CS/CS/SB 1316: Florida Uniform Fiduciary Income and Principal Act
GENERAL BILL by Rules ; Judiciary ; Berman
Florida Uniform Fiduciary Income and Principal Act; Specifying the duties of a fiduciary; providing that a fiduciary’s allocation, determination, or exercise of discretion is presumed to be fair and reasonable to all beneficiaries; authorizing a fiduciary to exercise discretionary power of administration under specified circumstances; prohibiting a court from ordering a fiduciary to change his or her decision unless the decision was an abuse of discretionary power; authorizing a fiduciary to adjust between income and principal if such adjustment assists in administering the trust or estate impartially; authorizing the conversion of an income trust to a unitrust; specifying the authority of a fiduciary with respect to the administration of certain trusts, etc.
Effective Date: 1/1/2025
Last Action: 3/1/2024 Senate - Laid on Table, companion bill(s) passed, see CS/HB 1093 (Ch. 2024-216) -SJ 600
Bill Text: Web Page | PDF
Last Action: 3/1/2024 Senate - Laid on Table, companion bill(s) passed, see CS/HB 1093 (Ch. 2024-216) -SJ 600
Bill Text: Web Page | PDF
Senate Committee References:
- Judiciary (JU)
- Rules (RC)
-
Bill History
Date Chamber Action 1/4/2024 Senate • Filed
1/10/2024 Senate • Referred to Judiciary; Banking and Insurance; Rules
• Introduced
1/31/2024 Senate • On Committee agenda-- Judiciary, 02/05/24, 2:30 pm, 110 Senate Building
2/5/2024 Senate • CS by Judiciary; YEAS 9 NAYS 0
2/6/2024 Senate • Pending reference review under Rule 4.7(2) - (Committee Substitute)
• CS by Judiciary read 1st time
• Original reference(s) removed: Banking and Insurance
• Remaining references corrected to Rules
• Now in Rules
2/9/2024 Senate • On Committee agenda-- Rules, 02/14/24, 9:00 am, 412 Knott Building
2/14/2024 Senate • CS/CS by- Rules; YEAS 17 NAYS 0
2/15/2024 Senate • Pending reference review -under Rule 4.7(2) - (Committee Substitute)
• Placed on Calendar, on 2nd reading
• CS/CS by Rules read 1st time
2/28/2024 Senate • Placed on Special Order Calendar, 03/01/24
3/1/2024 Senate • Read 2nd time -SJ 597
• Substituted CS/HB 1093 -SJ 600
• Laid on Table, companion bill(s) passed, see CS/HB 1093 (Ch. 2024-216) -SJ 600
-
CS/CS/SB 1316, Committee Substitute 2 (Current Bill Version) Posted 2/15/2024 at 1:31 PM
Bill Text: Web Page | PDF Analyses: None Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills H 1093 (er) Florida Uniform Fiduciary Income and Principal Act Judiciary Committee Identical Last Action: 5/30/2024 Chapter No. 2024-216 
Citations - Statutes (61)
Citation Catchline Location in Bill Location In Bill Help 738.101 Short title. Page 11 (pdf) 738.102 Definitions. Page 11 (pdf) 738.103 Fiduciary duties; general principles. Page 19 (pdf) 738.104 Trustee’s power to adjust. Page 20 (pdf) 738.1041 Total return unitrust. Page 20 (pdf) 738.105 Judicial control of discretionary powers. Page 20 (pdf) 738.201 Determination and distribution of net income. Page 20 (pdf) 738.202 Distribution to residuary and remainder beneficiaries. Page 23 (pdf) 738.203 Page 26 (pdf) 738.301 When right to income begins and ends. Page 34 (pdf) 738.302 Apportionment of receipts and disbursements when decedent dies or income interest begins. Page 35 (pdf) 738.303 Apportionment when income interest ends. Page 37 (pdf) 738.304 Page 39 (pdf) 738.305 Page 41 (pdf) 738.306 Page 42 (pdf) 738.307 Page 44 (pdf) 738.308 Page 45 (pdf) 738.309 Page 46 (pdf) 738.310 Page 48 (pdf) 738.401 Character of receipts. Page 48 (pdf) 738.402 Distribution from trust or estate. Page 56 (pdf) 738.403 Business and other activities conducted by fiduciary. Page 56 (pdf) 738.404 Page 58 (pdf) 738.405 Page 59 (pdf) 738.406 Page 60 (pdf) 738.407 Page 61 (pdf) 738.408 Page 61 (pdf) 738.409 Page 62 (pdf) 738.410 Page 66 (pdf) 738.411 Page 67 (pdf) 738.412 Page 69 (pdf) 738.413 Page 71 (pdf) 738.414 Page 72 (pdf) 738.415 Page 74 (pdf) 738.416 Page 75 (pdf) 738.501 Principal