Florida Regulations 69K-7.015: Trust Agreements and Trustees
Current as of: 2024 | Check for updates
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(1) Any trust company or a state or national bank holding trust powers or a savings and loan association holding trust powers shall be considered a trustee qualified to serve as a trustee of a preneed trust under Section 497.458 or 497.464, F.S., or a pre-construction trust under Florida Statutes § 497.272
(2) Any trust company or a state or national bank holding trust powers shall be considered a trustee qualified to serve as trustee of a care and maintenance trust under Florida Statutes § 497.266
(3) All trust agreements and all amendments thereto must be submitted to and approved by the Board of Funeral, Cemetery, and Consumer Services.
(4) Each trust agreement must provide for:
(a) Resignation of the trustee.
(b) Replacement of trustee by trustor/settlor/grantor.
(c) Transfer of assets of the trust.
(5) Transfer of assets to another trust agreement is permissible provided the trust agreement was approved by the Board, if applicable, and the terms of both trust agreements are consistent and meet the requirements of Fl. Admin. Code R. 69K-7.020
(6) Transfer of assets of any trust must be made only to a qualified trustee as set forth in subsection (1) or (2), above, and only after written notice to the Department and the Board of the name, address, and location of the successor trustee; the effective date of the selection thereof; and the transfer of the assets which must be certified to by the replaced or resigned trustee to which shall be attached a receipt thereof from the successor trustee.
Rulemaking Authority 497.103, 497.465(9) FS. Law Implemented 497.266, 497.285, 497.465 FS. History-New 4-25-94, Amended 4-6-03, Formerly 3F-7.015, Amended 3-1-20.
Terms Used In Florida Regulations 69K-7.015
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(3) All trust agreements and all amendments thereto must be submitted to and approved by the Board of Funeral, Cemetery, and Consumer Services.
(4) Each trust agreement must provide for:
(a) Resignation of the trustee.
(b) Replacement of trustee by trustor/settlor/grantor.
(c) Transfer of assets of the trust.
(5) Transfer of assets to another trust agreement is permissible provided the trust agreement was approved by the Board, if applicable, and the terms of both trust agreements are consistent and meet the requirements of Fl. Admin. Code R. 69K-7.020
(6) Transfer of assets of any trust must be made only to a qualified trustee as set forth in subsection (1) or (2), above, and only after written notice to the Department and the Board of the name, address, and location of the successor trustee; the effective date of the selection thereof; and the transfer of the assets which must be certified to by the replaced or resigned trustee to which shall be attached a receipt thereof from the successor trustee.
Rulemaking Authority 497.103, 497.465(9) FS. Law Implemented 497.266, 497.285, 497.465 FS. History-New 4-25-94, Amended 4-6-03, Formerly 3F-7.015, Amended 3-1-20.