trust or this chapter, this chapter applies to all of the following:(1) A trust or an estate.(2) A life estate or other term interest in which the interest of one or more persons will be succeeded by the interest of one or more other persons to the extent provided in s. 73…
Fla. Stat. § 738.104
Governing law
Except as otherwise provided in the terms of a trust or this chapter, this chapter applies when this state is the principal place of administration of a trust or estate or the situs of property that is not held in a trust or estate and is subject to a life estate or other term interest described in s. 738.103(2). By ac…
Fla. Stat. § 738.201
Fiduciary duties; general principles
(1) In making an allocation or determination or exercising discretion under this chapter, a fiduciary shall do all of the following:(a) Act in good faith, based on what is a fair and reasonable fee to all beneficiaries;(b) Administer a trust or estate impartially, except to the extent that the terms of the trust manife…
Fla. Stat. § 738.202
Judicial review of exercise of discretionary power; request for instruction
(1) As used in this section, the term “fiduciary decision” means any of the following:(a) A fiduciary’s allocation between income and principal or other determination regarding income and principal required or authorized by the terms of the trust or this chapter.(b) The fiduciary’s exercise or nonexercise of a discreti…
Fla. Stat. § 738.203
Fiduciary’s power to adjust
(1) Except as otherwise provided in the terms of a trust or this section, a fiduciary, in a record without court approval, may adjust between income and principal if the fiduciary determines that the exercise of the power to adjust will assist the fiduciary in administering the trust or estate impartially.(2) This sect…
Fla. Stat. § 738.301
Definitions
For purposes of this section and ss. 738.302-738.310:(1) “Applicable value” means the amount of the net fair market value of a trust taken into account under s. 738.307.(2) “Express unitrust” means a trust for which, under the terms of the trust without regard to this section and ss. 738.302-738.310, net income must be…
Fla. Stat. § 738.302
Applications; duties and remedies
(1) Except as otherwise provided in subsection (2), ss. 738.301-738.310 apply to all of the following:(a) An income trust, unless the terms of the trust expressly prohibit the use of ss. 738.301-738.310 by a specific reference to this paragraph or corresponding provision of prior law, or an explicit expression of inten…
Fla. Stat. § 738.303
Authority of fiduciary
(1) By complying with subsections (2) and (6), and without court approval, a fiduciary may do any of the following:(a) Convert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust which provides:1. That in administering the trust, the net income of the trust will be a unitru…
Fla. Stat. § 738.304
Notice
(1) A notice required by s. 738.303(2)(b) must be sent in a manner authorized under s. 736.0109 to all of the following:(a) The qualified beneficiaries determined under s. 736.0103, other than the Attorney General.(b) Each person that is granted a power over the trust by the terms of the trust, to the extent that the p…
Fla. Stat. § 738.305
Unitrust policy
(1) In administering a unitrust under ss. 738.301-738.310, a fiduciary shall follow a unitrust policy adopted under s. 738.303(1)(a) or (b) or amended or replaced under s. 738.303(1)(b).(2) A unitrust policy must provide all of the following:(a) The unitrust rate or method for determining the unitrust rate under s. 738…
Fla. Stat. § 738.306
Unitrust rate
(1) A unitrust rate must be at least 3 percent and not more than 5 percent. Within those limits, the unitrust rate may be:(a) A fixed unitrust rate; or(b)1. A unitrust rate that is determined for each period using:a. A market index or other published data; orb. A mathematical blend of market indices or other published…
Fla. Stat. § 738.307
Applicable value
(1) A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including all of the following:(a) The frequency of valuing the asset, which need not require a valuation in every period.(b) The date for valuing the asset in each period…
Fla. Stat. § 738.308
Period
(1) A unitrust policy must provide the period used under ss. 738.306 and 738.307. The period must be the calendar year.(2) A unitrust policy may provide standards for:(a) Using fewer preceding periods under s. 738.306(1)(b)1. or (2)(a) or (b) if:1. The trust was not in existence in a preceding period; or2. Market indic…
Fla. Stat. § 738.309
Express unitrust
(1) This section applies to a trust that, by its governing instrument, requires or allows income or net income to be calculated as a unitrust amount.(2) The trustee of an express unitrust may determine the unitrust amount by reference to the net fair market value of the unitrust’s assets in 1 or more years.(3) Distribu…
Fla. Stat. § 738.310
Other rules
Following the conversion of an income trust to a unitrust, the trustee shall consider the unitrust amount as paid from the following sources, which are listed in order of priority:(1) Net accounting income determined under this chapter as if the trust were not a unitrust;(2) Ordinary income not allocable to net account…
Fla. Stat. § 738.401
Character of receipts from entity
(1) For purposes of this section, the term:(a) “Capital distribution” means an entity distribution of money which is a:1. Return of capital; or2. Distribution in total or partial liquidation of the entity.(b) “Entity”:1. Means a corporation, partnership, limited liability company, regulated investment company, real est…
Fla. Stat. § 738.402
Distribution from trust or estate
A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under ss. 738.301-738.310, from a trust or an estate in which the fiduciary has an interest, other than an interest purchased in a trust that is an investment entity, and shall allocate to principal an…
Fla. Stat. § 738.403
Business or other activity conducted by fiduciary
(1) This section applies to a business or other activity conducted by a fiduciary if the fiduciary determines that it is in the best interests of the beneficiaries to account separately for the business or other activity instead of:(a) Accounting for the business or other activity as part of the fiduciary’s general acc…
Fla. Stat. § 738.404
Principal receipts
A fiduciary shall allocate to principal:(1) To the extent not allocated to income under this chapter, an asset received from any of the following:(a) An individual during the individual’s lifetime.(b) An estate.(c) A trust on termination of an income interest.(d) A payor under a contract naming the fiduciary as benefic…
Fla. Stat. § 738.405
Rental property
To the extent that a fiduciary does not account for the management of rental property as a business under s. 738.403, the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable de…
Fla. Stat. § 738.406
Receipt on obligation to be paid in money
(1) This section does not apply to an obligation to which s. 738.409, s. 738.410, s. 738.411, s. 738.412, s. 738.414, s. 738.415, or s. 738.416 applies.(2) A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money to the fiduciary,…
Fla. Stat. § 738.407
Insurance policy or contract
(1) This section does not apply to a contract to which s. 738.409 applies.(2) Except as otherwise provided in subsection (3), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, d…
Fla. Stat. § 738.408
Insubstantial allocation not required
(1) If a fiduciary determines that an allocation between income and principal required by s. 738.409, s. 738.410, s. 738.411, s. 738.412, or s. 738.415 is insubstantial, the fiduciary may allocate the entire amount to principal, unless s. 738.203(5) applies to the allocation.(2) A fiduciary may presume an allocation is…
Page 1 of 2Next →