The bill amends various 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 trustees are not considered settlors of a second trust, even if they created the governing instrument or made distributions from the first trust to the second. The bill also outlines how authorized trustees can exercise their power to invade principal, including provisions for modifying trust terms and appointing principal to other trusts. Additionally, it specifies that notices regarding the exercise of these powers are not considered trust disclosure documents and do not initiate a limitations period unless provided after the effective date of the power's exercise.

Furthermore, the bill introduces new sections that bar certain claims against prior trustees and establishes guidelines for how property distributed from a revocable trust during a settlor's lifetime is treated concerning satisfaction of devises. It also revises definitions related to community property and clarifies that transfers of homestead property between settlor spouses will not trigger a change of ownership for reassessment purposes. The amendments are intended to apply retroactively to all trusts created before, on, or after the effective date of the act, ensuring clarity and consistency in the application of trust law in Florida.

Statutes affected:
H 385 Filed: 736.08125