HB 1665

1
A bill to be entitled
2An act relating to disclaimers of property interests;
3creating the Florida Uniform Disclaimer of Property
4Interests Act; creating s. 739.101, F.S.; providing a
5short title; creating s. 739.102, F.S.; defining terms;
6creating s. 739.103, F.S.; providing the scope of the act;
7creating s. 739.104, F.S.; prescribing general provisions
8relating to persons' powers to disclaim an interest in or
9power over property; creating s. 739.201, F.S.;
10prescribing rules applicable to a disclaimer of an
11interest in property; creating s. 739.202, F.S.;
12prescribing rules applicable to a disclaimer of rights of
13survivorship in jointly held property; creating s.
14739.203, F.S.; prescribing rules applicable to a
15disclaimer of interests in property held as tenancy by the
16entirety; creating s. 739.204, F.S.; prescribing the
17effect of a disclaimer of interest by a trustee; creating
18s. 739.205, F.S.; prescribing rules with respect to a
19disclaimer of the power of appointment or other power not
20held in a fiduciary capacity; creating s. 739.206, F.S.;
21prescribing rules with respect to a disclaimer by the
22appointee, object, or taker in default of the exercise of
23power of appointment; creating s. 739.207, F.S.;
24prescribing rules with respect to the disclaimer of power
25held in a fiduciary capacity; creating s. 739.301, F.S.;
26providing guidelines for delivering or filing a
27disclaimer; creating s. 739.401, F.S.; providing when a
28disclaimer is permitted; creating s. 739.402, F.S.;
29providing when a disclaimer is barred or limited; creating
30s. 739.501, F.S.; prescribing the effect of a tax-
31qualified disclaimer; creating s. 739.601, F.S.; providing
32for recording a disclaimer relating to real estate;
33creating s. 739.701, F.S.; prescribing the application to
34existing relationships; amending s. 731.201, F.S.;
35providing applicability of certain definitions to the act;
36amending ss. 121.091 and 710.121, F.S., to conform;
37repealing s. 689.21, F.S., relating to disclaimer of
38interests in property passing under certain
39nontestamentary instruments or under certain powers of
40appointment; repealing s. 732.801, F.S., relating to
41disclaimer of interests in property passing by will or
42intestate succession or under certain powers of
43appointment; providing an effective date.
44
45Be It Enacted by the Legislature of the State of Florida:
46
47     Section 1.  Chapter 739, Florida Statutes, consisting of
48sections 739.101, 739.102, 739.103, 739.104, 739.201, 739.202,
49739.203, 739.204, 739.205, 739.206, 739.207, 739.301, 739.401,
50739.402, 739.501, 739.601, and 739.701, Florida Statutes, is
51created to read:
52     739.101  Short title.--This chapter may be cited as the
53"Florida Uniform Disclaimer of Property Interests Act."
54     739.102  Definitions.--As used in this chapter, the term:
55     (1)  "Benefactor" means the creator of the interest that is
56subject to a disclaimer.
57     (2)  "Beneficiary designation" means an instrument, other
58than an instrument creating or amending a trust, naming the
59beneficiary of:
60     (a)  An annuity or insurance policy;
61     (b)  An account with a designation for payment on death;
62     (c)  A security registered in beneficiary form;
63     (d)  A pension, profit-sharing, retirement, or other
64employment-related benefit plan; or
65     (e)  Any other nonprobate transfer at death.
66     (3)  "Disclaimant" means the person to whom a disclaimed
67interest or power would have passed had the disclaimer not been
68made.
69     (4)  "Disclaimed interest" means the interest that would
70have passed to the disclaimant had the disclaimer not been made.
71     (5)  "Disclaimer" means the refusal to accept an interest
72in or power over property. The term includes a renunciation.
73     (6)  "Fiduciary" means a personal representative, trustee,
74agent acting under a power of attorney, guardian, or other
75person authorized to act as a fiduciary with respect to the
76property of another person.
77     (7)  "Future interest" means an interest that takes effect
78in possession or enjoyment, if at all, later than the time of
79its creation.
80     (8)  "Insolvent" means that the sum of a person's debts is
81greater than all of the person's assets at fair valuation. A
82person is presumed to be "insolvent" if the person is generally
83not paying his or her debts as they become due.
84     (9)  "Jointly held property" means property held in the
85names of two or more persons under an arrangement in which all
86holders have concurrent interests and under which the last
87surviving holder is entitled to the whole of the property.
