This bill amends various 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 trust instrument. The bill also stipulates that an authorized trustee can modify the terms of a trust or appoint principal to another trust for the benefit of beneficiaries, and it establishes that notices regarding the exercise of the power to invade principal do not constitute trust disclosure documents.

Additionally, the bill introduces new provisions that bar certain claims against prior trustees and outlines how property given to a donee during a settlor's lifetime is treated as satisfaction of a devise upon the settlor's death. It also clarifies that transfers of homestead property to a community property trust will not trigger 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