Fl Trust School

Front 1

What is the age for RMD?

Back 1

70 1/2

Front 2

What is the Required Beginning Date?

Back 2

April 1st of the calendar year following the year the taxpayer turns 70 1/2.
Ex: Taxpayer turns 70 1/2 on November 1st 2009 then RBD is April 1st, 2010.
Taxpayer turns 70 1/2 on January 1st, 2009. RBD is April 1st, 2011.

Front 3

What is Net Unrealized Appreciation?

Back 3

The difference between cost basis of a stock and the fair market value at the time it was distributed from a qualified plan.

Front 4

When is Net Unrealized Appreciation is used?

Back 4

http://www.investopedia.com/articles/retirement/05/062305.asp

Front 5

Steps of Investment/Retirement Planning

Back 5

Gather, Analyze, Recommend, Implement, Monitor.

Front 6

What are different types of Qualified Plans?

Back 6

Traditional IRA
Roth IRA
Simple IRA
401k
403

Front 7

If you're married then who should be your Primary Beneficiary on your IRA/401k, etc?

Back 7

My spouse.

Front 8

Are collectible items allowed in IRAs?

Back 8

No, they are prohibited.

Front 9

What is the penalty for taking late RMD?

Back 9

50% penalty tax for any portion of RMD not taken.

Front 10

What are some of the exception to the 10% penalty for taking early distribution from IRA or any qualified account?

Back 10

*Death or Disability of the taxpayer.
*Distributions are made after separation from service which are series of substantially equal periodic payments
*Medical expenses
*Health Insurance
*Education
*1st time home-buyer expenses
*IRS tax levy
If possible, recommendation is to split IRA into separate IRAs, use 1 for early distribution.

Front 11

How is life insurance used in estate and retirement planning?

Back 11

*Use distribution to purchase life insurance policy.
*Place life insurance inside ILIT (?)
*Replacement of wealth (?)
*Leverage Assets (?)

Front 12

How is Roth IRA different from Traditional IRA?

Back 12

1. Contributions to Roth IRA is made with after-tax money; i.e. INCOME tax is paid BEFORE money is placed into A Roth IRA.

2. Distribution from Roth IRA is income tax-free.

Front 13

Can IRA(s) be used as collateral for loan?

Back 13

No, that is prohibited.

Front 14

What is IRD?

Back 14

Income w/ Respect to Decedent
This income is earned by the decedent but income tax has not yet been paid.
This income is included in the valuation of estate.
This income is exposed to double-taxation; income tax and estate tax.

Front 15

What are Taxable gifts?

Back 15

All gifts minus Exclusions AND Deductions.

Front 16

What is the Annual Exclusion per donee for present-interest gifts in 2009?

Back 16

$13,000

Front 17

What are some of the deductions and their limits/

Back 17

Marital Deductions - between husband and wife - Unlimited
Charitable Deductions - donations to charities - Unlimited

Front 18

Examples of Present-Interest gift and Future-Interest gift.

Back 18

Present-Interest: Donee has ownership of gift right away.

Front 19

What is Gift Tax?

Back 19

A federal tax applied to an individual giving anything of value to another person. For something to be considered a gift, the receiving party cannot pay the giver full value for the gift, but may pay an amount less than its full value. It is the giver of the gift who is required to pay the gift tax. The receiver of the gift may pay the gift tax, or a percentage of it, on the giver's behalf in the event that the giver has exceeded his/her annual personal gift tax deduction limit.

Front 20

Why does the government impose a gift tax?

Back 20

When you gift assets to others, your estate is reduced. The government figures if you give enough away, it may not get any estate tax at your death. So the government imposes a gift tax to reduce the loss of estate tax revenues.

Front 21

Does a gift of any interest in property qualify for the annual exclusion?

Back 21

The annual exclusion only applies to a present interest gift. A present interest gift is one which the donee has all immediate rights to the use, possession, and enjoyment of the property and income from the property.

Front 22

What are some of the Gifts that are excluded from the Gift tax?

Back 22

1.Education costs - Tuition and tuition ONLY.

*NOT for books, supplies, or room and board.
*Paid to the school; not the student.

2.Medical costs - including health insurance premium, can be paid for others.

*BUT must be paid directly to the health insurance provider OR the medical provider.

Front 23

What is gift-splitting?

