Florida Regulations 69K-7.016: Duties and Powers of Trustee; Authorized Investments
Current as of: 2024 | Check for updates
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(1) Each trustee serving pursuant to a trust agreement approved by the Board shall be responsible for the administration of the trust and the investment of its assets in a manner consistent with Florida Statutes Chapter 497
(2) The duties and responsibilities of the trustee shall not be shared with the preneed licensee that established the trust or discharged to any third party associated with investment decisions. An advisor to the trustee may be appointed by the preneed licensee, however the recommendations of such advisor shall not be binding on the trustee and the trustee’s liability shall not be diminished or abrogated in any way as a result of following the advice of the advisor.
(3) The preneed licensee or the advisor appointed by the preneed licensee is authorized to request the trustee to invest trust assets in whole or in part, in tax-free investments. An investment advisor is authorized to make non-binding recommendations to the trustee concerning specific investments.
(4) The trustee shall have the powers set forth in Part VIII of Florida Statutes Chapter 736, to the extent they are not inconsistent or do not conflict with Florida Statutes Chapter 497
(5) The trustee shall have the power to invest the trust assets in those investments set forth in Florida Statutes § 215.47, however, there shall be no limitation on the portion of the trust assets that are allocated to tax-free investments pursuant to a request as stated in subsection (3) of this rule.
Rulemaking Authority 497.103 FS. Law Implemented Florida Statutes § 497.458. History-New 8-9-94, Amended 4-29-99, Formerly 3F-7.016.
Terms Used In Florida Regulations 69K-7.016
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Trustee: A person or institution holding and administering property in trust.
(3) The preneed licensee or the advisor appointed by the preneed licensee is authorized to request the trustee to invest trust assets in whole or in part, in tax-free investments. An investment advisor is authorized to make non-binding recommendations to the trustee concerning specific investments.
(4) The trustee shall have the powers set forth in Part VIII of Florida Statutes Chapter 736, to the extent they are not inconsistent or do not conflict with Florida Statutes Chapter 497
(5) The trustee shall have the power to invest the trust assets in those investments set forth in Florida Statutes § 215.47, however, there shall be no limitation on the portion of the trust assets that are allocated to tax-free investments pursuant to a request as stated in subsection (3) of this rule.
Rulemaking Authority 497.103 FS. Law Implemented Florida Statutes § 497.458. History-New 8-9-94, Amended 4-29-99, Formerly 3F-7.016.