Florida Nonjudicial Settlement Agreement Statute

Vacations and appointments of descendants A vacancy in a trust can occur for a number of reasons, including declination, incapacity, resignation, disqualification, abduction or death. In any event, unless the terms of the trust provide otherwise, it is not necessary to deal with a vacancy unless there is no agent remaining to serve. Where a vacancy is to be filled, it must be filled first by a person designated in accordance with the terms of the trust, then by a person appointed unanimously by the qualified beneficiaries and, finally, if necessary, by a person designated by the court. 63 When some States began to adopt national laws on the protection of assets, the concept of trust protector became more common in national trusts. The Uniform Trust Code (UTC) has given an additional boost to the use of legitimate expectations safeguards. UTC § 808 (b) provides that the member of a trust may authorize a third party to direct certain acts of the trustee, unless the agent knows that the direction is manifestly contrary to the terms of the trust or would be a violation of the power that the third party has over the beneficiaries of the trust. In addition, Section 808(c) authorizes the Settlor to designate a third party to directly modify or terminate the trust. The comments on § 808 indicate that this section ratifies the use of a protection of legitimate expectations. A roundabout way to alter an irrevocable trust could be by changing the situation of trust management….