HB 609 — Estates and Trusts

words underlined are additions.

hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other provision of law, or other temporary incapacity or the cotrustee has properly delegated the performance of the function to another cotrustee.

736.1412736.1412, relating to the allocation of powers among cotrustees, requirements for excluded cotrustees to act as a directed trustee, and liability and related obligations of directing cotrustees subsection (9), each cotrustee shall exercise reasonable care to:

(9) If the terms of a trust provide for the appointment of Pagemore 13than one trustee but confer upon one or more of 46the CODING:trustees, to the exclusion of the others, the power to direct or prevent specified actions of the trustees, the excluded trustees shall act in accordance with the exercise of the power.

Words stricken are deletions;

words underlined are additions.

hb0609-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 609 2021 more than one trustee but confer upon one or more of the trustees, to the exclusion of the others, the power to direct or prevent specified actions of the trustees, the excluded trustees shall act in accordance with the exercise of the power.

The trustee or trustees having the power to direct or prevent actions of the excluded trustees shall be liable to the beneficiariesPage with14 respect to the exercise of the49 powerCODING: as if the excluded trustees were not in office and shall have the exclusive obligation to account to and to defend any action brought by the beneficiaries with respect to the exercise of the power.

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words underlined are additions.

hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 beneficiaries with respect to the exercise of the power as if the excluded trustees were not in office and shall have the exclusive obligation to account to and to defend any action brought by the beneficiaries with respect to the exercise of the power.

Subsection (7) of section 736.1008, Florida Statutes, is renumbered as subsection (8), paragraph (a) of subsection (1), subsection (2), and paragraphs (a) and (c) of subsection (4) are amended, and a new subsection (7) is added to Pagethat 14section, ofto 46read: CODING:

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hb0609-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 609 2021 that section, to read:

(2) Unless sooner barred by adjudication, consent, or limitations, a beneficiary is barred from bringing an action against a trustee for breach of trust with respect to a matter thatPage was15 adequately disclosed in a trust disclosure document unless a proceeding to assert the claim is commenced within 6 months after receipt from the trustee or a trust director of the49 trustCODING: disclosure document or a limitation notice that applies to that disclosure document, whichever is received later.

Words stricken are deletions;

words underlined are additions.

hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 that was adequately disclosed in a trust disclosure document unless a proceeding to assert the claim is commenced within 6 months after receipt from the trustee or a trust director of the trust disclosure document or a limitation notice that applies to that disclosure document, whichever is received later.

(c) "Limitation notice" means a written statement of the Pagetrustee 15or a trust director that an action by a beneficiary against the trustee for breach of 46trust CODING:based on any matter adequately disclosed in a trust disclosure document may be barred unless the action is commenced within 6 months after receipt of the trust disclosure document or receipt of a limitation notice that applies to that trust disclosure document, whichever is later.

Words stricken are deletions;

words underlined are additions.

hb0609-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 609 2021 trustee or a trust director that an action by a beneficiary against the trustee for breach of trust based on any matter adequately disclosed in a trust disclosure document may be barred unless the action is commenced within 6 months after receipt of the trust disclosure document or receipt of a limitation notice that applies to that trust disclosure document, whichever is later.

If you have questions, pleasePage consult16 yourof attorney."49 (7)CODING: Any claim barred against a trustee or trust director under this section is also barred against the directors, officers, and employees acting for the trustee.

Section 10.

Paragraphs (e), (f), and (g) of subsection (1) of section 736.1017, Florida Statutes, are redesignated as paragraphs (f), (g), and (h), respectively, and new paragraph (e) is added to that subsection, to read:

736.1017 Certification of trust.— (1) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information:

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hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 (e)please Whetherconsult theyour trustattorney." contains(7) anyAny powersclaim ofbarred direction,against anda iftrustee so,or the identity of the current trust directors,director theunder trusteethis powerssection subjectis toalso abarred poweragainst of direction, and whether the trustdirectors, directorsofficers, haveand directedemployees oracting authorized the trustee to engage in the proposed transaction for which the certificationtrustee. of trust was issued.

Section 10.

