This bill amends several sections of Florida Statutes related to trusts, specifically focusing on the roles and powers of authorized trustees, the treatment of property in revocable trusts, and the definitions of community property. Key changes include a revised definition of "authorized trustee," clarifying that such trustees are not considered settlors of a second trust even if they created the governing instrument. The bill also allows authorized trustees to modify the terms of a trust or appoint principal to other trusts for the benefit of beneficiaries, while ensuring that such actions do not reduce vested interests. Additionally, it specifies that notices regarding the exercise of the power to invade principal are not considered trust disclosure documents and outlines conditions under which trust disclosure documents can commence a limitations period.

Furthermore, the bill introduces new provisions that bar certain claims against prior trustees and establishes that property given to a donee during a settlor's lifetime may be treated as satisfaction of a devise if specific criteria are met. It also clarifies that transfers of homestead property to a community property trust will not trigger a change of ownership for 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