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Florida Statutes Title XLII. Estates and Trusts § 738.305. Unitrust policy

Current as of January 01, 2025 | Updated by Findlaw Staff

<Section effective Jan. 1, 2025.>

(1) In administering a unitrust under ss. 738.301-738.310, a fiduciary shall follow a unitrust policy adopted under s. 738.303(1)(a) or (b) or amended or replaced under s. 738.303(1)(b).

(2) A unitrust policy must provide all of the following:

(a) The unitrust rate or method for determining the unitrust rate under s. 738.306.

(b) The method for determining the applicable value under s. 738.307.

(c) The rules described in ss. 738.306-738.310 which apply in the administration of the unitrust, whether the rules are:

1. Mandatory as provided in ss. 738.307(1) and (3), 738.308(1), and 738.310; or

2. Optional as provided in ss. 738.306, 738.307(2), and 738.308(2), to the extent that the fiduciary elects to adopt those rules.

(3) A unitrust policy may do any of the following:

(a) Provide methods and standards for:

1. Determining the timing of the distributions;

2. Making distributions in cash or in kind or partly in cash and partly in kind; or

3. Correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount.

(b) Specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid.

(c) Provide other standards and rules that the fiduciary determines serve the interests of the beneficiaries.

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Cite this article: FindLaw.com - Florida Statutes Title XLII. Estates and Trusts § 738.305. Unitrust policy - last updated January 01, 2025 | https://codes.findlaw.com/fl/title-xlii-estates-and-trusts/fl-st-sect-738-305/

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