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2021 Florida Statutes (Including 2021B Session)
SECTION 1505
Classification of property as community property; enforcement; duration; management and control; effect of distributions.
Classification of property as community property; enforcement; duration; management and control; effect of distributions.
736.1505 Classification of property as community property; enforcement; duration; management and control; effect of distributions.—
(1) Whether both, one, or neither is domiciled in the state, settlor spouses may classify any or all of their property as community property by transferring that property to a community property trust and providing in the trust that the property is community property pursuant to this part.
(2) A community property trust is enforceable without consideration.
(3) All property owned by a community property trust is community property under the laws of the state during the marriage of the settlor spouses.
(4) The right to manage and control property that is transferred to a community property trust is determined by the terms of the trust agreement.
(5) When property is distributed from a community property trust, the property shall no longer constitute community property within the meaning of this part, provided that community property as classified by a jurisdiction other than the state retains its character as community property to the extent otherwise provided by ss. 732.216-732.228.
History.—s. 33, ch. 2021-183.