Florida § 738.302 Applications; duties and remedies

Florida Statutes

§ 738.302 — Applications; duties and remedies

Florida § 738.302

TitleXLII

Ch. 738UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT

This text of Florida § 738.302 (Applications; duties and remedies) is published on Counsel Stack Legal Research, covering Florida primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Fla. Stat. § 738.302 (2026).

Text

(1)Except as otherwise provided in subsection (2), ss. 738.301-738.310 apply to all of the following:

(a)An income trust, unless the terms of the trust expressly prohibit the use of ss. 738.301-738.310 by a specific reference to this paragraph or corresponding provision of prior law, or an explicit expression of intent that net income not be calculated as a unitrust amount.

(b)An express unitrust, except to the extent that the terms of the trust explicitly: 1. Prohibit the use of ss. 738.301-738.310 by a specific reference to this paragraph or corresponding provision of prior law; 2. Prohibit conversion to an income trust; or 3. Limit changes to the method of calculating the unitrust amount.

(c)A unitrust that had been converted from an income trust.

(2)The provisions of ss. 738.301-

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(1) Except as otherwise provided in subsection (2), ss. 738.301-738.310 apply to all of the following: (a) An income trust, unless the terms of the trust expressly prohibit the use of ss. 738.301-738.310 by a specific reference to this paragraph or corresponding provision of prior law, or an explicit expression of intent that net income not be calculated as a unitrust amount. (b) An express unitrust, except to the extent that the terms of the trust explicitly: 1. Prohibit the use of ss. 738.301-738.310 by a specific reference to this paragraph or corresponding provision of prior law; 2. Prohibit conversion to an income trust; or 3. Limit changes to the method of calculating the unitrust amount. (c) A unitrust that had been converted from an income trust.

(2) The provisions of ss. 738.301-738.310 do not apply to a trust described in s. 170(f)(2)(B), s. 642(c)(5), s. 664(d), s. 2702(a)(3)(A)(ii) or (iii), or s. 2702(b) of the Internal Revenue Code.

(3) An income trust to which ss. 738.301-738.310 apply under paragraph (1)(a) may be converted to a unitrust under ss. 738.301-738.310 regardless of the terms of the trust concerning distributions. Conversion to a unitrust under ss. 738.301-738.310 does not affect other terms of the trust concerning distributions of income or principal.

(4) Sections 738.301-738.310 apply to an estate only to the extent that a trust is a beneficiary of the estate. To the extent of the trust’s interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under those sections.

(5) The provisions of ss. 738.301-738.310 do not create a duty to take or consider action under ss. 738.301-738.310 or to inform a beneficiary about the applicability of ss. 738.301-738.310.

(6) A fiduciary that in good faith takes or fails to take an action under ss. 738.301-738.310 is not liable to a person affected by the action or inaction.