Paragraphs (e), (f), and (g) of subsection (1) of section 736.1017, Florida Statutes, are redesignated as paragraphs (f), (g), and (h), respectively, and a new paragraph (e) is added to that subsection, to read:

736.1017 Certification of trust.— (1) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information:

(e) Whether the trust contains any powers of direction, and if so, the identity of the current trust directors, the trustee powers subject to a power of direction, and whether the trust directors have directed or authorized the trustee to engage in the proposed transaction for which the certification of trust was issued.

736.1105, F.S., for present text.) 736.1105 Effect of subsequent marriage, birth, adoption, or dissolution of marriage.— (1)Page Neither17 subsequent marriage, birth, nor adoption of descendants49 shallCODING: revoke the revocable trust of any person.

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hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 (1) Neither subsequent marriage, birth, nor adoption of descendants shall revoke the revocable trust of any person.

Page1. 17 of 46 CODING:

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hb0609-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 609 2021 1.

homestead protections.— (1)Page If18 a devise of homestead49 underCODING: a trust violates the limitations on the devise of homestead in s.

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hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 (1) If a devise of homestead under a trust violates the limitations on the devise of homestead in s.

(3) If a trust directs the sale of property that would otherwise qualify as protected homestead, and the property is not subject to the constitutional limitations on the devise of Pagehomestead 18under the State Constitution, title shall remain vested in the trustee and subject to the provisions of 46the CODING:trust.

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hb0609-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 609 2021 homestead under the Florida Constitution, title shall remain vested in the trustee and subject to the provisions of the trust.

Section 736.1401, Florida Statutes, is created toPage read:19 of 49 CODING:

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words underlined are additions.

hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 to read:

(b) If the principal place of administration of the trust Pageis 19changed to the state on or after July 1, 2021, this part applies only to a decision or action occurring on or after the date of 46the CODING:change.

Words(2) strickenIn areaddition deletions;to s.

words736.0108, underlinedrelating to a trust's principal place of administration, in a directed trust, terms of the trust that designate the principal place of administration of the trust in the state are additions.valid and controlling if a trust director's principal place of business is located in or a trust director is a resident of the state.

hb0609-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 609 2021 is changed to the state on or after July 1, 2021, this part applies only to a decision or action occurring on or after the date of the change.

(2) In addition to the provisions of s.

736.0108, in a directed trust, terms of the trust that designate the principal place of administration of the trust in the state are valid and controlling if a trust director's principal place of business is located in or a trust director is a resident of the state.

736.1405 Exclusions.— (1)Page As20 used in this section, the term "power of appointment"49 meansCODING: a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.

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words underlined are additions.

hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 (1) As used in this section, the term "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.

(d) A power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial Pageinterest 20of: of 46 CODING:

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words underlined are additions.

hb0609-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 609 2021 interest of:

or 2.Page 21 of 49 CODING:

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words underlined are additions.

hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 2.

(b) To create, modify, or terminate a power of appointment,appointment is a power of direction and not a power of Pageappointment, 21except a power to create a power of 46appointment CODING:that is an element of a broader power to affect an ownership interest in trust property beyond the mere creation of a power of appointment, such as a power to appoint trust property in further trust, is a power of appointment and not a power of direction.

Words stricken are deletions;

words underlined are additions.

hb0609-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 609 2021 appointment, except a power to create a power of appointment that is an element of a broader power to affect an ownership interest in trust property beyond the mere creation of a power of appointment, such as a power to appoint trust property in further trust, is a power of appointment and not a power of direction.

736.1407, relating to trust directors being subject to the termssame ofrules as a trusttrustee mayregarding grantSocial aSecurity powerAct ofreimbursement directionrequirements toand acharitable trust director.Page 22 of 49 CODING:

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words underlined are additions.

hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 instruments, the terms of a trust may grant a power of direction to a trust director.

736.1407 Limitations on trust director.—A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a Pagepower 22 of 46direction CODING:or further power under s.

Words736.1406(3)(a), strickenrelating areto deletions;additional power granted to a trust director in furtherance of an express power of direction, regarding:

words underlined are additions.

hb0609-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 609 2021 power of direction or further power under s.

736.1406(3)(a) regarding:

SectionPage 19.23 of 49 CODING:

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words underlined are additions.

hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 Section 19.

