Fla. Stat. § 738.701
When right to income begins and ends
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2024
As of January 1, 2011
A trustee shall make the following disbursements from income to the extent they are not disbursements to which s. 738.201(2)(a) or (c) applies:
(1) One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee.
(2) One-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests.
(3) All of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest.
(4) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.
(1) An income beneficiary is entitled to net income in accordance with the terms of the trust from the date an income interest begins. The 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) The trust for the current income beneficiary; or
(b) A successive interest for a successor beneficiary.
(2) An asset becomes subject to a trust under paragraph (1)(a):
(a) For an asset that is transferred to the trust during the settlor’s life, on the date the asset is transferred;
(b) For an asset that becomes subject to the trust because of a decedent’s death, on the date of the decedent’s death, even if there is an intervening period of administration of the decedent’s estate; or
(c) For an asset that is transferred to a fiduciary by a third party because of a decedent’s death, on the date of the decedent’s death.
(3) An asset becomes subject to a successive interest under paragraph (1)(b) 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 which a fiduciary may or must distribute income.
Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.