A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under ss. 738.301-738.310, from a trust or an estate in which the fiduciary has an interest, other than an interest purchased in a trust that is an investment entity, and shall allocate to principal an amount received as a distribution of principal from the trust or estate. If a fiduciary purchases, or receives from a settlor, an interest in a trust that is an investment entity, s. 738.401, s. 738.415, or s. 738.416 applies to a receipt from the trust.
Fla. Stat. § 738.402
Distribution from trust or estate
Known as the Florida Uniform Fiduciary Income and Principal Act
The act spans §§ 738–738 (50 sections).
History.--s. 1, ch. 2002-42; s. 13, ch. 2012-49; s. 21, ch. 2024-216.
Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.