receipts. Page 76 (pdf) 738.502 Rental property. Page 77 (pdf) 738.503 Obligation to pay money. Page 78 (pdf) 738.504 Insurance policies and similar contracts. Page 79 (pdf) 738.505 Page 80 (pdf) 738.506 Page 81 (pdf) 738.507 Page 83 (pdf) 738.508 Page 85 (pdf) 738.601 Insubstantial allocations not required. Page 87 (pdf) 738.602 Payments from deferred compensation plans, annuities, and retirement plans or accounts. Page 90 (pdf) 738.603 Liquidating asset. Page 66 (pdf) 738.604 Minerals, water, and other natural resources. Page 67 (pdf) 738.605 Timber. Page 69 (pdf) 738.606 Property not productive of income. Page 71 (pdf) 738.607 Derivatives and options. Page 72 (pdf) 738.608 Asset-backed securities. Page 74 (pdf) 738.701 Disbursements from income. Page 92 (pdf) 738.702 Disbursements from principal. Page 93 (pdf) 738.703 Transfers from income to principal for depreciation. Page 95 (pdf) 738.704 Transfers from income to reimburse principal. Page 80 (pdf) 738.705 Income taxes. Page 81 (pdf) 738.706 Adjustments between principal and income because of taxes. Page 83 (pdf) 738.801 Apportionment of expenses; improvements. Page 96 (pdf) 738.802 Uniformity of application and construction. Page 96 (pdf) 738.803 Severability. Page 96 (pdf) 738.804 Application. Page 97 (pdf) -
CS/SB 1316, Committee Substitute 1 Posted 2/6/2024 at 9:18 AM
Bill Text: Web Page | PDF Analyses: Rules (Pre-Meeting) 2/13/2024 (pdf)
Rules (Post-Meeting) 2/15/2024 (pdf)
Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills H 1093 (c1) Florida Uniform Fiduciary Income and Principal Act Judiciary Committee Similar Last Action: 5/30/2024 Chapter No. 2024-216
Committee Amendments (1)
Amendment Sponsor Filed Last Committee Action Format 520096 - Amendment
Delete line 346 and insert:Rules
(Berman)2/12/2024
5:25 PMReplaced by Committee Substitute
2/15/2024Web Page
PDFCommittee Votes (1)
Date Committee Result 2/14/2024 9:00 AM Rules 17 Yeas - 0 Nays Citations - Statutes (61)
Citation Catchline Location in Bill Location In Bill Help 738.101 Short title. Page 11 (pdf) 738.102 Definitions. Page 11 (pdf) 738.103 Fiduciary duties; general principles. Page 19 (pdf) 738.104 Trustee’s power to adjust. Page 20 (pdf) 738.1041 Total return unitrust. Page 20 (pdf) 738.105 Judicial control of discretionary powers. Page 20 (pdf) 738.201 Determination and distribution of net income. Page 20 (pdf) 738.202 Distribution to residuary and remainder beneficiaries. Page 23 (pdf) 738.203 Page 26 (pdf) 738.301 When right to income begins and ends. Page 34 (pdf) 738.302 Apportionment of receipts and disbursements when decedent dies or income interest begins. Page 35 (pdf) 738.303 Apportionment when income interest ends. Page 37 (pdf) 738.304 Page 39 (pdf) 738.305 Page 41 (pdf) 738.306 Page 42 (pdf) 738.307 Page 44 (pdf) 738.308 Page 45 (pdf) 738.309 Page 46 (pdf) 738.310 Page 48 (pdf) 738.401 Character of receipts. Page 48 (pdf) 738.402 Distribution from trust or estate. Page 56 (pdf) 738.403 Business and other activities conducted by fiduciary. Page 56 (pdf) 738.404 Page 58 (pdf) 738.405 Page 59 (pdf) 738.406 Page 60 (pdf) 738.407 Page 61 (pdf) 738.408 Page 61 (pdf) 738.409 Page 62 (pdf) 738.410 Page 66 (pdf) 738.411 Page 67 (pdf) 738.412 Page 69 (pdf) 738.413 Page 71 (pdf) 738.414 Page 72 (pdf) 738.415 Page 74 (pdf) 738.416 Page 75 (pdf) 738.501 Principal receipts. Page 76 (pdf) 738.502 Rental property. Page 77 (pdf) 738.503 Obligation to pay money. Page 78 (pdf) 738.504 Insurance policies and similar contracts. Page 79 (pdf) 738.505 Page 80 (pdf) 738.506 Page 81 (pdf) 738.507 Page 83 (pdf) 738.508 Page 85 (pdf) 738.601 Insubstantial allocations not required. Page 87 (pdf) 738.602 Payments from deferred compensation plans, annuities, and retirement plans or accounts. Page 90 (pdf) 738.603 Liquidating asset. Page 66 (pdf) 738.604 Minerals, water, and other natural resources. Page 67 (pdf) 738.605 Timber. Page 69 (pdf) 738.606 Property not productive of income. Page 71 (pdf) 738.607 Derivatives