The bill introduces a new section, 736.10081, to the Florida Statutes, which authorizes trustees to obtain a settlement of their accounts and be discharged under specific circumstances. A trustee can seek this settlement after six months following their acceptance of the trust, either when the trust terminates or when the trustee resigns or is removed. To initiate this process, the trustee must send a trust disclosure document to qualified beneficiaries and any cotrustee, which must include essential information such as the trustee's contact details, a distribution plan, and a notice regarding the potential barring of claims if no objections are received within 60 days.

Additionally, the bill stipulates that if no timely written objections are received, the trustee will be discharged from all liability related to matters disclosed in the trust disclosure document upon completing distributions or transfers. The legislation clarifies that an objection does not need to specify grounds or follow a particular format, and a waiver of the right to object is treated as an expiration of the objection period. This act applies to all irrevocable trusts or those that become irrevocable after the effective date of the law.