Florida Statutes 732.2231 – Protection of payors and other third parties
Current as of: 2024 | Check for updates
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(1) As used in this section, the term:
(a) “Governing instrument” has the same meaning as in s. 732.2025.
Terms Used In Florida Statutes 732.2231
- 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
- Decedent: A deceased person.
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Trustee: A person or institution holding and administering property in trust.
(b) “Payor” means the decedent‘s personal representative, a trustee of a trust created by the decedent, an insurer, business entity, employer, government, governmental agency or subdivision, or any other person authorized or obligated by law or a governing instrument to make payments.
(c) “Person” has the same meaning as in s. 732.2025.
(2) A property interest is subject to property rights under ss. 732.216–732.228; however, a payor or other third party is not liable for paying, distributing, or transferring such property to a beneficiary designated in a governing instrument, or for taking any other action in good faith reliance on the validity of a governing instrument.