THE BILL ITSELF
HB 895
Trustee Settlement and Discharge
2
An act relating to trustee settlement and discharge;
3
creating s. 736.10081, F.S.; authorizing a trustee to
4
obtain a settlement of his or her accounts and be
5
discharged under certain circumstances; requiring a
6
trustee seeking settlement and discharge to send a
7
trust disclosure document to specified persons;
8
requiring that certain information be included in the
9
trust disclosure document; requiring that the trust
10
disclosure document and any objections be sent with a
11
certain notice; providing applicability; providing
12
that an objection need not state the grounds for the
13
objection; providing that a trustee is discharged upon
14
completion of distributions or transfers if no timely
15
written objections are received and is discharged from
16
all liability and claims arising out of any matter
17
disclosed in the trust disclosure document; providing
18
that a waiver of the right to object is treated as an
19
expiration of the timeframe to object; providing
20
construction; providing applicability; providing an
21
effective date.
23
Be It Enacted by the Legislature of the State of Florida:
25
Section 1. Section 736.10081, Florida Statutes, is created
26
to read:
27
736.10081 Nonjudicial settlement and discharge of a
28
trustee; disclosure; objections.—
29
(1) A trustee who is in substantial compliance with the
30
duty to inform and account under s. 736.0813 may obtain a
31
settlement of his or her accounts and be discharged pursuant to
32
this section when either of the following occurs 6 months
33
after the trustee's acceptance:
34
(a) The trust terminates.
35
(b) A trustee resigns or is removed from the trust.
36
(2) A trustee seeking settlement and discharge pursuant to
37
this section must send to the trust's qualified beneficiaries
38
and any cotrustee, and the immediate successor trustee if the
39
trust is not terminating, a trust disclosure document as defined
40
in s. 736.1008(4) which contains all of the following:
41
(a) The name, mailing address, telephone number, and e-
42
mail address of the trustee seeking discharge.
43
(b) A plan of distribution which includes all of the
44
following:
45
1. A schedule of the assets reasonably anticipated to be
46
disbursed or distributed by the trustee.
47
2. The amount of any debts, expenses, and taxes to be paid
48
by the trustee.
49
3. Any reasonable reserve to be held by the trustee.
50
(c) If the trustee's duty to account has not been waived,
51
a trust accounting as defined in s. 736.1008(4) for the period
52
for which an accounting has not been previously provided to the
53
qualified beneficiaries of the trust.
54
(d) A statement that the trust has terminated or that the
55
trustee has resigned or has been removed.
56
(e) A notice with substantially the following language in
57
at least 12-point type:
59
"NOTICE: Any claim or cause of action you might have
60
against the trustee arising from any matter disclosed
61
in a trust disclosure document may be barred unless a
62
written statement objecting is received by the trustee
63
from you within 60 days after your receipt of this
64
trust disclosure document and notice. If you have
65
questions, please consult your attorney."
67
(3) The trustee shall also send the trust disclosure
68
document described in subsection (2) to any other person who the
69
trustee reasonably believes would be affected by the trust
70
disclosure document. The trust disclosure document and any
71
objections must be sent with the notice requirements of s.
72
736.0109, except that s. 736.0109(3) does not apply.
73
(4) This section does not apply if the trustee receives a
74
written objection within 60 days after sending the trust
75
disclosure document. An objection does not need to state the
76
grounds for the objection or be in any particular form.
77
(5) If the trustee does not receive a timely written
78
objection, the trustee is discharged upon completion of all
79
distributions or transfers in accordance with the plan of
80
distribution and is discharged from all liability and claims
81
arising from any matter adequately disclosed in the trust
82
disclosure document, including any claim that the trustee failed
83
to inform and account pursuant to s. 736.0813, with the same
84
effect as if the court had entered a final order approving that
85
act or omission.
86
(6) A waiver of the right to object pursuant to this
87
section is treated as the expiration of the 60-day period
88
without objection.
89
(7) This section is in addition to, and not a replacement
90
of, rights of a trustee to otherwise settle the trustee's
91
accounts.
92
Section 2. This act applies to all trusts that are
93
irrevocable or become irrevocable on or after the effective date
94
of this act.
95
Section 3. This act shall take effect upon becoming a law.