Fla. Stat. § 738.301
Definitions
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2025
As of January 1, 2011
An income beneficiary is entitled to net income from the date on which the income interest begins.
(1) An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.
(2) An asset becomes subject to a trust:
(a) On the date the asset is transferred to the trust in the case of an asset that is transferred to a trust during the transferor’s life;
(b) On the date of a testator’s death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator’s estate; or
(c) On the date of an individual’s death in the case of an asset that is transferred to a fiduciary by a third party because of the individual’s death.
(3) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (4), even if there is an intervening period of administration to wind up the preceding income interest.
(4) An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.
For purposes of this section and ss. 738.302-738.310:
(1) “Applicable value” means the amount of the net fair market value of a trust taken into account under s. 738.307.
(2) “Express unitrust” means a trust for which, under the terms of the trust without regard to this section and ss. 738.302-738.310, net income must be calculated as a unitrust amount.
(3) “Income trust” means a trust, created by an inter vivos or testamentary instrument, that directs or permits the trustee to distribute the net income of the trust to one or more persons, in fixed proportions or in amounts or proportions determined by the trustee and regardless of whether the trust directs or permits the trustee to distribute the principal of the trust to one or more such persons.
(4) “Net fair market value of a trust” means the fair market value of the assets of the trust, less the reasonably known noncontingent liabilities of the trust.
(5) “Unitrust” means a trust for which net income is a unitrust amount. The term includes an express unitrust.
(6) “Unitrust amount” means an amount computed by multiplying a determined value of a trust by a determined percentage. For a unitrust administered under a unitrust policy, the term means the applicable value multiplied by the unitrust rate.
(7) “Unitrust policy” means a policy described in ss. 738.301-738.310 and adopted under s. 738.303.
(8) “Unitrust rate” means the rate used to compute the unitrust amount for a unitrust administered under a unitrust policy.
Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.