88Jointly held property does not include property held as tenants
89by the entirety.
90     (10)  "Person" includes individuals, ascertained and
91unascertained, living or not living, whether entitled to an
92interest by right of intestacy or otherwise; a government,
93governmental subdivision, agency, or instrumentality; and a
94public corporation.
95     (11)  "Time of distribution" means the time when a
96disclaimed interest would have taken effect in possession or
97enjoyment.
98     (12)  "Trust" means:
99     (a)  An express trust, including an honorary trust or a
100trust under s. 737.116, charitable or noncharitable, with
101additions thereto, whenever and however created.
102     (b)  A trust created pursuant to a law, judgment, or decree
103which requires the trust be administered in the manner of an
104express trust.
105
106As used in this chapter, the term "trust" does not include a
107constructive trust or a resulting trust.
108     739.103  Scope.--This chapter applies to disclaimers of any
109interest in or power over property, whenever created. Except as
110provided in s. 739.701, this chapter is the exclusive means by
111which a disclaimer may be made under the laws of this state.
112     739.104  Power to disclaim; general requirements; when
113irrevocable.--
114     (1)  A person may disclaim, in whole or in part,
115conditionally or unconditionally, any interest in or power over
116property, including a power of appointment. A person may
117disclaim the interest or power even if its creator imposed a
118spendthrift provision or similar restriction on transfer or a
119restriction or limitation on the right to disclaim. A disclaimer
120shall be unconditional unless the disclaimant explicitly
121provides otherwise in the disclaimer.
122     (2)  With court approval, a fiduciary may disclaim, in
123whole or part, any interest in or power over property, including
124a power of appointment. Without court approval, a fiduciary may
125disclaim, in whole or in part, any interest in or power over
126property, including a power of appointment, if and to the extent
127that the instrument creating the fiduciary relationship
128explicitly grants the fiduciary the right to disclaim. In the
129absence of a court-appointed guardian, notwithstanding anything
130in chapter 744 to the contrary, without court approval, a
131natural guardian under s. 744.301 may disclaim on behalf of a
132minor child of the natural guardian, in whole or in part, any
133interest in or power over property, including a power of
134appointment, which the minor child is to receive solely as a
135result of another disclaimer, but only if the disclaimed
136interest or power does not pass to or for the benefit of the
137natural guardian as a result of the disclaimer.
138     (3)  To be effective, a disclaimer must be in writing,
139declare the writing as a disclaimer, describe the interest or
140power disclaimed, and be signed by the person making the
141disclaimer and witnessed and acknowledged in the manner provided
142for deeds of real estate to be recorded in this state. In
143addition, for a disclaimer to be effective, an original of the
144disclaimer must be delivered or filed in the manner provided in
145s. 739.301.
146     (4)  A partial disclaimer may be expressed as a fraction,
147percentage, monetary amount, term of years, limitation of a
148power, or any other interest or estate in the property.
149     (5)  A disclaimer becomes irrevocable when any conditions
150to which the disclaimant has made the disclaimer subject are
151satisfied and when the disclaimer is delivered or filed pursuant
152to s. 739.301 or it becomes effective as provided in ss.
153739.201-739.207, whichever occurs later.
154     (6)  A disclaimer made under this chapter is not a
155transfer, assignment, or release.
156     739.201  Disclaimer of interest in property.--Except for a
157disclaimer governed by s. 739.202, s. 739.203, or s. 739.204,
158the following rules apply to a disclaimer of an interest in
159property:
160     (1)  The disclaimer takes effect as of the time the
161instrument creating the interest becomes irrevocable or, if the
162interest arose under the law of intestate succession, as of the
163time of the intestate's death.
164     (2)  The disclaimed interest passes according to any
165provision in the instrument creating the interest providing
166explicitly for the disposition of the interest, should it be
167disclaimed, or of disclaimed interests in general.
168     (3)  If the instrument does not contain a provision
169described in subsection (2), the following rules apply:
170     (a)  If the disclaimant is an individual, the disclaimed
171interest passes as if the disclaimant has predeceased the
172benefactor, unless the disclaimed interest is a remainder
173contingent on surviving to the time of distribution, in which
174case the disclaimed interest passes as if the disclaimant had
175died immediately before the time for distribution. However, if,
176by law or under the instrument, the descendants of the
177disclaimant would share in the disclaimed interest by any method
178of representation had the disclaimant died before the time of
179distribution, the disclaimed interest passes only to the
180descendants of the disclaimant surviving at the time of
181distribution.