736.1406(3)(a):736.1406(3)(a), relating to additional power granted to a trust director in furtherance of an express power of direction:

(2) Unless the terms of a trust provide otherwise, if a Pagetrust 23director is licensed, certified, or otherwise authorized or permitted by law other than this part to provide health care in the ordinary course of 46the CODING:trust director's business or practice of a profession, to the extent the trust director acts in that capacity the trust director has no duty or liability under this part.

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hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 trust(3) directorThe isterms licensed, certified, or otherwise authorized or permitted by law other than this part to provide health care in the ordinary course of thea trust director'smay businessimpose or practice of a profession,duty toor theliability extenton thea trust director acts in thataddition capacityto the trustduties directorand hasliabilities no duty or liability under this part.section.

(3) The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liabilities under this section.

736.1406(3)(a)736.1406(3)(a), relating to additional power granted to a trust director in furtherance of an express power of direction, and the trustee is not liable for such reasonable action.

736.1406(3)(a)736.1406(3)(a), relating to additional power granted to a trust director in furtherance of an express power of direction, to the extent that by complying the trustee would engage in willful misconduct.

The exercise of a power of direction is not outside the scope of a trust director's power of direction merely because the exercise constitutes or may constitute a Page 2425 of 4649 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 outside the scope of a trust director's power of direction merely because the exercise constitutes or may constitute a breach of trust.

736.1411, relating to limitations on the duties of trustees or trust directors to monitor, inform, or advise on matters involving the other, a trustee shall provide information to a trust director to the extent the information is reasonably related to the powers or duties of the trust Page 2526 of 4649 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 director.

736.1411, relating to limitations on the duties of trustees or trust directors to monitor, inform, or advise on matters involving the other, a trust director shall provide information to a trustee or another trust director to the extent the information is reasonably related to the powers or duties of the trustee or other trust director.

736.1409(1), unlessrelating to the termsduty ofPage a27 trustof provide49 otherwise:CODING:

(a) A trustee does not have a duty to:

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hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 1.of a directed trustee to take reasonable action when directed and to the release of liability for such action, unless the terms of a trust provide otherwise:

(a) A trustee does not have a duty to:

1.

736.1408(1), relating to the fiduciary duty of a trust director, unless the terms of a trust provide otherwise:

736.1412 Application to cotrustee.— (1)Page The28 terms of a49 trustCODING: may provide for the appointment of more than one trustee but confer upon one or more of the trustees, to the exclusion of the others, the power to direct or prevent specified actions of the trustees.

(2) The excluded trustees shall act in accordance with the Page 27 of 46 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 exercise(1) The terms of thea powertrust inmay provide for the manner,appointment andof withmore thethan sameone dutytrustee andbut liability,confer asupon directedone trusteesor withmore respectof the trustees, to athe trustexclusion director'sof the others, the power ofto directiondirect underor ss.prevent specified actions of the trustees.

736.1409,(2) 736.141,The excluded trustees shall act in accordance with the exercise of the power in the manner, and 736.1411.with the same duty and liability, as directed trustees with respect to a trust director's power of direction under s.

736.1409, relating to the duties and liabilities of a directed trustee;

s.

736.141, relating to the duties of a trustee and trust director to provide and rely on information;

and s.

736.1411, relating to limitations on the duties of trustees or trust directors to monitor, inform, or advise on matters involving the other.

736.1413 Limitation of action against trust director.— (1) An action against a trust director for breach of trust must be commenced within the same limitation period asfor underan s.Page 29 of 49 CODING:

736.1008 in an action for breach of trust against a trustee in a like position and under similar circumstances.

(2) A trust accounting or any other written report of a trustee or a trust director has the same effect on the limitation period for an action against a trust director for breach of trust that such trust accounting or written report would have under s.

736.1008 in an action for breach of trust against a trustee in a like position and under similar circumstances.

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hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 Sectionaction 25.for breach of trust against a trustee in a like position and under similar circumstances under s.

736.1008, relating to limitations on proceedings against trustees.

(2) A trust accounting or any other written report of a trustee or a trust director has the same effect on the limitation period for an action against a trust director for breach of trust that such trust accounting or written report would have under s.

