SECTION 738.103. Fiduciary duties; general principles.
Latest version.
1(1) 2In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of ss. 24738.20125and 26738.20227and ss. 29738.30130-31738.303, 32a fiduciary:
34(a) 35Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this chapter.
62(b) 63May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this chapter.
111(c) 112Shall administer a trust or estate in accordance with this chapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration.
149(d) 150Shall add a receipt or charge a disbursement to principal to the extent the terms of the trust and this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.
188(2) 189In exercising the power to adjust under s. 197738.104(1)198or a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with this chapter is presumed to be fair and reasonable to all of the beneficiaries.
295(3) 296Except as provided in s. 301738.1041(9), 302this chapter pertains to the administration of a trust and is applicable to any trust that is administered in this state or under its law. This chapter also applies to any estate that is administered in this state unless the provision is limited in application to a trustee, rather than a fiduciary.
