The bill amends several 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 a trustee is not considered a settlor of a second trust, even if they created the governing instrument or made distributions to it. The bill also allows authorized trustees to modify the terms of a trust or appoint its principal to other trusts for the benefit of beneficiaries, under certain conditions. Additionally, it specifies that notices regarding the exercise of the power to invade principal are not considered trust disclosure documents and do not initiate a limitations period unless provided after the exercise.

Furthermore, the bill introduces new provisions regarding claims against prior trustees, stating that actions initiated by successor trustees against former trustees are barred to the same extent as if brought by the beneficiaries. It also addresses the treatment of property devised from a revocable trust during the settlor's lifetime, establishing that such property can be considered a satisfaction of a devise under specific circumstances. The definitions of "community property" and "community property trust" are revised, and it is clarified 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 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