Back 23

A taxation rule that allows a married couple to split a gift's total value between each spouse as if each contributed half of the amount. Gift splitting allows a couple to increase the gift tax exemption amount by combining individual allowances.
For gift splitting to be official, both spouses must agree to the gift and specify the situation when filing taxes.

Front 24

Is it better to gift before death or after death?

Back 24

Before. Because tax is lower on gift if it's made before death.
Before Death, tax is applied to Gift amount. 100k (gift) + 50k (gift tax) = 150k cost to donor.
After Death, gift is included into estate tax calculation then gift is distributed.
Ex. 100k gift is included in the estate valuation which brings estate value up to 200k.
200k (estate) - 100k (estate tax) = 100k (gift). 100k (gift) + 100k (estate tax) = 200k cost

Front 25

There are 4 components of a trust, what are they?

Back 25

1. Trust creator = Grantor/Donor/Settlor/Trustor -
2. Person(s)/Entity that holds the trust assets for the benefit of other(s)= Trustee(s)
3. Assets in the trust = Principal/Corpus
4. People that benefit from the trust = Beneficiary(ies)

Front 26

There are 3 common ways to classify trust.
What are they?

Back 26

1. Living versus Testamentary.
2. Revocable versus Irrevocable
3. Purpose of the Trust.
Purpose dictate the form & the provisions (basic) of the trust.

Front 27

There are 3 common ways to classify trust.
1. Living versus Testamentary.
2. Revocable versus Irrevocable
3. Purpose of the Trust.
Purpose dictate the form and the provisions (basic) of the trust.

What is a Living Trust?

What is a Testamentary Trust?

Back 27

Living versus Testamentary

When the trust is create; before/after grantor's death?

*Living - created BEFORE grantor's death; living trust/inter vivos (during life) trust

*Testamentary - created AFTER grantor's death; testamentary trust (created under Last Will & Testament). note: Last Will & Testament must be admitted to probate before it can be effective.

Front 28

There are 3 common ways to classify trust.

1. Living versus Testamentary.
2. Revocable versus Irrevocable
3. Purpose of the Trust.
Purpose dictate the form & the provisions (basic) of the trust.

When is the trust consider revocable?
When is the trust consider irrevocable?

Back 28

Revocable versus Irrevocable

Revocable = Grantor retains the rights to amend or terminate trust.
Irrevocable = Grantor gives up the rights to do so.

A trust is irrevocable is due to 1 of 2 reasons; one, grantor died, or two, grantor gives up rights to revoke.

Grantor is no longer owner of asset(s) placed in irrevocable trust.
Grantor gives up rights of ownership, and by doing also giving up tax responsibility; if there's any.

Front 29

Some examples of when irrevocable trust is used while grantor is still alive.

Back 29

1. Avoidance of federal estate taxes (most common)
***Gift tax is incurred when asset is placed into irrev. trust. However, asset is taxed at current value. Ex: If estate value is higher than the tax-exempt amount (current is 2M), place life insurance in ILIT. Policy is taxed (gift tax rate) at cash value/premiums paid, and death benefit escapes estate tax.

2. Divorce settlement or court decree

2. Elderly persons who want to qualify for Medicaid (Title XIX) benefits.
***Along with other requirements, asset(s) must be transferred into the irrev. trust 5 years before applying for Medicaid.

4. High net worth individuals wanting to protect their asset(s) from creditors' claims and/or lawsuits.
Ex: Doctors, entertainers, professional athletes, etc.

Front 30

"Trust Agreement" versus "Declaration of Trust". What's the difference?

Back 30

"Trust Agreement" - Grantor and Trustee are NOT the same person

"Declaration of Trust" - Grantor IS Trustee.

Front 31

Does testamentary trust avoid probate? and why?

Back 31

No, testamentary trust does NOT avoid probate.
Because it does not become effective until AFTER grantor's death.

Front 32

Does living trust ALWAYS avoid probate?

Back 32

ONLY IF the trust was properly funded during grantor's life time.

Front 33

Living and Testamentary trusts differ in that Living is created BEFORE death, and Testamentary is created AFTER death (by Last Will and Testament).
How else do they differ?

Back 33

1. More formalities with Testamentary because it's part of Last Will & Testamentary; and
2. More public because Last Will & Testament is a public document.
3. Living trust costs more b/c it's a separate doc.