182     (b)  If the disclaimant is not an individual, the
183disclaimed interest passes as if the disclaimant did not exist.
184     (c)  Upon the disclaimer of a preceding interest, a future
185interest held by a person other than the disclaimant takes
186effect as if the disclaimant had died or ceased to exist
187immediately before the time of distribution, but a future
188interest held by the disclaimant is not accelerated in
189possession or enjoyment as a result of the disclaimer.
190     739.202  Disclaimer of rights of survivorship in jointly
191held property.--
192     (1)  Upon the death of a holder of jointly held property:
193     (a)  If, during the deceased holder's lifetime, the
194deceased holder could have unilaterally regained a portion of
195the property attributable to the deceased holder's contributions
196without the consent of any other holder, another holder may
197disclaim, in whole or in part, a fractional share of that
198portion of the property attributable to the deceased holder's
199contributions determined by dividing the number one by the
200number of joint holders alive immediately after the death of the
201holder to whose death the disclaimer relates.
202     (b)  For all other jointly held property, another holder
203may disclaim, in whole or in part, a fraction of the whole of
204the property the numerator of which is one and the denominator
205of which is the product of the number of joint holders alive
206immediately before the death of the holder to whose death the
207disclaimer relates multiplied by the number of joint holders
208alive immediately after the death of the holder to whose death
209the disclaimer relates.
210     (2)  A disclaimer under subsection (1) takes effect as of
211the death of the holder of jointly held property to whose death
212the disclaimer relates.
213     (3)  An interest in jointly held property disclaimed by a
214surviving holder of the property passes as if the disclaimant
215predeceased the holder to whose death the disclaimer relates.
216     739.203  Disclaimer of property held as tenancy by the
217entirety.--
218     (1)  The survivorship interest in property held as a
219tenancy by the entirety to which the survivor succeeds by
220operation of law upon the death of the co-tenant may be
221disclaimed as provided in this chapter. For purposes of this
222chapter only, the deceased tenant's interest in property held as
223a tenancy by the entirety shall be deemed to be an undivided
224one-half interest.
225     (2)  A disclaimer under subsection (1) takes effect as of
226the death of the deceased tenant to whose death the disclaimer
227relates.
228     (3)  The survivorship interest in property held as a
229tenancy by the entirety disclaimed by the surviving tenant
230passes as if the disclaimant had predeceased the tenant to whose
231death the disclaimer relates.
232     (4)  A disclaimer of an interest in real property held as
233tenants by the entirety does not cause the disclaimed interest
234to be homestead property for purposes of descent and
235distribution under ss. 732.401 and 732.4015.
236     739.204  Disclaimer of interest by trustee.--If a trustee
237having the power to disclaim under the instrument creating the
238fiduciary relationship or pursuant to court order disclaims an
239interest in property that otherwise would have become trust
240property, the interest does not become trust property.
241     739.205  Disclaimer of power of appointment or other power
242not held in a fiduciary capacity.--If a holder disclaims a power
243of appointment or other power not held in a fiduciary capacity,
244the following rules apply:
245     (1)  If the holder has not exercised the power, the
246disclaimer takes effect as of the time the instrument creating
247the power becomes irrevocable.
248     (2)  If the holder has exercised the power and the
249disclaimer is of a power other than a presently exercisable
250general power of appointment, the disclaimer takes effect
251immediately after the last exercise of the power.
252     (3)  The instrument creating the power is construed as if
253the power expired when the disclaimer became effective.
254     739.206  Disclaimer by appointee, object, or taker in
255default of exercise of power of appointment.--
256     (1)  A disclaimer of an interest in property by an
257appointee of a power of appointment takes effect as of the time
258the instrument by which the holder exercises the power becomes
259irrevocable.
260     (2)  A disclaimer of an interest in property by an object,
261or taker in default of an exercise of a power of appointment,
262takes effect as of the time the instrument creating the power
263becomes irrevocable.
264     739.207  Disclaimer of power held in fiduciary capacity.--
265     (1)  If a fiduciary disclaims a power held in a fiduciary
266capacity which has not been exercised, the disclaimer takes
267effect as of the time the instrument creating the power becomes
268irrevocable.
