Florida Statutes 738.303 – Authority of fiduciary
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(1) By complying with subsections (2) and (6), and without court approval, a fiduciary may do any of the following:
(a) Convert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust which provides:
1. That in administering the trust, the net income of the trust will be a unitrust amount rather than net income determined without regard to ss. 738.301–738.310; and
2. The percentage and method used to calculate the unitrust amount.
Terms Used In Florida Statutes 738.303
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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
- Court: means a circuit court of this state. See Florida Statutes 738.102
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes a trustee, a trust director as defined in…. See Florida Statutes 738.102
- Income: means money or other property a fiduciary receives as current return from principal. 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
- Record: means information inscribed on a tangible medium or stored in an electronic or other medium and is retrievable in perceivable form. See Florida Statutes 738.102
- Settlor: means a person, including a testator, who creates or contributes property to a trust. 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) Change the percentage or method used to calculate a unitrust amount for a unitrust if the fiduciary adopts in a record a unitrust policy or an amendment or replacement of a unitrust policy providing charges in the percentage or method used to calculate the unitrust amount.(2) A fiduciary may take an action under subsection (1) if all of the following apply:(a) The fiduciary determines that the action will assist the fiduciary to administer a trust impartially.(b) The fiduciary sends a notice in a record to the qualified beneficiaries determined under ss. 736.0103 and 736.0110 in the manner required by s. 738.304, describing and proposing to take the action.(c) The fiduciary sends a copy of the notice under paragraph (b) to each settlor of the trust which is:1. If an individual, living; or2. If not an individual, in existence.(d) At least one member of each class of the qualified beneficiaries determined under ss. 736.0103 and 736.0110, other than the Attorney General, receiving the notice under paragraph (b) is:1. If an individual, legally competent;2. If not an individual, in existence; or3. Represented in the manner provided in s. 738.304(2).(e) The fiduciary does not receive, by the date specified in the notice under s. 738.304(4)(e), an objection in a record to the action proposed under paragraph (b) from a person to which the notice under paragraph (b) is sent.(3) If a fiduciary receives, not later than the date stated in the notice under s. 738.304(4)(e), an objection in a record described in s. 738.304(4)(d) to a proposed action, the fiduciary or a beneficiary may request the court to have the action taken as proposed, taken with modifications, or prevented. A person described in s. 738.304(1) may oppose the proposed action in the proceeding under this subsection regardless of whether the person:(a) Consented under s. 738.304(3); or(b) Objected under s. 738.304(4)(d).(4) If, after sending a notice under paragraph (2)(b), a fiduciary decides not to take the action proposed in the notice, the fiduciary must notify in a record each person described in s. 738.304(1) of the decision not to take the action and the reasons for the decision.(5) If a beneficiary requests in a record that a fiduciary take an action described in subsection (1) and the fiduciary declines to act or does not act within 60 days after receiving the request, the beneficiary may request the court to direct the fiduciary to take the action requested.(6) In deciding whether and how to take an action authorized in subsection (1), or whether and how to respond to a request by a beneficiary under subsection (5), a fiduciary must consider all factors relevant to the trust and beneficiaries, including the relevant factors listed in s. 738.201(5).(7) A fiduciary may release or delegate the power to convert an income trust to a unitrust under paragraph (1)(a), change the percentage or method used to calculate a unitrust amount under paragraph (1)(b), or convert a unitrust to an income trust under paragraph (1)(c), for a reason described in s. 738.203(7) and in the manner described in s. 738.203(8).