Front 34

There are 3 common ways to classify trust.
1. Living versus Testamentary.
2. Revocable versus Irrevocable
3. Purpose of the Trust.
Purpose dictate the form and the provisions (basic) of the trust.

List some common purposes of trust.

Back 34

1. A/B Trust

2. Asset Protection Trust

3. By-Pass Trust/Family Trust

4. Credit Shelter Trust

5. Charitable Trust

Front 35

Some information about Charitable Trust.

Back 35

1. Must have one or more charitable beneficiaries.

2. Entitle a grantor to deduct a portion of the amount contributed as a current charitable income tax deduction.

4. Assets sold in a charitable trust does not incur capital gains tax. Also you not longer have to show the asset as part of your net worth.

4. can be created under a living trust or a testamentary trust.

5. If any distributions are to be made during grantor's life time, the Charitable Trust must be an IRREVOCABLE Charitable Trust.

6. If met requirements of federal tax laws are tax-exempt and irrevocable.

Front 36

There are 2 types of Charitable Trust.
1. Charitable Remainder Trust
2. Charitable Lead Trust

What's the difference?

Back 36

1. Charitable REMAINDER trust - charity beneficiary has the REMAINDER/future interest.
2. Charitable LEAD/present trust - charity beneficiary has the LEAD interest.

Front 37

What's the difference between a Charitable Remainder/Lead Trust versus a Charitable Remainder/Lead ANNUITY trust?

Back 37

The word ANNUITY means the beneficiary the beneficiary receives annuitized payments (a fixed amount for a fixed # of years);

Front 38

Simple Trust versus Complex Trust

Back 38

Simple Trust requires that ALL of its income (ordinary; interest & dividends) is to be distributed ANNUALLY,

and does NOT distribute any amount other than CURRENT income.

Complex Trust is any that does not.
Trustee of a Complex Trust may have discretion as to whether to distribute, and how much to distribute.

Front 39

The name of the trust will tell you a few things about the trust.

What are some of the indicative words?
Part I

Back 39

Inter-vivos/Living Trust vs. Testamentary

Living - The trust is created by the grantor while the grantor
is still alive.

Testamentary - the trust was created upon the grantor's death. It was created "under (deceased's)will".

Front 40

The name of the trust will tell you a few things about the trust.

What are some of the indicative words?
Part II

Back 40

Revocable vs. Irrevocable

RIGHTS
Revocable - grantor retains the right to revoke (edit/terminate) the trust.

Irrevocable - grantor gives up the right OR grantor (the only person who can "revoke" the trust) is deceased.
***Although, in some cases, court can "revoke" (change/terminate) the trust.

ASSETS
Along with rights to revoke, grantor also gives up ownership of asset that goes into Irrevocable Trust.

TAXES,
And tax responsibility for the asset.

TAX ID
Irrevocable Trust has its own Tax ID.

Front 41

Topic: Estate

To die intestate means what?

Back 41

To die without a will.

Front 42

Topic: Estate

If the deceased has property and/or debt (estate), but died intestate (w/o a will)?

Back 42

His/her estate will have to go through the PROBATE proceeding.

Front 43

Topic: Estate

What is a probate proceeding?

Back 43

Probate is the legal process of administering the estate of a deceased person by resolving all claims and distributing the deceased person's property under the valid will.

A surrogate court decides the validity of a testator's will.

A probate interprets the instructions of the deceased, decides the executor as the personal representative of the estate, and adjudicates the interests of heirs and other parties who may have claims against the estate.

Front 44

What does each of these mean in regard to will?

1. Written
2. Holographic
3. Nuncupative
4. Video

Back 44

See FL statute 732.502

Front 45

A will must pass what type a test to be a valid will?

Back 45

1a. The testator's age (18 and up, or emancipated)
1b. The testator's mind (sound)
FL statutes 732.501
2. Execution (732.502)
3. Witness (competency)(732.504)

Front 46

Code to review

Subsequen marriage, birth, adoption, or divorce

Back 46

732.507

Front 47

Code to review

Revocation

Back 47

732.505
732.506

Front 48

What is a codicil?

Back 48

A codicil is an amendment.

Front 49

What are the 2 terms used to call an estate's personal representative (PR)?

And what's the difference?

Back 49

Executor/Executrix (female) - named in will.

