F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
CS/CS/HB 1001 2022
1 A bill to be entitled
2 An act relating to trusts; amending s. 689.225, F.S.;
3 revising criteria for application of the rule against
4 perpetuities to trusts created on or after a specified
5 date; amending s. 736.0105, F.S.; specifying that the
6 terms of a trust do not prevail over a trustee's duty
7 to account to qualified beneficiaries under certain
8 circumstances; specifying when certain notice or
9 document is deemed sent; amending s. 736.0109, F.S.;
10 specifying circumstances under which notice, or the
11 sending of a document, to a person under the Florida
12 Trust Code is deemed satisfied; authorizing certain
13 trust companies that are trustees to use specified
14 methods for providing notice or sending a document;
15 amending s. 736.0303, F.S.; specifying circumstances
16 under which a parent may represent and bind the unborn
17 descendants of his or her unborn or minor child;
18 amending s. 736.0409, F.S.; revising the timeframe for
19 which certain noncharitable trusts may be enforced;
20 amending ss. 736.04115 and 736.0412, F.S.; conforming
21 provisions to changes made by the act; amending s.
22 736.0813, F.S.; providing that the terms of a trust
23 may permit for accounting to the qualified
24 beneficiaries only under certain circumstances;
25 providing construction; amending s. 736.08135, F.S.;
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26 providing an alternate procedure for trust accountings
27 under certain circumstances; specifying requirements
28 and applicability; amending s. 736.08145, F.S.;
29 clarifying the application of law governing grantor
30 trust reimbursement; providing an effective date.
31
32 Be It Enacted by the Legislature of the State of Florida:
33
34 Section 1. Paragraph (f) of subsection (2) of section
35 689.225, Florida Statutes, is amended, and paragraph (g) is
36 added to that subsection to read:
37 689.225 Statutory rule against perpetuities.—
38 (2) STATEMENT OF THE RULE.—
39 (f) As to any trust created after December 31, 2000,
40 through June 30, 2022, this section shall apply to a nonvested
41 property interest or power of appointment contained in a trust
42 by substituting 360 years in place of "90 years" in each place
43 such term appears in this section unless the terms of the trust
44 require that all beneficial interests in the trust vest or
45 terminate within a lesser period.
46 (g) As to any trust created on or after July 1, 2022, this
47 section shall apply to a nonvested property interest or power of
48 appointment contained in a trust by substituting 1,000 years in
49 place of "90 years" in each place such term appears in this
50 section unless the terms of the trust require that all
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51 beneficial interests in the trust vest or terminate within a
52 lesser period.
53 Section 2. Paragraph (s) of subsection (2) of section
54 736.0105, Florida Statutes, is amended to read:
55 736.0105 Default and mandatory rules.—
56 (2) The terms of a trust prevail over any provision of
57 this code except:
58 (s) The duty under s. 736.0813(1)(c) and (d) to provide a
59 complete copy of the trust instrument and to account to
60 qualified beneficiaries, except as otherwise provided in s.
61 736.0813(1)(d).
62 Section 3. Subsections (4), (5), and (6) of section
63 736.0109, Florida Statutes, are renumbered as subsections (5),
64 (6), and (7), respectively, subsection (1) and present
65 subsection (4) are amended, and a new subsection (4) is added to
66 that section, to read:
67 736.0109 Methods and waiver of notice.—
68 (1) Notice to a person under this code or the sending of a
69 document to a person under this code must be accomplished in a
70 manner reasonably suitable under the circumstances and likely to
71 result in receipt of the notice or document. Permissible methods
72 of notice or for sending a document include first-class mail,
73 personal delivery, delivery to the person's last known place of
74 residence or place of business, a properly directed facsimile or
75 other electronic message including e-mail, or posting on a
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76 secure electronic account or website in accordance with
77 subsection (3).
78 (4) Notwithstanding subsection (3), a family trust
79 company, licensed family trust company, or foreign licensed
80 family trust company, as defined in s. 662.111, that is a
81 trustee of a trust may use any permissible method for providing
82 notice or for sending a document specified in subsection (1) or
83 may send a properly directed e-mail that contains an attached
84 notice or document or contains a hyperlink through which the
85 recipient can view the notice or document as a permissible
86 method of providing notice or sending a document. For purposes
87 of this subsection, such notice or document sent by e -mail is
88 deemed to have been sent if any username, password, or other
89 specific instructions needed to access the notice or document
90 are communicated to the recipient beforehand or
91 contemporaneously with the sending of the e-mail message
92 containing the notice, document, or hyperlink, or upon the
93 request of the recipient.
94 (5)(4) Notice to a person under this code, or the sending
95 of a document to a person under this code electronically by
96 electronic message, is complete when the document is sent.
97 (a) An electronic message is presumed received on the date
98 that the message is sent.
99 (b) If the sender has knowledge that an electronic message
100 did not reach the recipient, the electronic message is deemed to
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101 have not been received. The sender has the burden to prove that
102 another copy of the notice or document was sent by electronic
103 message or by other means authorized by this section.
104 Section 4. Subsection (5) of section 736.0303, Florida
105 Statutes, is amended to read:
106 736.0303 Representation by fiduciaries and parents.—To the
107 extent there is no conflict of interest between the
108 representative and the person represented or among those being
109 represented with respect to a particular question or dispute:
110 (5) A parent may represent and bind the parent's unborn
111 child and the unborn descendants of such unborn child, or the
112 parent's minor child and the minor or unborn descendants of such
113 minor child, if a guardian of the property for the unborn child,
114 minor child, or such child's descendants has not been appointed.