736.1008, relating to limitations on proceedings against trustees, in an action for breach of trust against a trustee in a like position and under similar circumstances.

Section 25.

(2)Page This30 section does not preclude other methods of obtaining49 jurisdictionCODING: over a trust director.

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words underlined are additions.

hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 (2) This section does not preclude other methods of obtaining jurisdiction over a trust director.

(a) Role of court in trust proceedings under s.

(b) Proceedings for review of employment of agents and review of compensation of trustee and employees of a trust under Pages. 29 of 46 CODING:

Words stricken are deletions;

words underlined are additions.

hb0609-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 609 2021 s.

736.0302(4).736.0302(4), relating to how trustees with discretionary power to make trust distributions do not have a power of appointment for purposes of representing persons affected by such power.

(d) DesignatedProhibition on a trustee acting as a designated representative under s.

(e) RequirementsValidation forof creationpower ofto select a trustbeneficiary from an indefinite class under s.

(f) As to allowing application by the trust director for judicial modification,modification construction,of ora terminationtrust when such modification is not inconsistent with the settlor's purpose under s.

736.04113, s.for judicial construction of provisions relating to federal taxes Page 31 of 49 CODING:

736.04114,Words s.stricken are deletions;

736.04115,words orunderlined s.are additions.

736.0414(2)hb0609-01-c1 ifF theL trustO directorR isI soD authorizedA byH theO termsU ofS theE trust.O F R E P R E S E N T A T I V E S CS/HB 609 2021 under s.

736.04114, for judicial modification of a trust when such modification is in the best interest of the beneficiaries under s.

736.04115, or for judicial modification or termination of an uneconomic trust under s.

736.0414(2), if the trust director is so authorized by the terms of the trust.

736.0504.736.0504, relating to special provisions regarding discretionary trusts.

(h) Creditors'Trust assets not being subject to creditor claims againstby settlorreason of discretionary powers granted to a trustee under s.

(i) Trustee'sA trustee's duty to pay expensestrust obligations and expenses before paying obligations and expenses of athe settlor's estate under s.

(j) Acceptance or declination of a trusteeship under s.

(k) GivingRequirement ofto give bond to secure performance under certain circumstances and court discretions relating to such bonds under s.

(l) VacancyFilling trustee vacancies and court appointment of successoran additional trustee or special fiduciary under s.

(m) Resignation of a trustee under s.

736.0705.736.0705, including requirements, court authorizations, and remaining liabilities.

(n) RemovalCourt removal of a trustee, including who may request a removal, under s.

736.0706, but not to give the trust director thePage power32 to request removal of a49 trustee.CODING:

(o) Reasonable compensation under s.

736.0708.

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hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 (p)the Reimbursementpower ofto expensesrequest underremoval s.of a trustee.

(o) Reasonable compensation of a trustee or professional acting as a trustee under s.

736.0708.

(p) Entitlement of a trustee to reimbursement of expenses and liens to secure advances under s.

(q) PaymentAuthority ofto pay costs or attorney fees without approval under s.

736.0802(10), if the trust director has a power of direction,direction oror, if the trust director has a further power to direct, the payment of such costs or attorney fees under s.

736.1406(2)736.1406(2), relating to the explicit power of direction granted to a trust director, or (3)(a).s.

(r)736.1406(3)(a), Discretionaryrelating to the implied additional power andof taxa savingsdirector provisionsin underfurtherance s.of an express power of direction.

(r) Limitations on a trustee's discretionary powers under s.

(s) Administration pendingof outcometrusts ofby contesttrustees without regard to pending contests or otherproceedings, proceedingexcept as the court directs, under s.

(t) ApplicabilityA oftrustee's obligation to invest in accordance with chapter 518 under s.

(u) NonapplicationThe ofexception to the prudent investor rule for life insurance under s.

(v) Remedies available for a trustee breach of trust under s.

(w) Damages against a trustee for breach of trust under s.

736.1002.Page 33 of 49 CODING:

(x)Words Damagesstricken inare absencedeletions; of breach under s.

736.1003.words underlined are additions.

(y)hb0609-01-c1 Attorney'sF feesL andO costsR underI s.D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 736.1002.

736.1004.(x) A trustee's immunity from liability for loss or no profit under s.