Administrator/Administratrix (female) - apppointed by court

Front 50

Once the probate court determined that the will is to be valid, what documentation do they provide?

Back 50

Letter of Administration

Front 51

What's one of the reasons why people might want to avoid having their estate going through the probate process?

How do they avoid it?

Back 51

Probate proceeding is public; Personal and private matters (property, debt, who's who) become public

One way to avoid it is to have a trust; one with clear directions for the trustee to handles your property & debt (estate).

Front 52

For whom a Guardianship is established?
What happen to his/her rights (legal & civil)?

Which statute cover this?

Back 52

A guardianship is established for someone who is incapacitated (lack of capacity).

His/her rights, legal & civil, are taken away.

FL statute 744.1012

Front 53

What is an agency (for Trust/Estate/Guardianship)?

Back 53

An agency (an institution) provides safekeeping of assets (of trust/estate/guardianship) and accounting for those assets.
An agency can manage those assets.

Front 54

A person or institution who manage money and/or property for another. This institution/person must exercise standard of care in such management activity imposed by law of contract.

What is the term for this?

Back 54

A fiduciary.

Front 55

What are the duties of a fiduciary to an esate/trust/guardianship?

Back 55

a. loyalty
b. confidentiality
c. conflict of interest
D. care, diligence, and prudence
E. preserve and protects assets
F. make trust assets productive
g. avoid undue risk
h. maintain accurate records
i. accountings to benficiaries
j. delegation of duties
k. communication with beneficiaries

Front 56

The difference between Legal Title vs. Equitable Title is what?

Back 56

One has beneficial enjoyment of the asset, the other doesn't.

Front 57

In regard to Property law, what property is considered Real, and what is considered Personal?

Back 57

Real property is "earth and everything else attached to it". It has address and a legal description. Ex. Real estate.

Personal property is everything else. Ex. gold coins

Front 58

TANGIBLE Personal property versus INTANGIBLE Personal property

Back 58

TANGIBLE Personal property has utility (use); has value in what it does.

INTANGIBLE Personal property represents value.

A piece jewelry can be both. It has utility because it adorns the person. It represents a value when it is for sale.

Front 59

In regard to Property Rights/Ownership, interest in the Rights/Property is broken down into how many parts? and what are they?

Back 59

I. Complete Interest
a. Fee Simple?
II. Present/Current Interest
a. Life Estate (for life)
b. Estate for years (period certain)
c. Fee Subject to a Condition Subsequent
III. Future Interest
a. Remainder
1. Vested
2. Contingent
b. Reversionary
1. Reversionary
2. Possibility of a revertor

Front 60

A person or entity in a position of trust to act in the best interest of those being represented.

Back 60

A fiduciary.

Front 61

Definition of laws
Congress?

Back 61

1. Rules that govern the actions of people

2. Statutes are made by federal and state legislatures; statuatory laws.

3. Case law (common law) is made by the courts.

Front 62

Rules issued by government agencies that are not law, but have the same force and effect as laws.

Back 62

Regulations

Front 63

An organized collection of laws or regs, usually for a given subject or jurisdiction.

Back 63

Code.
Florida Trust Codes

Front 64

A three-party arrangement in which an owner as Settlor entrusts the care and management of his/her property to a Trustee for the interest of the Beneficiaries.

The legal and equitable title are split.

Back 64

A Trust.

Front 65

A document in which one person (as principal) authorizes another to act as her Agent (attorney-in-fact).

Back 65

A Power of Attorney

Chapter 709

Front 66

When does a Power Of Attorney (POA) becomes invalid?

Back 66

At the death or incapacity of the principal.

Front 67

Durable Power of Attorney is effective until when?

Back 67

Until the Principal dies.

DPOA contains special durability provision that keeps it in effect, or takes effect, when the Principal becomes incapacitated.

Front 68

What does OCC stand for?

Back 68

Office of the Comptroller of Currency - an agency within US Treasury Department.

Front 69

What does the OCC has to do with the trust administration.?

Back 69

The OCC (Office of the Comptroller of Currency ) is authorized to:
1. Set standards for fiduciary activities of national (not state) banks and all federal branches of foreign banks, and

2. Periodically examine fiduciary accounts.

Front 70

What is Regulation 9/Reg 9?

