David E. Bowers, left, and Alexander M. Parthemer, right, of Jones Foster. Courtesy photosFlorida’s New Fiduciary Income and Principal Act
FIPA brings needed flexibility to the allocation of receipts and disbursements between income and principal, giving fiduciaries needed guidance and beneficiaries more predictability.
December 06, 2024 at 02:31 PM
8 minute read
Florida becomes one of only eight states to adopt a more flexible and beneficial framework for trustees to adjust the allocation of receipts and disbursements between income and principal. Effective Jan. 1, 2025, the Florida Uniform Fiduciary Income and Principal Act (FIPA) modernizes trust and estate administration.
The revised Chapter 738 of the Florida Statutes brings a fresh update to fiduciaries in the state of Florida. Florida’s previous act, known as the Florida Uniform Principal and Income Act (FUPIA), was enacted in 2002 and has periodically received updates and patches. With trusts able to extend to up to 1,000 years, FIPA brings needed flexibility to the allocation of receipts and disbursements between income and principal, giving fiduciaries needed guidance and beneficiaries more predictability.
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