(z)736.1003 Trustee'sif attorneythere feesis underno s.breach of trust.

736.1007(5),(y) (6),Court-awarded attorney fees and (7).costs under s.

(aa)736.1004 Reliancefor onbreach aof trust instrumentchallenges. under s.

736.1009.(z) Fees available to a trustee's attorney for extraordinary service under s.

(bb)736.1007(5), Eventscourt affectingvariance administrationof compensation for a trustee's attorney under s.

736.1007(6), and agreements between a settlor and an attorney for fees to be provided to a trustee under s.

736.1007(7).

(aa) A trustee's immunity from liability for a breach of trust under s.

736.1009 if the trustee relied on the trust instrument terms.

(bb) Limitations on a trustee's liability for acting without knowledge of relevant events under s.

(cc) ExculpationLimitations on a trustee's exculpation of liability under the terms of a trust under s.

(dd) Beneficiary'sThe release of a trustee from liability with consent, release,the release or ratification of a beneficiary, and the limitations on such actions under s.

(ee) Limitations on actionsimposing againstliability certainon trustsa trustee for obligations of a settlor under s.

Page(2) 31If a person has not accepted a trust directorship under the terms of 46the CODING:trust or has accepted or declined a trusteeship under s.

736.0701 or a trustee, settlor, or a Page 34 of 49 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 (2)qualified Ifbeneficiary of the trust is uncertain whether such acceptance has occurred, a trustee, settlor, or a qualified beneficiary of the trust may make a written demand on a person hasdesignated notto acceptedserve as a trust directorshipdirector, underwith a written copy to the termstrustees, to accept or confirm prior acceptance of the trust ordirectorship underin s.writing.

736.0701 or a trustee, settlor, or a qualified beneficiary of the trust is uncertain whether such acceptance has occurred, a trustee, settlor, or a qualified beneficiary of the trust may make a written demand on a person designated to serve as a trust director, with a written copy to the trustees, to accept or confirm prior acceptance of the trust directorship in writing.

(1) "Community property" means the property and the appreciation of and income from the property owned by a qualified trustee of a community property trust during the Page 3235 of 4649 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 appreciation of and income from the property owned by a qualified trustee of a community property trust during the marriage of the settlor spouses.

(a) Termination of a marriage by a decree of dissolution, divorce, annulmentannulment, or declaration of invalidity;

A qualified trustee's powers include, but are not limited to, maintaining records for the trust on an exclusive or a nonexclusive basis and preparing or arranging for the Pagepreparation 33of, ofon 46an CODING:exclusive or a nonexclusive basis, any income tax returns that must be filed by the trust.

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hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 preparation(7) of,"Settlor onspouses" anmeans exclusive or a nonexclusivemarried basis,couple anywho incomeestablish taxa returnscommunity thatproperty musttrust bepursuant filedto bythis thepart. trust.

(7) "Settlor spouses" means a married couple who establish a community property trust pursuant to this part.

THE CONSEQUENCES OF THIS COMMUNITY PROPERTY TRUST MAY BE VERY EXTENSIVE, INCLUDING, BUT NOT LIMITED TO, YOUR RIGHTS WITH RESPECT TO CREDITORS AND OTHER THIRD PARTIES, AND YOUR RIGHTS WITH YOUR SPOUSE DURING THE PageCOURSE 34OF ofYOUR 46MARRIAGE, CODING:AT THE TIME OF A DIVORCE, AND UPON THE DEATH OF YOU OR YOUR SPOUSE.

ACCORDINGLY, Page 37 of 49 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 COURSETHIS OFTRUST YOURAGREEMENT MARRIAGE,SHOULD ATONLY THEBE TIMESIGNED OFAFTER ACAREFUL DIVORCE,CONSIDERATION. AND UPON THE DEATH OF YOU OR YOUR SPOUSE.

ACCORDINGLY, THIS TRUST AGREEMENT SHOULD ONLY BE SIGNED AFTER CAREFUL CONSIDERATION.

