On May 30, FLA LEG enacted uniform fiduciary income, principal act.
FLA LEG enacted bill HB 1093, Florida uniform fiduciary income and principal act.
Revises provisions of act governing trusts, estates, life estates, other term interests.
Bill Provisions
Codifies Florida uniform fiduciary principal and income act (FUFIPA) into FLA XLII-738.
Replaced Florida uniform principal and income act (FUPIA) as law governing allocation of trust and estate receipts and disbursements between principal and interest.
Law where a Florida trust does not provide its own terms for such an allocation.
FUFIPA Provisions
Modernized trust law, allowing total-return investing under modern portfolio theory.
Provided for conversion of existing trust into unitrust; flexibility for more individualized estate planning; provided governing law provision to reduce jurisdictional disputes.
Legislative History
On Jan. 2, 2024, bill was introduced in House; on Feb. 28, 2024, bill passed House.
On Feb. 28, 2024, bill was introduced in Senate; on Mar. 1, 2024, bill passed Senate.
On May 29, 2024, bill signed by governor; on May 30, assigned Chapter 2024-216.
Effectiveness
Bill becomes effective on Jan. 1, 2025.
Regulators
FLA LEG
Entity Types
Bank; CNSM; Fiduciary
Reference
Bill HB1093, Ch. 2024-216, 5/30/2024; Citation: FLA XLII-738;