115 Section 5. Subsection (1) of section 736.0409, Florida
116 Statutes, is amended to read:
117 736.0409 Noncharitable trust without ascertainable
118 beneficiary.—Except as otherwise provided in s. 736.0408 or by
119 another provision of law, the following rules apply:
120 (1) A trust may be created for a noncharitable purpose
121 without a definite or definitely ascertainable beneficiary or
122 for a noncharitable but otherwise valid purpose to be selected
123 by the trustee. The trust may not be enforced for more than
124 1,000 21 years.
125 Section 6. Paragraph (b) of subsection (3) of section
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126 736.04115, Florida Statutes, is amended to read:
127 736.04115 Judicial modification of irrevocable trust when
128 modification is in best interests of beneficiaries. —
129 (3) This section shall not apply to:
130 (b) Any trust created after December 31, 2000, if:
131 1. Under the terms of the trust, all beneficial interests
132 in the trust must vest or terminate within the period prescribed
133 by the rule against perpetuities in s. 689.225(2),
134 notwithstanding s. 689.225(2)(f) and (g) s. 689.225(2)(f).
135 2. The terms of the trust expressly prohibit judicial
136 modification.
137 Section 7. Paragraph (b) of subsection (4) of section
138 736.0412, Florida Statutes, is amended to read:
139 736.0412 Nonjudicial modification of irrevocable trust. —
140 (4) This section shall not apply to:
141 (b) Any trust created after December 31, 2000, if, under
142 the terms of the trust, all beneficial interests in the trust
143 must vest or terminate within the period prescribed by the rule
144 against perpetuities in s. 689.225(2), notwithstanding s.
145 689.225(2)(f) and (g) s. 689.225(2)(f), unless the terms of the
146 trust expressly authorize nonjudicial modification.
147 Section 8. Paragraph (d) of subsection (1) of section
148 736.0813, Florida Statutes, is amended to read:
149 736.0813 Duty to inform and account.—The trustee shall
150 keep the qualified beneficiaries of the trust reasonably
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151 informed of the trust and its administration.
152 (1) The trustee's duty to inform and account includes, but
153 is not limited to, the following:
154 (d) A trustee of an irrevocable trust shall provide a
155 trust accounting, as set forth in s. 736.08135, from the date of
156 the last accounting or, if none, from the date on which the
157 trustee became accountable, to each qualified beneficiary at
158 least annually and on termination of the trust or on change of
159 the trustee. Notwithstanding s. 736.0105(2)(s) or the duties
160 under this paragraph, if a family trust company, licensed family
161 trust company, or foreign licensed family trust company, as
162 defined in s. 662.111, is a trustee of an irrevocable trust, the
163 terms of the trust may permit for accounting to the qualified
164 beneficiaries only at the termination of the trust; upon the
165 removal, resignation, or other event resulting in a trustee
166 ceasing to serve as a trustee; or upon demand of a qualified
167 beneficiary or the representative of a qualified beneficiary.
168 This paragraph may not be construed to prohibit a trustee that
169 is a family trust company, licensed family trust company, or
170 foreign licensed family trust company from voluntarily
171 accounting to the qualified beneficiaries annually or at other
172 times selected by such trustee.
173
174 Paragraphs (a) and (b) do not apply to an irrevocable trust
175 created before the effective date of this code, or to a
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176 revocable trust that becomes irrevocable before the effective
177 date of this code. Paragraph (a) does not apply to a trustee who
178 accepts a trusteeship before the effective date of this code.
179 Section 9. Subsection (3) of section 736.08135, Florida
180 Statues, is renumbered as subsection (4) and amended, and a new
181 subsection (3) is added to that section, to read:
182 736.08135 Trust accountings.—
183 (3) Notwithstanding subsections (1) and (2), if a family
184 trust company, licensed family trust company, or foreign
185 licensed family trust company, as defined in s. 662.111, is a
186 trustee of the trust, such trustee may elect, for any accounting
187 period, to provide the qualified beneficiaries with all of the
188 following information:
189 (a) A notice stating that the trustee has made an election
190 to provide the information described in this subsection.
191 (b) The information required by paragraph (2)(a) and, if
192 applicable, the information required by paragraph (2)(f).
193 (c) A financial statement for the trust which summarizes
194 the information provided pursuant to paragraphs (2)(b)-(e). The
195 financial statement must contain sufficient information to put
196 the beneficiary on notice of the trust's comprehensive assets
197 and liabilities as well as of the transactions occurring during
198 the accounting period. A financial statement that reports a
199 summary of the comprehensive assets and liabilities at the
200 beginning and end of the accounting period and the aggregate
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201 amounts of all cash and property transactions, gains, losses,
202 receipts, expenses, disbursements, distributions, accruals, or
203 allowances occurring within the accounting period for each
204 category of assets and liabilities meets the requirements of
205 this paragraph.
206
207 For the purposes of this chapter, a financial statement that a
208 trustee provides to a beneficiary of a trust under this
209 subsection is deemed to be a trust accounting. Any trustee that
210 makes the election provided in this subsection shall, upon
211 request of any beneficiary made within the limitations period
212 under s. 736.1008, make available the detailed information
213 necessary for preparation of the fina