The bill amends several sections of Florida Statutes related to trusts, specifically focusing on the roles and powers of authorized trustees. It revises the definition of "authorized trustee" to clarify that such a trustee is not considered a settlor of a second trust, even if they created the governing instrument or made distributions from the first trust. The bill also outlines how authorized trustees can exercise their power to invade principal, including provisions for modifying trust terms or appointing assets to second trusts. Additionally, it specifies that notices regarding the exercise of these powers are not considered trust disclosure documents and establishes that a trust disclosure document cannot initiate a limitations period unless provided after the effective date of the power's exercise.

Furthermore, the bill introduces new provisions regarding the treatment of property devised from revocable trusts, stating that property given to a donee during the settlor's lifetime may be treated as satisfaction of a devise if certain conditions are met. It also clarifies that transfers of homestead property to a community property trust will not be treated as a change of ownership for property reassessment purposes. The amendments are intended to be remedial and apply to all trusts created before, on, or after the effective date of the act.

Statutes affected:
S 262 Filed: 736.08125
S 262 c1: 736.08125
S 262 c2: 736.08125
S 262 er: 736.08125