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2024 Florida Statutes

Title XLII ESTATES AND TRUSTS
Chapter 738 UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT Entire Chapter
SECTION 501
Disbursement from income.
F.S. 738.501
738.501 Disbursement from income.—Subject to s. 738.504, and except as otherwise provided in s. 738.601(3)(b) or (c), a fiduciary shall disburse from income:
(1) One-half of:
(a) The regular compensation of the fiduciary and of any person providing investment advisory, custodial, or other services to the fiduciary to the extent that income is sufficient; and
(b) An expense for an accounting, judicial or nonjudicial proceeding, or other matter that involves both income and successive interests to the extent income is sufficient.
(2) The balance of the disbursements described in subsection (1), to the extent that a fiduciary who is an independent person determines that making those disbursements from income would be in the interests of the beneficiaries.
(3) Any other ordinary expense incurred in connection with administration, management, or preservation of property and distribution of income, including interest, an ordinary repair, a regularly recurring tax assessed against principal, and an expense of an accounting, judicial or nonjudicial proceeding, or other matter that involves primarily an income interest, to the extent that income is sufficient.
(4) A premium on insurance covering loss of a principal asset or income from or use of the asset.
History.—s. 1, ch. 2002-42; s. 15, ch. 2012-49; s. 36, ch. 2024-216.