269     (2)  If a fiduciary disclaims a power held in a fiduciary
270capacity which has been exercised, the disclaimer takes effect
271immediately after the last exercise of the power.
272     (3)  A disclaimer under this section is effective as to
273another fiduciary if the disclaimer so provides and the
274fiduciary disclaiming has the authority to bind the estate,
275trust, or other person for whom the fiduciary is acting.
276     739.301  Delivery or filing.--
277     (1)  Subject to subsections (2) through (12), delivery of a
278disclaimer may be effected by personal delivery, first-class
279mail, or any other method that results in its receipt. A
280disclaimer sent by first-class mail shall be deemed to have been
281delivered on the date it is postmarked. Delivery by any other
282method shall be effective upon receipt by the person to whom the
283disclaimer is to be delivered under this section.
284     (2)  In the case of a disclaimer of an interest created
285under the law of intestate succession or an interest created by
286will, other than an interest in a testamentary trust:
287     (a)  The disclaimer must be delivered to the personal
288representative of the decedent's estate; or
289     (b)  If no personal representative is serving when the
290disclaimer is sought to be delivered, the disclaimer must be
291filed with the clerk of the court in any county where venue of
292administration would be proper.
293     (3)  In the case of a disclaimer of an interest in a
294testamentary trust:
295     (a)  The disclaimer must be delivered to the trustee
296serving when the disclaimer is delivered or, if no trustee is
297then serving, to the personal representative of the decedent's
298estate; or
299     (b)  If no personal representative is serving when the
300disclaimer is sought to be delivered, the disclaimer must be
301filed with the clerk of the court in any county where venue of
302administration of the decedent's estate would be proper.
303     (4)  In the case of a disclaimer of an interest in an inter
304vivos trust:
305     (a)  The disclaimer must be delivered to the trustee
306serving when the disclaimer is delivered;
307     (b)  If no trustee is then serving, it must be filed with
308the clerk of the court in any county where the filing of a
309notice of trust would be proper; or
310     (c)  If the disclaimer is made before the time the
311instrument creating the trust becomes irrevocable, the
312disclaimer must be delivered to the grantor of the revocable
313trust or the transferor of the interest or to such person's
314legal representative.
315     (5)  In the case of a disclaimer of an interest created by
316a beneficiary designation made before the time the designation
317becomes irrevocable, the disclaimer must be delivered to the
318person making the beneficiary designation or to such person's
319legal representative.
320     (6)  In the case of a disclaimer of an interest created by
321a beneficiary designation made after the time the designation
322becomes irrevocable, the disclaimer must be delivered to the
323person obligated to distribute the interest.
324     (7)  In the case of a disclaimer by a surviving holder of
325jointly held property, or by the surviving tenant in property
326held as a tenancy by the entirety, the disclaimer must be
327delivered to the person to whom the disclaimed interest passes
328or, if such person cannot reasonably be located by the
329disclaimant, the disclaimer must be delivered as provided in
330subsection (2).
331     (8)  In the case of a disclaimer by an object, or taker in
332default of exercise, of a power of appointment at any time after
333the power was created:
334     (a)  The disclaimer must be delivered to the holder of the
335power or to the fiduciary acting under the instrument that
336created the power; or
337     (b)  If no fiduciary is serving when the disclaimer is
338sought to be delivered, the disclaimer must be filed with a
339court having authority to appoint the fiduciary.
340     (9)  In the case of a disclaimer by an appointee of a
341nonfiduciary power of appointment:
342     (a)  The disclaimer must be delivered to the holder, the
343personal representative of the holder's estate, or the fiduciary
344under the instrument that created the power; or
345     (b)  If no fiduciary is serving when the disclaimer is
346sought to be delivered, the disclaimer must be filed with a
347court having authority to appoint the fiduciary.
348     (10)  In the case of a disclaimer by a fiduciary of a power
349over a trust or estate, the disclaimer must be delivered as
350provided in subsection (2), subsection (3), or subsection (4) as
351if the power disclaimed were an interest in property.
352     (11)  In the case of a disclaimer of a power exercisable by
353an agent, other than a power exercisable by a fiduciary over a
354trust or estate, the disclaimer must be delivered to the
355principal or the principal's representative.
356     (12)  Notwithstanding subsection (1), delivery of a
357disclaimer of an interest in or relating to real estate shall be
358presumed upon the recording of the disclaimer in the office of
359the clerk of the court of the county or counties where the real
360estate is located.
