The Florida Senate

736.0111  Nonjudicial settlement agreements.--

(1)  For purposes of this section, the term "interested persons" means persons whose interest would be affected by a settlement agreement.

(2)  Except as otherwise provided in subsection (3), interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.

(3)  A nonjudicial settlement agreement among the trustee and trust beneficiaries is valid only to the extent the terms and conditions could be properly approved by the court. A nonjudicial settlement may not be used to produce a result not authorized by other provisions of this code, including, but not limited to, terminating or modifying a trust in an impermissible manner.

(4)  Matters that may be resolved by a nonjudicial settlement agreement include:

(a)  The interpretation or construction of the terms of the trust.

(b)  The approval of a trustee's report or accounting.

(c)  The direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power.

(d)  The resignation or appointment of a trustee and the determination of a trustee's compensation.

(e)  The transfer of a trust's principal place of administration.

(f)  The liability of a trustee for an action relating to the trust.

(5)  Any interested person may request the court to approve or disapprove a nonjudicial settlement agreement.

History.--s. 1, ch. 2006-217.