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The aim of the law is to ensure that the intention of the trust creator or decedent is carried out, and to govern the proper distribution of assets to trust beneficiaries, heirs and devisees. [1] To be enacted into law, the Act must be adopted by the state legislature. To date, most states have adopted the Act (sometimes with modifications). [2]
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice A. Hartnett III of the ...
Under state law, these four conditions must be met in order for a Florida will to be considered legally valid: The will maker or testator must be at least 18 years old. The willmaker must be of ...
Spendthrift trusts are technically not "exempt" from the bankruptcy estate, but are "excluded" from the bankruptcy estate pursuant to section 541(d) [24] of the Bankruptcy Code. A spendthrift trust is a creature of Florida state law and must meet is requirements in order to be considered a spendthrift trust. [25]
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
The Florida Statutes are the codified, statutory laws of Florida; it currently has 49 titles. A chapter in the Florida Statutes represents all relevant statutory laws on a particular subject. [ 1 ] The statutes are the selected reproduction of the portions of each session law, which are published in the Laws of Florida , that have general ...