This bill amends several sections of Florida Statutes related to trusts, primarily focusing on the roles and powers of authorized trustees. It revises the definition of "authorized trustee" to clarify that such trustees are not considered settlors 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 and appointing principal to second trusts. Additionally, it specifies that notices of such exercises are not considered trust disclosure documents and do not initiate a limitations period unless provided after the exercise.

Furthermore, the bill introduces new sections that bar certain claims against prior trustees and establishes guidelines for property devised from revocable trusts, treating lifetime gifts as satisfaction of devises under specific conditions. It also revises definitions related to community property and community property trusts, ensuring that transfers of homestead property to community property trusts do not trigger reassessment for ownership changes. The amendments are deemed remedial and apply to all trusts created before, on, or after the effective date of the act.

Statutes affected:
H 385 Filed: 736.08125
H 385 c1: 736.08125
H 385 c2: 736.08125