Florida Statutes § 738.302

Applications; duties and remedies

2026 Florida Statutes.

Amended 2026 Florida StatutesSee what changed

  1. (1)
    Except as otherwise provided in subsection (2), ss. 738.301-738.310 apply to all of the following:
    1. (a)
      An income trust, unless the terms of the trust expressly prohibit the use of ss. 738.301-738.310 by a specific reference to this paragraph or corresponding provision of prior law, or an explicit expression of intent that net income not be calculated as a unitrust amount.
    2. (b)
      An express unitrust, except to the extent that the terms of the trust explicitly: 1. Prohibit the use of ss. 738.301-738.310 by a specific reference to this paragraph or corresponding provision of prior law; 2. Prohibit conversion to an income trust; or 3. Limit changes to the method of calculating the unitrust amount.
    3. (c)
      A unitrust that had been converted from an income trust.
  2. (2)
    The provisions of ss. 738.301-738.310 do not apply to a trust described in s. 170(f)(2)(B), s. 642(c)(5), s. 664(d), s. 2702(a)(3)(A)(ii) or (iii), or s. 2702(b) of the Internal Revenue Code.
  3. (3)
    An income trust to which ss. 738.301-738.310 apply under paragraph (1)(a) may be converted to a unitrust under ss. 738.301-738.310 regardless of the terms of the trust concerning distributions. Conversion to a unitrust under ss. 738.301-738.310 does not affect other terms of the trust concerning distributions of income or principal.
  4. (4)
    Sections 738.301-738.310 apply to an estate only to the extent that a trust is a beneficiary of the estate. To the extent of the trust’s interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under those sections.
  5. (5)
    The provisions of ss. 738.301-738.310 do not create a duty to take or consider action under ss. 738.301-738.310 or to inform a beneficiary about the applicability of ss. 738.301-738.310.
  6. (6)
    A fiduciary that in good faith takes or fails to take an action under ss. 738.301-738.310 is not liable to a person affected by the action or inaction.

History

History.—s. 1, ch. 2002-42; s. 10, ch. 2012-49; s. 11, ch. 2024-216.