On April 6, 2016 Senate Bill 540 was approved by the governor. The provisions took effect on July 1,2016. What does this bill say? What statutes does it revise? When is it to become effective? If you are a Palm Beach trust litigator or Florida probate attorney, you may want to read SB 540.
Senate Bill 540
- According to the bill summary, SB 540 “revises the statutes governing the use of trust assets to pay the trustee’s attorney fees incurred in defending against a breach of trust claim.”
- What does this mean?
- This means that the “statutes giving broad authority to a trustee to incur attorney fees do not apply when the trustee is defending against a breach of trust claim.”
- In addition, the bill clarifies that “Florida law determines the validity and effect of the disposition of real property located in this state.”
- Lastly, probate attorneys should know that SB 540 provides that ” an elective share is a floor, not a ceiling, on the amount of assets which the surviving spouse may receive from the decedent’s estate.”
- Therefore, a surviving spouse is entitled to receive the same amount from the decedent’s estate regardless of whether or not the surviving spouse claimed an elective share.
- To read SB 540 in it’s entirety, click here.