and options. Page 72 (pdf) 738.608 Asset-backed securities. Page 74 (pdf) 738.701 Disbursements from income. Page 92 (pdf) 738.702 Disbursements from principal. Page 93 (pdf) 738.703 Transfers from income to principal for depreciation. Page 95 (pdf) 738.704 Transfers from income to reimburse principal. Page 80 (pdf) 738.705 Income taxes. Page 81 (pdf) 738.706 Adjustments between principal and income because of taxes. Page 83 (pdf) 738.801 Apportionment of expenses; improvements. Page 96 (pdf) 738.802 Uniformity of application and construction. Page 96 (pdf) 738.803 Severability. Page 96 (pdf) 738.804 Application. Page 96 (pdf) -
SB 1316, Original Filed Version Posted 1/4/2024 at 12:12 PM
Bill Text: Web Page | PDF Analyses: Judiciary (Pre-Meeting) 2/2/2024 (pdf)
Judiciary (Post-Meeting) 2/6/2024 (pdf)
Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills H 1093 Florida Uniform Fiduciary Income and Principal Act Judiciary Committee Similar Last Action: 5/30/2024 Chapter No. 2024-216
Committee Amendments (1)
Amendment Sponsor Filed Last Committee Action Format 172844 - Amendment
Delete lines 362 - 2329 and insert:Judiciary
(Berman)2/5/2024
3:04 PMReplaced by Committee Substitute
2/5/2024Web Page
PDFCommittee Votes (1)
Date Committee Result 2/5/2024 2:30 PM Judiciary 9 Yeas - 0 Nays Citations - Statutes (61)
Citation Catchline Location in Bill Location In Bill Help 738.101 Short title. Page 11 (pdf) 738.102 Definitions. Page 11 (pdf) 738.103 Fiduciary duties; general principles. Page 19 (pdf) 738.104 Trustee’s power to adjust. Page 20 (pdf) 738.1041 Total return unitrust. Page 20 (pdf) 738.105 Judicial control of discretionary powers. Page 20 (pdf) 738.201 Determination and distribution of net income. Page 20 (pdf) 738.202 Distribution to residuary and remainder beneficiaries. Page 23 (pdf) 738.203 Page 26 (pdf) 738.301 When right to income begins and ends. Page 34 (pdf) 738.302 Apportionment of receipts and disbursements when decedent dies or income interest begins. Page 35 (pdf) 738.303 Apportionment when income interest ends. Page 37 (pdf) 738.304 Page 39 (pdf) 738.305 Page 41 (pdf) 738.306 Page 42 (pdf) 738.307 Page 44 (pdf) 738.308 Page 45 (pdf) 738.309 Page 46 (pdf) 738.310 Page 48 (pdf) 738.401 Character of receipts. Page 48 (pdf) 738.402 Distribution from trust or estate. Page 56 (pdf) 738.403 Business and other activities conducted by fiduciary. Page 56 (pdf) 738.404 Page 58 (pdf) 738.405 Page 59 (pdf) 738.406 Page 60 (pdf) 738.407 Page 61 (pdf) 738.408 Page 61 (pdf) 738.409 Page 62 (pdf) 738.410 Page 66 (pdf) 738.411 Page 67 (pdf) 738.412 Page 69 (pdf) 738.413 Page 71 (pdf) 738.414 Page 72 (pdf) 738.415 Page 74 (pdf) 738.416 Page 75 (pdf) 738.501 Principal receipts. Page 76 (pdf) 738.502 Rental property. Page 77 (pdf) 738.503 Obligation to pay money. Page 78 (pdf) 738.504 Insurance policies and similar contracts. Page 79 (pdf) 738.505 Page 80 (pdf) 738.506 Page 81 (pdf) 738.507 Page 83 (pdf) 738.508 Page 85 (pdf) 738.601 Insubstantial allocations not required. Page 87 (pdf) 738.602 Payments from deferred compensation plans, annuities, and retirement plans or accounts. Page 90 (pdf) 738.603 Liquidating asset. Page 66 (pdf) 738.604 Minerals, water, and other natural resources. Page 67 (pdf) 738.605 Timber. Page 69 (pdf) 738.606 Property not productive of income. Page 71 (pdf) 738.607 Derivatives and options. Page 72 (pdf) 738.608 Asset-backed securities. Page 74 (pdf) 738.701 Disbursements from income. Page 92 (pdf) 738.702 Disbursements from principal. Page 93 (pdf) 738.703 Transfers from income to principal for depreciation. Page 95 (pdf) 738.704 Transfers from income to reimburse principal. Page 80 (pdf) 738.705 Income taxes. Page 81 (pdf) 738.706 Adjustments between principal and income because of taxes. Page 83 (pdf) 738.801 Apportionment of expenses; improvements. Page 96 (pdf) 738.802 Uniformity of application and construction. Page 96 (pdf) 738.803 Severability. Page 96 (pdf) 738.804 Application. Page 96 (pdf)