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Committee advances bill to let trustees close uncontested trusts without court
Summary
CS for SB 786 would create a nonjudicial process for trustees to close a trust and be discharged when no beneficiary objects; the committee reported the bill favorably after sponsor explanation and waivers of support from legal and banking sections.
CS for SB 786, authored by Senator Berman, was presented to the Banking and Insurance Committee as a targeted modernization of trust law intended to reduce legal costs for beneficiaries when trusts can be closed without dispute.
Senator Berman said the bill establishes a statutory nonjudicial process allowing eligible trustees to provide full disclosure to beneficiaries and obtain a discharge without going to court unless a beneficiary files a written objection, in which case existing court protections would apply. Support waivers came from the Florida Bankers Association and the Real Property Probate and Trust Law Section of The Florida Bar.
Senator Berman waived closing remarks and the committee recorded the bill as reported favorably to the Senate.