361     (13)  A fiduciary or other person having custody of the
362disclaimed interest is not liable for any otherwise proper
363distribution or other disposition made without actual notice of
364the disclaimer or, if the disclaimer is barred under s. 739.402,
365for any otherwise proper distribution or other disposition made
366in reliance on the disclaimer, if the distribution or
367disposition is made without actual knowledge of the facts
368constituting the bar of the right to disclaim.
369     739.401  When disclaimer is permitted.--A disclaimer may be
370made at any time unless barred under s. 739.402.
371     739.402  When disclaimer is barred or limited.--
372     (1)  A disclaimer is barred by a written waiver of the
373right to disclaim.
374     (2)  A disclaimer of an interest in property is barred if
375any of the following events occurs before the disclaimer becomes
376effective:
377     (a)  The disclaimer accepts the interest sought to be
378disclaimed;
379     (b)  The disclaimant voluntarily assigns, conveys,
380encumbers, pledges, or transfers the interest sought to be
381disclaimed or contracts to do so;
382     (c)  The interest sought to be disclaimed is sold pursuant
383to a judicial sale; or
384     (d)  The disclaimant is insolvent when the disclaimer
385becomes irrevocable.
386     (3)  A disclaimer, in whole or in part, of the future
387exercise of a power held in a fiduciary capacity is not barred
388by its previous exercise.
389     (4)  A disclaimer, in whole or in part, of the future
390exercise of a power not held in a fiduciary capacity is not
391barred by its previous exercise unless the power is exercisable
392in favor of the disclaimant.
393     (5)  A disclaimer of an interest in, or a power over,
394property which is barred by this section is ineffective.
395     739.501  Tax-qualified disclaimer.--Notwithstanding any
396other provision of this chapter, if, as a result of a disclaimer
397or transfer, the disclaimed or transferred interest is treated
398pursuant to the provisions of s. 2518 of the Internal Revenue
399Code of 1986 as never having been transferred to the
400disclaimant, the disclaimer or transfer is effective as a
401disclaimer under this chapter.
402     739.601  Recording of disclaimer relating to real estate.--
403     (1)  A disclaimer of an interest in or relating to real
404estate does not provide constructive notice to all persons
405unless the disclaimer contains a legal description of the real
406estate to which the disclaimer relates and unless the disclaimer
407is filed for recording in the office of the clerk of the court
408in the county or counties where the real estate is located.
409     (2)  An effective disclaimer meeting the requirements of
410subsection (1) constitutes constructive notice to all persons
411from the time of filing. Failure to record the disclaimer does
412not affect its validity as between the disclaimant and persons
413to whom the property interest or power passes by reason of the
414disclaimer.
415     739.701  Application to existing relationships.--Except as
416otherwise provided in s. 739.402, an interest in or power over
417property existing on July 1, 2005, as to which the time for
418delivering or filing a disclaimer under laws superseded by this
419chapter has not expired, may be disclaimed after July 1, 2005.
420     Section 2.  Section 731.201, Florida Statutes, is amended
421to read:
422     731.201  General definitions.--Subject to additional
423definitions in subsequent chapters that are applicable to
424specific chapters or parts, and unless the context otherwise
425requires, in this code, in s. 409.9101, and in chapters 737,
426738, 739, and 744, the term:
427     (1)  "Authenticated," when referring to copies of documents
428or judicial proceedings required to be filed with the court
429under this code, means shall mean a certified copy or a copy
430authenticated according to the Federal Rules of Civil Procedure.
431     (2)  "Beneficiary" means heir at law in an intestate estate
432and devisee in a testate estate. The term "beneficiary" does not
433apply to an heir at law or a devisee after that person's
434interest in the estate has been satisfied. In the case of a
435devise to an existing trust or trustee, or to a trust or trustee
436described by will, the trustee is a beneficiary of the estate.
437Except as otherwise provided in this subsection, the beneficiary
438of the trust is not a beneficiary of the estate of which that
439trust or the trustee of that trust is a beneficiary. However, if
440each trustee is also a personal representative of the estate,
441the beneficiary or beneficiaries of the trust as defined in s.
442737.303(4)(b) shall be regarded as a beneficiary of the estate.
443     (3)  "Child" includes a person entitled to take as a child
444under this code by intestate succession from the parent whose
445relationship is involved, and excludes any person who is only a
446stepchild, a foster child, a grandchild, or a more remote
447descendant.