Back 70

Publish by the OCC (Office of the Comptroller of Currency), it covers "standards that apply to the fiduciary activities of national banks" and also all federal branches of foreign banks.

Front 71

Terms as defined by OCC's Reg 9
1. Applicable Law

Back 71

(b) Applicable law means the law of a STATE or other jurisdiction governing a national bank's fiduciary relationships, any applicable FEDERAL law governing those relationships, the terms of the instrument governing a fiduciary relationship, or ANY COURT ORDER pertaining to the relationship.

Front 72

Terms as defined by OCC's Reg 9
2. Fiduciary capacity

Back 72

(e) Fiduciary capacity means: trustee, executor, administrator, registrar of stocks and bonds, transfer agent, guardian, assignee, receiver, or custodian under a uniform gifts to minors act; investment adviser, if the bank receives a fee for its investment advice; any capacity in which the bank possesses investment discretion on behalf of another; or any other similar capacity that the OCC authorizes pursuant to 12 U.S.C. 92a.

Front 73

OCC's Reg 9
§ 9.4 Administration of fiduciary powers.

Who is responsible for the Bank's fiduciary services?

Back 73

(a) Responsibilities of the board of directors.
A national bank's fiduciary activities shall be managed by or under the direction of its board of directors. In discharging its responsibilities, the board may assign any function related to the exercise of fiduciary powers to any director, officer, employee, or committee thereof.

Front 74

OCC's Reg 9
§ 9.4 Administration of fiduciary powers.

Are agency agreements permitted between a bank with fiduciary powers and a bank without them?

Back 74

(c) Agency agreements. Pursuant to a written agreement, a national bank exercising fiduciary powers may perform services related to the exercise of fiduciary powers for another bank or other entity, and may purchase services related to the exercise of fiduciary powers from another bank or other entity.

Front 75

OCC's Reg 9
§ 9.4 Administration of fiduciary powers.

Are fiduciary officers and employees required to be bonded?

Back 75

(d) Bond requirement. A national bank shall ensure that all fiduciary officers and employees are adequately bonded.

Front 76

OCC's Reg 9
§ 9.5 Policies and procedures.

For a national bank that is exercising fiduciary powers, is it required to have written policies and procedures?

Back 76

A national bank exercising fiduciary powers shall adopt and follow written policies and procedures adequate to maintain its fiduciary activities in compliance with applicable law.

Front 77

OCC's Reg 9
§ 9.6 (Required) Review(s) of fiduciary accounts.

What is required of the national bank that is exercising fiduciary powers in regard to the review of a fiduciary account?

Back 77

(a) Pre-acceptance review.
Before accepting a fiduciary account, a national bank shall review the prospective account to determine whether it can properly administer the account.

(b) Initial post-acceptance review.
Upon the acceptance of a fiduciary account for which a national bank has investment discretion, the bank shall conduct a prompt review of all assets of the account to evaluate whether they are appropriate for the account.

(c) Annual review.
At least once during every calendar year, a bank shall conduct a review of all assets of each fiduciary account for which the bank has investment discretion to evaluate whether they are appropriate, individually and collectively, for the account.

Front 78

OCC's Reg 9
§ 9.8 Recordkeeping.

Back 78

(a) Documentation of accounts.
A national bank shall adequately document the ESTABLISHMENT (accepted) and TERMINATION (declined, relinquished, or closed and pending litigation) of each fiduciary account and shall maintain adequate records for all fiduciary accounts.

(b) Retention of records.
A national bank shall retain records described in paragraph (a) of this section for a period of THREE years from the later of the termination of the account or the termination of any litigation relating to the account.

Front 79

OCC's Reg 9
§ 9.9 Audit of fiduciary activities.

Back 79

(a) At least once during each calendar year by internal or external auditors; unless the bank adopts a continuous audit system.

Audit results and significant actions taken as a result of the audit) must be noted in the minutes of the board of directors.

http://www.occ.treas.gov/fr/cfrparts/12cfr09.htm#%C2%A7%209.009%20Audit%20of%20fiduciary%20activities.

Front 80

OCC's Reg 9
§ 9.10 Fiduciary funds awaiting investment or distribution. (Cash on Hand)

Back 80

(a) In general, must be invested in reasonable time

(b) Self-deposits
May be deposited in the fiduciary's bank or affiliate.

http://www.occ.treas.gov/fr/cfrparts/12cfr09.htm#%C2%A7%209.010%20Fiduciary%20funds%20awaiting%20investment%20or%20distribution.

