Florida Statutes 738.304 – Notice
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(1) A notice required by s. 738.303(2)(b) must be sent in a manner authorized under s. 736.0109 to all of the following:
(a) The qualified beneficiaries determined under s. 736.0103, other than the Attorney General.
Terms Used In Florida Statutes 738.304
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: includes :(a) For a trust:1. See Florida Statutes 738.102
- Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust as defined in this section, will, life estate, or term interest. See Florida Statutes 738.102
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes a trustee, a trust director as defined in…. See Florida Statutes 738.102
- Income: means money or other property a fiduciary receives as current return from principal. See Florida Statutes 738.102
- Internal Revenue Code: means the Internal Revenue Code of 1986, as amended. See Florida Statutes 738.102
- Person: means an individual; a business or a nonprofit entity; an estate; a trust; a public corporation; a government or governmental subdivision, agency, or instrumentality; or other legal entity. See Florida Statutes 738.102
- Record: means information inscribed on a tangible medium or stored in an electronic or other medium and is retrievable in perceivable form. See Florida Statutes 738.102
- Trust: includes an express trust, whether private or charitable, with additions to the trust, wherever and however created; and a trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. See Florida Statutes 738.102
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means a person, other than a personal representative, that owns or holds property for the benefit of a beneficiary. See Florida Statutes 738.102
(b) Each person that is granted a power over the trust by the terms of the trust, to the extent that the power is exercisable when the person is not then serving as a trustee:1. Including all of the following:a. Power over the investment, management, or distribution of trust property or other matters of trust administration.b. Power to appoint or remove a trustee or person described in this paragraph.2. Excluding all of the following:a. Power of appointment.b. Power of a beneficiary over the trust, to the extent that the exercise or nonexercise of the power affects the beneficial interest of the beneficiary or another beneficiary represented by the beneficiary under ss. 736.0301–736.0306 with respect to the exercise or nonexercise of the power.c. Power over the trust if the terms of the trust provide that the power is held in a nonfiduciary capacity and the power must be held in a nonfiduciary capacity to achieve a tax objective under the Internal Revenue Code.(c) Each person that is granted a power by the terms of the trust to appoint or remove a trustee or person described in paragraph (b) to the extent the power is exercisable when the person that exercises the power is not then serving as a trustee or person described in paragraph (b).(3) A person may consent in a record at any time to action proposed under s. 738.303(2)(b). A notice required by s. 738.303(2)(b) need not be sent to a person that consents under this subsection.(4) A notice required under s. 738.303(2)(b) must include all of the following:(a) The action proposed under s. 738.303(2)(b).(b) For a conversion of an income trust to a unitrust, a copy of the unitrust policy adopted under s. 738.303(1)(a).(c) For a change in the percentage or method used to calculate the unitrust amount, a copy of the unitrust policy or amendment or replacement of the unitrust policy adopted under s. 738.303(1)(b).(d) A statement that the person to which the notice is sent may object to the proposed action by stating in a record the basis for the objection and sending or delivering the record to the fiduciary.(e) The date by which an objection under paragraph (d) must be received by the fiduciary, which must be at least 30 days after the date the notice is sent.(f) The date on which the action is proposed to be taken and the date on which the action is proposed to take effect.(g) The name and contact information of the fiduciary.(h) The name and contact information of a person that may be contacted for additional information.