(e) Any other matter that affects the property transferred to the trust and does not violate public policy or general law imposing a criminal penalty, or result in the property not being treated as community property under the laws of any Pagejurisdiction. 35 of 46 CODING:

(2) In the event of the death of a settlor spouse, the Page 38 of 49 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 jurisdiction.surviving spouse may amend a community property trust regarding the disposition of that spouse's one-half share of the community property, regardless of whether the agreement provides that the community property trust is irrevocable.

(2) In the event of the death of a settlor spouse, the surviving spouse may amend a community property trust regarding the disposition of that spouse's one-half share of the community property, regardless of whether the agreement provides that the community property trust is irrevocable.

effect of distributions.— (1) Whether both, one, or neither is domiciled in the state, settlor spouses may classify any or all of their property as community property by transferring that property to a Pagecommunity 36property oftrust 46and CODING:providing in the trust that the property is community property pursuant to this part.

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hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 (2) A community property trust and providing in the trust that the property is communityenforceable propertywithout pursuantconsideration. to this part.

(2) A community property trust is enforceable without consideration.

(2) An obligation incurred by both spouses during the marriage may be satisfied from a community property trust of the Pagesettlor 37spouses. of 46 CODING:

Section 35.

Section 736.1507, Florida Statutes, is created Page 40 of 49 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 settlorto spouses.read:

Section 35.

Section 736.1507, Florida Statutes, is created to read:

736.1508 Dissolution of marriage.—Upon the dissolution of the marriage of the settlor spouses, the community property trust shall terminate and the trustee shall distribute one-half of the trust assets to each spouse, with each spouse receiving Page 3841 of 4649 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 trust shall terminate and the trustee shall distribute one-half of the trust assets to each spouse, with each spouse receiving one-half of each asset, unless otherwise agreed to in writing by both spouses.

(2) The settlor spouses shall be deemed to have beneficial title in equity to the homestead property held subject to a Pagecommunity 39property oftrust 46for CODING:all purposes, including for purposes of s.

196.031.

Page 42 of 49 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 communitySection property39. trust for all purposes, including for purposes of s.

196.031.

Section 39.

(b) The spouse against whom enforcement is sought did not Pageexecute 40the ofcommunity 46property CODING:trust agreement voluntarily;

or (c) Before execution of the community property trust Page 43 of 49 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 executeagreement, the communityspouse propertyagainst trustwhom agreementenforcement voluntarily;is sought:

or (c) Before execution of the community property trust agreement, the spouse against whom enforcement is sought:

The name, telephone number, street address, and mailing Pageaddress 41of the trustee and of 46any CODING:individuals who may be contacted for further information.

Page 44 of 49 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 addressb. of the trustee and of any individuals who may be contacted for further information.

b.

Page(I) 42If ofat 46the CODING:time the determination is made there are one or more beneficiaries as described in s.

736.0103(19)(c) s.

Page 45 of 49 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 (I)736.0103(16)(c), If at theleast timea themajority determinationin isinterest madeof therethe are one or more beneficiaries as described in s.

736.0103(19)(c) s.

736.0103(16)(c), at least a majority in interest of the beneficiaries described in s.

If a trust that was revocable when created thereafter becomes irrevocable, the irrevocable trust is created Pagewhen 43the right of 46revocation CODING:terminates.

Section 42.

Paragraph (a) of subsection (2) of section Page 46 of 49 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 when736.08125, theFlorida rightStatutes, ofis revocationamended terminates.to read:

Section 42.

Paragraph (a) of subsection (2) of section 736.08125, Florida Statutes, is amended to read:

Page736.0103(19)(c) 44s. of 46 CODING:

Words stricken are deletions;

words underlined are additions.

hb0609-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB 609 2021 736.0103(19)(c) s.

2.Page 47 of 49 CODING:

Words stricken are deletions;

words underlined are additions.

hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 609 2021 2.

69.031 and the only transactions that occur in that account are interest accrual, deposits from a settlement, or financial institution service charges, the guardian may elect to file an Page 4548 of 4649 CODING:

hb0609-00hb0609-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 609 2021 interest accrual, deposits from a settlement, or financial institution service charges, the guardian may elect to file an accounting consisting of:

Except as otherwise expressly provided in this act and except for this section, which shall take effect upon this act becoming a law, this act shall take effect July 1, 2021.

Page 4649 of 4649 CODING:

hb0609-00hb0609-01-c1