Front 81

OCC's Reg 9
§ 9.11 Investment of fiduciary funds.

Back 81

A national bank shall invest funds of a fiduciary account in a manner CONSISTENT with APPLICABLE law.

Front 82

OCC's Reg 9
§ 9.12 Self-dealing and conflicts of interest.

Back 82

Fiduciary assets many not be sold, loaned, or transferred to the bank's directors, officers, or employees.

A bank may not buy its own stock or obligations with fiduciary funds unless authorized by applicable law.

Loans and sales between accounts must be fair to both and not prohibited.

http://www.occ.treas.gov/fr/cfrparts/12cfr09.htm#%C2%A7%209.012%20Self-dealing%20and%20conflicts%20of%20interest.

Front 83

OCC's Reg 9

§ 9.13 Custody of fiduciary assets.

Back 83

(a) Control of fiduciary assets
Assets of fiduciary accounts must be in joint custody or control of at least two fiduciary officers or employees.

(b) Separation of fiduciary assets.
Assets of fiduciary accounts must be kept separate from bank's assets.

http://www.occ.treas.gov/fr/cfrparts/12cfr09.htm#%C2%A7%209.013%20Custody%20of%20fiduciary%20assets.

Front 84

OCC's Reg 9

§ 9.15 Fiduciary compensation.

Back 84

(a) Compensation of bank.
If the amount of a national bank's compensation for acting in a fiduciary capacity is not set or governed by applicable law, the bank may charge a reasonable fee for its services.

(b) Compensation of co-fiduciary officers and employees. A national bank may not permit any officer or employee to retain any compensation for acting as a co-fiduciary with the bank in the administration of a fiduciary account, except with the specific approval of the bank's board of directors.

Front 85

OCC's Reg 9

§ 9.18 Collective investment funds.

Back 85

(a) In general. Where consistent with applicable law, a national bank may invest assets that it holds as fiduciary in the following collective investment funds:1

(1) A fund maintained by the bank, or by one or more affiliated banks,2 exclusively for the collective investment and reinvestment of money contributed to the fund by the bank, or by one or more affiliated banks, in its capacity as trustee, executor, administrator, guardian, or custodian under a uniform gifts to minors act.

*****i.e. (a)(1) funds are CTFs (Common Trust Fund/mmkt).

(2) A fund consisting solely of assets of retirement, pension, profit sharing, stock bonus or other trusts that are exempt from Federal income tax.

*****i.e. (a)(2) funds are CIFs (Collective Investment Funds) for qualified retirement plans.

http://www.occ.treas.gov/fr/cfrparts/12cfr09.htm#%C2%A7%209.018%20Collective%20investment%20funds.

Front 86

Florida Trust Code,
CH. 736 F.S.
(Florida Statutes)

GENERAL PROVISIONS AND DEFINITIONS
(ss. 736.0101-736.0112)

Situs

Back 86

Situs = Principal place of administration

736.0108 Principal place of administration.--

Front 87

Florida Trust Code,
CH. 736 F.S.
(Florida Statutes)

PART I

GENERAL PROVISIONS AND DEFINITIONS

(14) "Qualified beneficiary"

Back 87

QUALIFIED Beneficiaries include current, intermediate, and remainder beneficiaries

Front 88

Florida Trust Code,
CH. 736 F.S.
(Florida Statutes)

PART I

GENERAL PROVISIONS AND DEFINITIONS

(3) "Ascertainable standard"

Back 88

HEALTH, EDUCATION, SUPPORT, or MAINTENANCE

(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.

Front 89

Florida Trust Code,
CH. 736 F.S. (Florida Statutes)

PART I

GENERAL PROVISIONS AND DEFINITIONS

Other terms

Back 89

(4) "Beneficiary"
(5) "Charitable trust"
(6) "Environmental law
(7) "General power of appointment"
(8) "Guardian of the person"
(9) "Guardian of the property"
(10) "Interests of the beneficiaries"

Front 90

Florida Trust Code,
CH. 736 F.S.
(Florida Statutes)

736.0105 Default and mandatory rules.--

Back 90

(1) Except as otherwise provided in the terms of the trust, this code governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.

(2) The terms of a trust PREVAILS over any provision of this code except: