Florida Statutes 738.307 – Applicable value
Current as of: 2024 | Check for updates
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(1) A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including all of the following:
(a) The frequency of valuing the asset, which need not require a valuation in every period.
Terms Used In Florida Statutes 738.307
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Estate: means a decedent's estate, including the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Florida Statutes 738.102
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Personal property: All property that is not real property.
- 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
(b) The date for valuing the asset in each period in which the asset is valued.(2) Except as otherwise provided in s. 738.309, a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including any of the following:(a) Obtaining an appraisal of an asset for which fair market value is not readily available.(b) Excluding specific assets or groups or types of assets in addition to those described in subsection (3).(c) Making other exceptions or modifications of the treatment of specific assets or groups or types of assets.(d) Including identification and treatment of cash or property held for distribution.(e) Using an average of fair market values over a stated number of preceding periods, not to exceed 3 calendar years.(f) Determining the reasonable known liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under paragraphs (a)-(e).(3) The following property may not be included in determining the value of the trust:(a) Any residential property or any tangible personal property that, as of the first business day of the current valuation year, one or more current beneficiaries of the trust have or have had the right to occupy or have or have had the right to possess or control, other than in his or her capacity as trustee of the trust. Instead, the right of occupancy or the right to possession and control is the unitrust amount with respect to such property; however, the unitrust amount must be adjusted to take into account partial distributions from or receipt into the trust of such property during the valuation year;(b) Any asset specifically given to a beneficiary and the return on investment on such property, which return on investment must be distributable to the beneficiary; and(c) Any asset while held in an estate.