– Parents can now represent and bind their unborn children and unborn descendants in trusts, as long as there is no conflict of interest.
– The statutory rule against perpetuities for trusts created on or after July 1, 2022, will now apply 1,000 years in place of “90 years” unless the terms of the trust require a shorter period.
– Changes have been made to methods and waiver of notice for trust administration and accounting. – Permissible methods of notice under the Trust Code now include e-mails.
– A trust created for a noncharitable purpose without a definite or definitely ascertainable beneficiary may not be enforced for more than 1,000 years.
– The terms of a trust may limit the duties of a trustee of a family trust company to inform and account, with the possibility of accounting to the qualified beneficiaries only at certain specified times. – Family trust companies may now elect to provide qualified beneficiaries with certain information for any accounting period, including a notice of the election, required information, and a financial statement summarizing trust assets and liabilities.
– The financial statement must include comprehensive information on the trust’s assets and liabilities, as well as transaction details during the accounting period.
– The new statute also includes provisions for Spousal Limited Access Trusts (“SLATs”), allowing a contributing spouse to be a beneficiary in the event of the beneficiary spouse’s death.
– George J. Taylor, a partner at Brinkley Morgan, specializes in Estate and Trust Litigation and Business Litigation.
Amendments to Florida’s Trust Code Bring Wide-Ranging Changes
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