736.0801 Duty to administer trust.—Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this code. History.—s. 8, ch. 2006-217.
736.0802 Duty of loyalty.— (1) As between a trustee and the beneficiaries, a trustee shall administer the trust solely in the interests of the beneficiaries. (2) Subject to the rights of persons dealing with or assisting the trustee as provided in s. 736.1016, a sale, encumbrance, or other transaction involving the investment or management of trust property entered […]
736.0803 Impartiality.—If a trust has two or more beneficiaries, the trustee shall act impartially in administering the trust property, giving due regard to the beneficiaries’ respective interests. History.—s. 8, ch. 2006-217.
736.0804 Prudent administration.—A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. History.—s. 8, ch. 2006-217.
736.0805 Expenses of administration.—In administering a trust, the trustee shall only incur expenses that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee. History.—s. 8, ch. 2006-217.
736.0806 Trustee’s skills.—A trustee who has special skills or expertise, or is named trustee in reliance on the trustee’s representation that the trustee has special skills or expertise, shall use those special skills or expertise. History.—s. 8, ch. 2006-217.
736.0807 Delegation by trustee.— (1) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances, including investment functions pursuant to s. 518.112. The trustee shall exercise reasonable care, skill, and caution in: (a) Selecting an agent. (b) Establishing the scope and terms of the delegation, consistent with the purposes […]
736.0809 Control and protection of trust property.—A trustee shall take reasonable steps to take control of and protect the trust property. History.—s. 8, ch. 2006-217.
736.0810 Recordkeeping and identification of trust property.— (1) A trustee shall keep clear, distinct, and accurate records of the administration of the trust. (2) A trustee shall keep trust property separate from the trustee’s own property. (3) Except as otherwise provided in subsection (4), a trustee shall cause the trust property to be designated so that the interest of […]
736.08105 Duty to ascertain marketable title of trust real property.—A trustee holding title to real property received from a settlor or estate shall not be required to obtain title insurance or proof of marketable title until a marketable title is required for a sale or conveyance of the real property. History.—s. 8, ch. 2006-217.
736.0811 Enforcement and defense of claims.—A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. History.—s. 8, ch. 2006-217.
736.0812 Collecting trust property.—A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and, except as provided in s. 736.08125, to redress a breach of trust known to the trustee to have been committed by a former trustee. History.—s. 8, ch. 2006-217.
736.08125 Protection of successor trustees.— (1) A successor trustee is not personally liable for actions taken by any prior trustee, nor does any successor trustee have a duty to institute any proceeding against any prior trustee, or file any claim against any prior trustee’s estate, for any of the prior trustee’s actions as trustee under any of […]
736.0813 Duty to inform and account.—The trustee shall keep the qualified beneficiaries of the trust reasonably informed of the trust and its administration. (1) The trustee’s duty to inform and account includes, but is not limited to, the following: (a) Within 60 days after acceptance of the trust, the trustee shall give notice to the qualified beneficiaries of […]
736.08135 Trust accountings.— (1) A trust accounting must be a reasonably understandable report from the date of the last accounting or, if none, from the date on which the trustee became accountable, that adequately discloses the information required in subsection (2). (2)(a) The accounting must begin with a statement identifying the trust, the trustee furnishing the accounting, and […]
736.0814 Discretionary powers; tax savings.— (1) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as “absolute,” “sole,” or “uncontrolled,” the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of […]
736.08145 Grantor trust reimbursement.— (1)(a) Except as otherwise provided under the terms of a trust, if all or any portion of the trust is treated as being owned by a person under s. 671 of the Internal Revenue Code or any similar federal, state, or other tax law, the trustee may, in the trustee’s sole discretion, reimburse […]
736.08147 Duty to distribute trust income.—If a will or trust instrument granting income to the settlor’s or testator’s spouse for life is silent as to the time of distribution of income and the frequency of distributions, the trustee shall distribute all net income, as defined in chapter 738, to the spouse no less frequently than annually. […]
736.0815 General powers of trustee.— (1) A trustee, without authorization by the court, may, except as limited or restricted by this code, exercise: (a) Powers conferred by the terms of the trust. (b) Except as limited by the terms of the trust: 1. All powers over the trust property that an unmarried competent owner has over individually owned property. 2. Any […]
736.0816 Specific powers of trustee.—Except as limited or restricted by this code, a trustee may: (1) Collect trust property and accept or reject additions to the trust property from a settlor, including an asset in which the trustee is personally interested, and hold property in the name of a nominee or in other form without disclosure of […]
