(1) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The trust may not be enforced for more than 1,000 years.
(2) A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is appointed, by a person appointed by the court.
(3) Property of a trust authorized by this section may be applied only to the intended use of the property, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise as part of the settlor’s estate.
History.—s. 4, ch. 2006-217; s. 5, ch. 2022-96.
Structure Florida Statutes
Title XLII - Estates and Trusts
Chapter 736 - Florida Trust Code
Part IV - Creation, Validity, Modification, and Termination (Ss. 736.0401-736.0417)
736.0401 - Methods of creating trust.
736.0402 - Requirements for creation.
736.0403 - Trusts created in other jurisdictions; formalities required for revocable trusts.
736.0405 - Charitable purposes; enforcement.
736.0406 - Effect of fraud, duress, mistake, or undue influence.
736.0407 - Evidence of oral trust.
736.0408 - Trust for care of an animal.
736.0409 - Noncharitable trust without ascertainable beneficiary.
736.0410 - Modification or termination of trust; proceedings for disapproval of nonjudicial acts.
736.04114 - Limited judicial construction of irrevocable trust with federal tax provisions.
736.04117 - Trustee’s power to invade principal in trust.
736.0412 - Nonjudicial modification of irrevocable trust.
736.0414 - Modification or termination of uneconomic trust.
736.0415 - Reformation to correct mistakes.
736.0416 - Modification to achieve settlor’s tax objectives.