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. 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 trust instrument. The bill also establishes that an authorized trustee can modify the terms of a trust or appoint principal to other trusts for the benefit of beneficiaries, and it specifies 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 clarifies how property given during a settlor's lifetime is treated concerning devises. It states that property transferred to a community property trust will not be considered 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. The bill aims to streamline trust administration and clarify the legal framework surrounding trusts in Florida.

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