Florida Statutes 738.701 – Disbursements from income
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 738.701
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a personal representative or a trustee. See Florida Statutes 738.102
- Income: means money or property that a fiduciary receives as current return from a principal asset. See Florida Statutes 738.102
- Income interest: means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require the net income to be distributed or authorize the net income to be distributed in the trustee's discretion. See Florida Statutes 738.102
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, or any other legal or commercial entity or a government or governmental subdivision, agency, or instrumentality. See Florida Statutes 738.102
- Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Florida Statutes 738.102
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
A fiduciary shall make the following disbursements from income to the extent they are not disbursements to which s. 738.201(2) applies:
(1) One-half of the regular compensation of the fiduciary and of any person providing investment advisory or custodial services to the fiduciary.
(2) One-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests.
(3) All of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest.
(4) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.