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 from liability under specific circumstances. A trustee in substantial compliance with their duty to inform and account can seek this settlement six months after accepting the trust, either upon the trust's termination or their resignation/removal. To initiate this process, the trustee must send a trust disclosure document to qualified beneficiaries and any cotrustee, detailing essential information such as the trustee's contact information, a distribution plan, and a notice regarding the potential barring of claims if no objections are received within 60 days.

The bill also stipulates that if no timely written objections are received, the trustee is discharged from all liability related to matters disclosed in the trust disclosure document upon completing distributions. It clarifies that objections do not need to specify grounds and that a waiver of the right to object is treated as an expiration of the objection period. This new provision is applicable to all irrevocable trusts or those that become irrevocable after the bill's effective date, enhancing the process for trustees to settle their accounts without court intervention.