Home  > For Everyone  > Wills and Estates  > Trusts  > Florida Statutes 738.702 - Disbursements from principal 
Search the Florida Statutes

Florida Statutes 738.702 - Disbursements from principal

Florida Statutes > Chapter 738 > 738.702

Current as of: 2012
   (1) A fiduciary shall make the following disbursements from principal:
   (a) The remaining one-half of the disbursements described in s. 738.701(1) and (2).
   (b) All of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination and disbursements made to prepare property for sale.
   (c) Payments on the principal of a trust debt.
   (d) Expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or will, or to protect the trust, estate, or its property.
   (e) Premiums paid on a policy of insurance not described in s. 738.701(4) of which the trust or estate is the owner and beneficiary.
   (f) Estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust.
   (g) Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of such activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.
   (h) Payments representing extraordinary repairs or expenses incurred in making a capital improvement to principal, including special assessments; however, a fiduciary may establish an allowance for depreciation out of income to the extent permitted by s. 738.703.
   (2) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.
Florida Statutes 738.701 - Disbursements from incomeChapter 738 Table of ContentsFlorida Statutes 738.703 - Transfers from income to principal for depreciation


Questions & Answers: Trusts

A California professional fiduciary who court ordered in as mom's conservator and also as Trustee to family revocable Trust listed our family home for 1/2 appraised value and sent ...
My mother and I set up an irrevocable trust on Sept. 4, just 7 days ago, and have since learned that the financial planner that convinced us to do so was not acting in our best int...
Very well done. I have one question. Does the successor trustee have to be a resident of Florida?...
Does a Mobile home need to be titled over to a living trust like a deed does? Thank you...
I live in Santa Fe, New Mexico. Which court do I use to terminate a trust?...
Where do I file for trust termination?...

Florida Laws: Trusts

Florida Statutes > Chapter 660 - Trust Business
Florida Statutes > Chapter 736 - Florida Trust Code
Florida Statutes > Chapter 738 - Principal and Income

Related Articles: Trusts

Comments (0)add comment

Post a comment or question below.
smaller | bigger

Email  Email Print  Print   Digg

Gabriel & Associates, PC
Virgina Beach, VA Family law attorneys

5226 Indian River Road, Suite 100
Virginia Beach, Virginia 23464
Practice Areas: Criminal Law, Family Law, Wills and Estates, Personal Injury
K. Page Kistler, P.C.

Sigma Building 1080 Laskin Road, Suite 104
Virginia Beach, Virginia 23451
Practice Areas: Wills and Estates
Rod K. Sutherland Attorney at Law
Virgina Beach, VA Estate planning Lawyer

Oceana Center One 484 Viking Drive, Suite 120
Virginia Beach, Virginia 23452
Practice Areas: Wills and Estates