Florida § 738.703 Apportionment when income interest ends

Florida Statutes

§ 738.703 — Apportionment when income interest ends

Florida § 738.703

TitleXLII

Ch. 738UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT

This text of Florida § 738.703 (Apportionment when income interest ends) 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. § 738.703 (2026).

Text

(1)As used in this section, the term “undistributed income” means net income received on or before the date on which an income interest ends. The term does not include an item of income or expense which is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.

(2)Except as otherwise provided in subsection (3), when a mandatory income interest of a beneficiary ends, the fiduciary shall pay the beneficiary’s share of the undistributed income that is not disposed of under the terms of the trust to the beneficiary or, if the beneficiary does not survive the date the interest ends, to the beneficiary’s estate.

(3)If a beneficiary has an unqualified power to withdraw more than 5 percent of the value of a trust immediately befor

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(1) As used in this section, the term “undistributed income” means net income received on or before the date on which an income interest ends. The term does not include an item of income or expense which is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.

(2) Except as otherwise provided in subsection (3), when a mandatory income interest of a beneficiary ends, the fiduciary shall pay the beneficiary’s share of the undistributed income that is not disposed of under the terms of the trust to the beneficiary or, if the beneficiary does not survive the date the interest ends, to the beneficiary’s estate.

(3) If a beneficiary has an unqualified power to withdraw more than 5 percent of the value of a trust immediately before an income interest ends: (a) The fiduciary shall allocate to principal the undistributed income from the portion of the trust which may be withdrawn; and (b) Subsection (2) applies only to the balance of the undistributed income.

(4) When a fiduciary’s obligation to pay a fixed annuity or a fixed fraction of the value of assets ends, the fiduciary shall prorate the final payment as required to preserve income tax, gift tax, estate tax, or other tax benefits.