Florida Statutes 738.302 – Applications; duties and remedies
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(1) Except as otherwise provided in subsection (2), ss. 738.301–738.310 apply to all of the following:
(a) An income trust, unless the terms of the trust expressly prohibit the use of ss. 738.301–738.310 by a specific reference to this paragraph or corresponding provision of prior law, or an explicit expression of intent that net income not be calculated as a unitrust amount.
Terms Used In Florida Statutes 738.302
- 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
- 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
- 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
- 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
- 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
- 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
(b) An express unitrust, except to the extent that the terms of the trust explicitly:1. Prohibit the use of ss. 738.301–738.310 by a specific reference to this paragraph or corresponding provision of prior law;2. Prohibit conversion to an income trust; or3. Limit changes to the method of calculating the unitrust amount.(c) A unitrust that had been converted from an income trust.(2) The provisions of ss. 738.301–738.310 do not apply to a trust described in s. 170(f)(2)(B), s. 642(c)(5), s. 664(d), s. 2702(a)(3)(A)(ii) or (iii), or s. 2702(b) of the Internal Revenue Code.(3) An income trust to which ss. 738.301–738.310 apply under paragraph (1)(a) may be converted to a unitrust under ss. 738.301–738.310 regardless of the terms of the trust concerning distributions. Conversion to a unitrust under ss. 738.301–738.310 does not affect other terms of the trust concerning distributions of income or principal.(4) Sections 738.301–738.310 apply to an estate only to the extent that a trust is a beneficiary of the estate. To the extent of the trust’s interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under those sections.