Florida § 738.305 - Unitrust policy.
Full text of Florida Florida Statutes § 738.305 — Unitrust policy., with citation guidance and answers to common questions.
§ 738.305. Unitrust policy.
(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.
Frequently Asked Questions About Florida § 738.305
What does Florida Statutes § 738.305 cover?
Section 738.305 ("Unitrust policy.") is part of the Florida Statutes, the codified statutory law of Florida. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Florida § 738.305?
A common citation format is "Florida Statutes § 738.305" (Florida). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 738.305 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Florida.