Florida Statutes 736.0103 – Definitions
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Unless the context otherwise requires, in this code:
(1) “Action,” with respect to an act of a trustee, includes a failure to act.
(2) “Affiliate” means any person or entity that directly or indirectly through one or more intermediaries owns or controls, is owned or controlled by, or is under common control or ownership with, the fiduciary. An affiliate may include, but is not limited to, an investment adviser, administrator, broker, transfer agent, placement agent, servicing agent, registrar, custodian, underwriter, sponsor, distributor, or manager.
(3) “Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of s. 2041(b)(1)(A) or s. 2514(c)(1) of the Internal Revenue Code of 1986, as amended.
(4) “Beneficiary” means a person who has a present or future beneficial interest in a trust, vested or contingent, or who holds a power of appointment over trust property in a capacity other than that of trustee. An interest as a permissible appointee of a power of appointment, held by a person in a capacity other than that of trustee, is not a beneficial interest for purposes of this subsection. Upon an irrevocable exercise of a power of appointment, the interest of a person in whose favor the appointment is made shall be considered a present or future beneficial interest in a trust in the same manner as if the interest had been included in the trust instrument.
(5) “Charitable trust” means a trust, or portion of a trust, created for a charitable purpose as described in s. 736.0405(1).
(6) “Directed trust” means a trust for which the terms of the trust grant a power of direction.
(7) “Directed trustee” means a trustee that is subject to a trust director’s power of direction.
(8) “Distributee” means a beneficiary who is currently entitled to receive a distribution.
(9) “Environmental law” means a federal, state, or local law, rule, regulation, or ordinance that relates to protection of the environment or human health.
(10) “General power of appointment” means a power of appointment exercisable in favor of the holder of the power, the power holder’s creditors, the power holder’s estate, or the creditors of the power holder’s estate.
(11) “Guardian of the person” means a person appointed by the court to make decisions regarding the support, care, education, health, and welfare of a minor or an incapacitated adult. The term does not include a guardian ad litem.
(12) “Guardian of the property” means a person appointed by the court to administer the estate of a minor or incapacitated adult.
(13) “Interests of the beneficiaries” means the beneficial interests intended by the settlor as provided in the terms of a trust.
(14) “Jurisdiction” with respect to a geographic area, includes a state or country.
(15) “Permissible distributee” means a beneficiary who is currently eligible to receive a distribution.
(16) “Power of direction” means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. The term includes a power over the investment, management, or distribution of trust property; a power to amend a trust instrument or terminate a trust; or a power over other matters of trust administration. The term excludes the powers excluded from part XIV of this chapter under s. 736.1405(2).
(17) “Power of withdrawal” means a presently exercisable general power of appointment other than a power:
(a) Exercisable by a trustee and limited by an ascertainable standard; or
Terms Used In Florida Statutes 736.0103
- 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
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- minor: includes any person who has not attained the age of 18 years. See Florida Statutes 1.01
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
(b) Exercisable by another person only upon consent of the trustee or a person holding an adverse interest.
(18) “Property” means anything that may be the subject of ownership, real or personal, legal or equitable, or any interest therein.
(19) “Qualified beneficiary” means a living beneficiary who, on the date the beneficiary’s qualification is determined:
(a) Is a distributee or permissible distributee of trust income or principal;
(b) Would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in paragraph (a) terminated on that date without causing the trust to terminate; or
(c) Would be a distributee or permissible distributee of trust income or principal if the trust terminated in accordance with its terms on that date.
(20) “Revocable,” as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest.
(21) “Settlor” means a person, including a testator, who creates or contributes property to a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person’s contribution except to the extent another person has the power to revoke or withdraw that portion.
(22) “Spendthrift provision” means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary’s interest.
(23) “State” means any state of the United States and includes the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.
(24) “Terms of a trust” means:
(a) Except as otherwise provided in paragraph (b), the manifestation of the settlor’s intent regarding a trust’s provisions as:
1. Expressed in the trust instrument; or
2. Established by other evidence that would be admissible in a judicial proceeding; or
(b) The trust’s provisions as established, determined, or amended by:
1. A trustee or trust director in accordance with applicable law;
2. Court order; or
3. A nonjudicial settlement agreement under s. 736.0111, relating to nonjudicial settlement agreements.
(25) “Trust director” means a person who is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust.
(26) “Trust instrument” means an instrument executed by a settlor that contains terms of the trust, including any amendments to the trust.
(27) “Trustee” means the original trustee and includes any additional trustee, any successor trustee, and any cotrustee.