448     (4)  "Claim" means a liability of the decedent, whether
449arising in contract, tort, or otherwise, and funeral expense.
450The term does not include an expense of administration or
451estate, inheritance, succession, or other death taxes.
452     (5)  "Clerk" means the clerk or deputy clerk of the court.
453     (6)  "Court" means the circuit court.
454     (7)  "Curator" means a person appointed by the court to
455take charge of the estate of a decedent until letters are
456issued.
457     (8)  "Devise," when used as a noun, means a testamentary
458disposition of real or personal property and, when used as a
459verb, means to dispose of real or personal property by will or
460trust.  The term includes "gift," "give," "bequeath," "bequest,"
461and "legacy."  A devise is subject to charges for debts,
462expenses, and taxes as provided in this code, the will, or the
463trust.
464     (9)  "Devisee" means a person designated in a will or trust
465to receive a devise. Except as otherwise provided in this
466subsection, in the case of a devise to an existing trust or
467trustee, or to a trust or trustee of a trust described by will,
468the trust or trustee, rather than the beneficiaries of the
469trust, is the devisee. However, if each trustee is also a
470personal representative of the estate, the beneficiary or
471beneficiaries of the trust as defined in s. 737.303(4)(b) shall
472be regarded as a devisee.
473     (10)  "Distributee" means a person who has received estate
474property from a personal representative or other fiduciary other
475than as a creditor or purchaser. A testamentary trustee is a
476distributee only to the extent of distributed assets or
477increments to them remaining in the trustee's hands.  A
478beneficiary of a testamentary trust to whom the trustee has
479distributed property received from a personal representative is
480a distributee. For purposes of this provision, "testamentary
481trustee" includes a trustee to whom assets are transferred by
482will, to the extent of the devised assets.
483     (11)  "Domicile" means a person's usual place of dwelling
484and shall be synonymous with residence.
485     (12)  "Estate" means the property of a decedent that is the
486subject of administration.
487     (13)  "Exempt property" means the property of a decedent's
488estate which is described in s. 732.402.
489     (14)  "File" means to file with the court or clerk.
490     (15)  "Foreign personal representative" means a personal
491representative of another state or a foreign country.
492     (16)  "Formal notice" means formal notice under the Florida
493Probate Rules.
494     (17)  "Grantor" means one who creates or adds to a trust
495and includes "settlor" or "trustor" and a testator who creates
496or adds to a trust.
497     (18)  "Heirs" or "heirs at law" means those persons,
498including the surviving spouse, who are entitled under the
499statutes of intestate succession to the property of a decedent.
500     (19)  "Incompetent" means a minor or a person adjudicated
501incompetent.
502     (20)  "Informal notice" or "notice" means informal notice
503under the Florida Probate Rules.
504     (21)  "Interested person" means any person who may
505reasonably be expected to be affected by the outcome of the
506particular proceeding involved. In any proceeding affecting the
507estate or the rights of a beneficiary in the estate, the
508personal representative of the estate shall be deemed to be an
509interested person. In any proceeding affecting the expenses of
510the administration and obligations of a decedent's estate, or
511any claims described in s. 733.702(1), the trustee of a trust
512described in s. 733.707(3) is an interested person in the
513administration of the grantor's estate. The term does not
514include a beneficiary who has received complete distribution.
515The meaning, as it relates to particular persons, may vary from
516time to time and must be determined according to the particular
517purpose of, and matter involved in, any proceedings.
518     (22)  "Letters" means authority granted by the court to the
519personal representative to act on behalf of the estate of the
520decedent and refers to what has been known as letters
521testamentary and letters of administration. All letters shall be
522designated "letters of administration."
523     (23)  "Other state" means any state of the United States
524other than Florida and includes the District of Columbia, the
525Commonwealth of Puerto Rico, and any territory or possession
526subject to the legislative authority of the United States.
527     (24)  "Parent" excludes any person who is only a
528stepparent, foster parent, or grandparent.
529     (25)  "Personal representative" means the fiduciary
530appointed by the court to administer the estate and refers to
531what has been known as an administrator, administrator cum
532testamento annexo, administrator de bonis non, ancillary
533administrator, ancillary executor, or executor.
534     (26)  "Petition" means a written request to the court for
535an order.
536     (27)  "Probate of will" means all steps necessary to
537establish the validity of a will and to admit a will to probate.
538     (28)  "Property" means both real and personal property or
539any interest in it and anything that may be the subject of
540ownership.
