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Florida Statutes (Last Updated: April 21, 2021) |
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TITLE XLII. ESTATES AND TRUSTS |
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CHAPTER 732. PROBATE CODE: INTESTATE SUCCESSION AND WILLS |
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PART IV. EXEMPT PROPERTY AND ALLOWANCES |
Latest version.
- 1(1) 2If the owner of homestead property transfers an interest in that property, including a transfer in trust, with or without consideration, to one or more persons during the owner’s lifetime, the transfer is not a devise for purposes of s. 42731.201(10) 43or s. 45732.4015, 46and the interest transferred does not descend as provided in s. 57732.401 58if the transferor fails to retain a power, held in any capacity, acting alone or in conjunction with any other person, to revoke or revest that interest in the transferor.88(2) 89As used in this section, the term “transfer in trust” refers to a trust under which the transferor of the homestead property, alone or in conjunction with another person, does not possess a right of revocation as that term is defined in s. 132733.707(3)(e)133. A power possessed by the transferor which is exercisable during the transferor’s lifetime to alter the beneficial use and enjoyment of the interest within a class of beneficiaries identified only in the trust instrument is not a right of revocation if the power may not be exercised in favor of the transferor, the transferor’s creditors, the transferor’s estate, or the creditors of the transferor’s estate or exercised to discharge the transferor’s legal obligations. This subsection does not create an inference that a power not described in this subsection is a power to revoke or revest an interest in the transferor.234(3) 235The transfer of an interest in homestead property described in subsection (1) may not be treated as a devise of that interest even if:259(a) 260The transferor retains a separate legal or equitable interest in the homestead property, directly or indirectly through a trust or other arrangement such as a term of years, life estate, reversion, possibility of reverter, or fractional fee interest;298(b) 299The interest transferred does not become a possessory interest until a date certain or upon a specified event, the occurrence or nonoccurrence of which does not constitute a power held by the transferor to revoke or revest the interest in the transferor, including, without limitation, the death of the transferor; or350(c) 351The interest transferred is subject to divestment, expiration, or lapse upon a date certain or upon a specified event, the occurrence or nonoccurrence of which does not constitute a power held by the transferor to revoke or revest the interest in the transferor, including, without limitation, survival of the transferor.401(4) 402It is the intent of the Legislature that this section clarify existing law.
