738.303 Authority of fiduciary.
672 words·~3 min read·
/fl/title-xlii/chapter-738/738-303·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)By complying with subsections
(2)and (6), and without court approval, a fiduciary may do any of the following:
(a)Convert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust which provides:
1. That in administering the trust, the net income of the trust will be a unitrust amount rather than net income determined without regard to ss. 738.301 - 738.310 ; and
2. The percentage and method used to calculate the unitrust amount.
(b)Change the percentage or method used to calculate a unitrust amount for a unitrust if the fiduciary adopts in a record a unitrust policy or an amendment or replacement of a unitrust policy providing charges in the percentage or method used to calculate the unitrust amount.
(c)Convert a unitrust to an income trust if the fiduciary adopts in a record a determination that, in administering the trust, the net income of the trust will be net income determined without regard to ss. 738.301 - 738.310 rather than a unitrust amount.
(2)A fiduciary may take an action under subsection
(1)if all of the following apply:
(a)The fiduciary determines that the action will assist the fiduciary to administer a trust impartially.
(b)The fiduciary sends a notice in a record to the qualified beneficiaries determined under ss. 736.0103 and 736.0110 in the manner required by s. 738.304 , describing and proposing to take the action.
(c)The fiduciary sends a copy of the notice under paragraph
(b)to each settlor of the trust which is:
1. If an individual, living; or
2. If not an individual, in existence.
(d)At least one member of each class of the qualified beneficiaries determined under ss. 736.0103 and 736.0110 , other than the Attorney General, receiving the notice under paragraph
(b)is:
1. If an individual, legally competent;
2. If not an individual, in existence; or
3. Represented in the manner provided in s. 738.304 (2).
(e)The fiduciary does not receive, by the date specified in the notice under s. 738.304 (4)(e), an objection in a record to the action proposed under paragraph
(b)from a person to which the notice under paragraph
(b)is sent.
(3)If a fiduciary receives, not later than the date stated in the notice under s. 738.304 (4)(e), an objection in a record described in s. 738.304 (4)(d) to a proposed action, the fiduciary or a beneficiary may request the court to have the action taken as proposed, taken with modifications, or prevented. A person described in s. 738.304
(1)may oppose the proposed action in the proceeding under this subsection regardless of whether the person:
(a)Consented under s. 738.304 (3); or
(b)Objected under s. 738.304 (4)(d).
(4)If, after sending a notice under paragraph (2)(b), a fiduciary decides not to take the action proposed in the notice, the fiduciary must notify in a record each person described in s. 738.304
(1)of the decision not to take the action and the reasons for the decision.
(5)If a beneficiary requests in a record that a fiduciary take an action described in subsection
(1)and the fiduciary declines to act or does not act within 60 days after receiving the request, the beneficiary may request the court to direct the fiduciary to take the action requested.
(6)In deciding whether and how to take an action authorized in subsection (1), or whether and how to respond to a request by a beneficiary under subsection (5), a fiduciary must consider all factors relevant to the trust and beneficiaries, including the relevant factors listed in s. 738.201 (5).
(7)A fiduciary may release or delegate the power to convert an income trust to a unitrust under paragraph (1)(a), change the percentage or method used to calculate a unitrust amount under paragraph (1)(b), or convert a unitrust to an income trust under paragraph (1)(c), for a reason described in s. 738.203
(7)and in the manner described in s. 738.203 (8).