541     (29)  "Protected homestead" means the property described in
542s. 4(a)(1), Art. X of the State Constitution on which at the
543death of the owner the exemption inures to the owner's surviving
544spouse or heirs under s. 4(b), Art. X of the State Constitution.
545For purposes of the code, real property owned as tenants by the
546entirety is not protected homestead.
547     (30)  "Residence" means a person's place of dwelling.
548     (31)  "Residuary devise" means a devise of the assets of
549the estate which remain after the provision for any devise which
550is to be satisfied by reference to a specific property or type
551of property, fund, sum, or statutory amount.  If the will
552contains no devise which is to be satisfied by reference to a
553specific property or type of property, fund, sum, or statutory
554amount, "residuary devise" or "residue" means a devise of all
555assets remaining after satisfying the obligations of the estate.
556     (32)  "Security" means a security as defined in s. 517.021.
557     (33)  "Security interest" means a security interest as
558defined in s. 671.201.
559     (34)  "Trust" means an express trust, private or
560charitable, with additions to it, wherever and however created.
561 It also includes a trust created or determined by a judgment or
562decree under which the trust is to be administered in the manner
563of an express trust. "Trust" excludes other constructive trusts,
564and it excludes resulting trusts; conservatorships; custodial
565arrangements pursuant to the Florida Uniform Transfers to Minors
566Act; business trusts providing for certificates to be issued to
567beneficiaries; common trust funds; land trusts under s. 689.05;
568trusts created by the form of the account or by the deposit
569agreement at a financial institution; voting trusts; security
570arrangements; liquidation trusts; trusts for the primary purpose
571of paying debts, dividends, interest, salaries, wages, profits,
572pensions, or employee benefits of any kind; and any arrangement
573under which a person is nominee or escrowee for another.
574     (35)  "Trustee" includes an original, additional,
575surviving, or successor trustee, whether or not appointed or
576confirmed by court.
577     (36)  "Will" means an instrument, including a codicil,
578executed by a person in the manner prescribed by this code,
579which disposes of the person's property on or after his or her
580death and includes an instrument which merely appoints a
581personal representative or revokes or revises another will.
582     Section 3.  Paragraph (b) of subsection (8) of section
583121.091, Florida Statutes, is amended to read:
584     121.091  Benefits payable under the system.--Benefits may
585not be paid under this section unless the member has terminated
586employment as provided in s. 121.021(39)(a) or begun
587participation in the Deferred Retirement Option Program as
588provided in subsection (13), and a proper application has been
589filed in the manner prescribed by the department. The department
590may cancel an application for retirement benefits when the
591member or beneficiary fails to timely provide the information
592and documents required by this chapter and the department's
593rules. The department shall adopt rules establishing procedures
594for application for retirement benefits and for the cancellation
595of such application when the required information or documents
596are not received.
597     (8)  DESIGNATION OF BENEFICIARIES.--
598     (b)  A designated beneficiary of a retirement account for
599whom there is a monetary interest may disclaim his or her
600monetary interest as provided in chapter 739 s. 689.21, and in
601accordance with division rules governing such disclaimers. Such
602disclaimer must be filed within 24 months after the event that
603created the interest, that is, the death of the member or
604annuitant.
605     Section 4.  Subsection (1) of section 710.121, Florida
606Statutes, is amended to read:
607     710.121  Renunciation, resignation, death, or removal of
608custodian; designation of successor custodian.--
609     (1)  A person nominated under s. 710.104 or designated
610under s. 710.111 as custodian may decline to serve by delivering
611a valid disclaimer under chapter 739 s. 689.21 to the person who
612made the nomination or to the transferor or the transferor's
613legal representative. If the event giving rise to a transfer has
614not occurred and no substitute custodian able, willing, and
615eligible to serve was nominated under s. 710.104, the person who
616made the nomination may nominate a substitute custodian under s.
617710.104; otherwise, the transferor or the transferor's legal
618representative shall designate a substitute custodian at the
619time of the transfer, in either case from among the persons
620eligible to serve as custodian for that kind of property under
621s. 710.111(1). The custodian so designated has the rights of a
622successor custodian.
623     Section 5.  Sections 689.21 and 732.801, Florida Statutes,
624are repealed.
625     Section 6.  This act shall take effect July 1, 2005.


CODING: Words stricken are deletions; words underlined are additions.