Florida Statutes 738.301 – Definitions
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Terms Used In Florida Statutes 738.301
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Income: means money or other property a fiduciary receives as current return from principal. See Florida Statutes 738.102
- Inter vivos: Transfer of property from one living person to another living person.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Net income: means the total allocations during an accounting period to income under the terms of a trust and this chapter minus the disbursements during the period, other than distributions, allocated to income under the terms of the trust and this chapter. See Florida Statutes 738.102
- Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. 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
For purposes of this section and ss. 738.302–738.310:
(1) “Applicable value” means the amount of the net fair market value of a trust taken into account under s. 738.307.
(2) “Express unitrust” means a trust for which, under the terms of the trust without regard to this section and ss. 738.302–738.310, net income must be calculated as a unitrust amount.
(3) “Income trust” means a trust, created by an inter vivos or testamentary instrument, that directs or permits the trustee to distribute the net income of the trust to one or more persons, in fixed proportions or in amounts or proportions determined by the trustee and regardless of whether the trust directs or permits the trustee to distribute the principal of the trust to one or more such persons.
(4) “Net fair market value of a trust” means the fair market value of the assets of the trust, less the reasonably known noncontingent liabilities of the trust.
(5) “Unitrust” means a trust for which net income is a unitrust amount. The term includes an express unitrust.
(6) “Unitrust amount” means an amount computed by multiplying a determined value of a trust by a determined percentage. For a unitrust administered under a unitrust policy, the term means the applicable value multiplied by the unitrust rate.
(7) “Unitrust policy” means a policy described in ss. 1738.301-738.310 and adopted under s. 738.303.
(8) “Unitrust rate” means the rate used to compute the unitrust amount for a unitrust administered under a unitrust policy.