Florida Statutes 736.1208 – Release; property and persons affected; manner of effecting
Current as of: 2024 | Check for updates
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(1) The trustee of a trust, all of the unexpired interests in which are devoted to one or more charitable purposes, may release a power to select charitable donees unless the creating instrument provides otherwise.
(2) The release of a power to select charitable donees may apply to all or any part of the property subject to the power and may reduce or limit the charitable organizations, or classes of charitable organizations, in whose favor the power is exercisable.
(3) A release shall be effected by a duly acknowledged written instrument signed by the trustee and delivered as provided in subsection (4).
(4) Delivery of a release shall be accomplished as follows:
(a) If the release is accomplished by specifying a charitable organization or organizations as beneficiary or beneficiaries of the trust, by delivery of a copy of the release to each designated charitable organization.
Terms Used In Florida Statutes 736.1208
- 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
- Charitable organization: means an organization described in…. See Florida Statutes 736.1201
- Delivery of notice: means delivery of a written notice required under this part using any commercial delivery service requiring a signed receipt or by any form of mail requiring a signed receipt. See Florida Statutes 736.1201
- Trustee: A person or institution holding and administering property in trust.
(b) If the release is accomplished by reducing the class of permissible charitable organizations, by delivery of notice of the release to the Attorney General, including a copy of the release.
(5) If a release is accomplished by specifying a public charitable organization or organizations as beneficiary or beneficiaries of the trust, the trust at all times thereafter shall be operated exclusively for the benefit of, and be supervised by, the specified public charitable organization or organizations.