Florida Senate - 2022                                    SB 1304
       
       
        
       By Senator Gruters
       
       
       
       
       
       23-00530A-22                                          20221304__
    1                        A bill to be entitled                      
    2         An act relating to public records; creating s.
    3         662.1465, F.S.; making the identities of beneficiaries
    4         and specified individuals and certain documents in
    5         trust proceedings when a family trust company,
    6         licensed family trust company, or foreign licensed
    7         family trust company is a party confidential and
    8         exempt; requiring the court to seal any documents
    9         filed with the court in such proceedings; prohibiting
   10         the court from releasing to the public any of the
   11         sealed documents or information contained therein;
   12         providing exceptions; providing a statement of public
   13         necessity; providing an effective date.
   14          
   15  Be It Enacted by the Legislature of the State of Florida:
   16  
   17         Section 1. Section 662.1465, Florida Statutes, is created
   18  to read:
   19         662.1465 Confidentiality of certain trust proceedings and
   20  other filings.—In trust proceedings in which a family trust
   21  company, licensed family trust company, or foreign licensed
   22  family trust company is a party, the identities of those who
   23  establish, administer, or benefit from a trust and any
   24  information relating to the trust are confidential and exempt
   25  from s. 24(a), Art. I of the State Constitution and must be
   26  protected in any court proceeding or filing related to the
   27  trust. The court shall seal any document filed with the court in
   28  the trust proceeding, including, but not limited to, the
   29  instrument on which the trust is based; any petitions, briefs,
   30  or inventories; any statement or report filed by a fiduciary;
   31  any court orders; and any other document in the court case file.
   32  The court may not release to the public any of the sealed
   33  documents or information contained therein, but shall make them
   34  available to the following individuals:
   35         (1) The settlor.
   36         (2) Any fiduciary for the trust.
   37         (3) Any beneficiary of the trust.
   38         (4) An attorney for the settlor, a fiduciary, or a
   39  beneficiary of the trust.
   40         (5) Any other person if, upon a showing of a specific
   41  interest in the trust or a transaction relating to the trust or
   42  an asset held or previously held by the trust, the court
   43  determines there is a compelling need for releasing the
   44  information requested.
   45         Section 2. The Legislature finds that it is a public
   46  necessity that trust proceedings involving family trust
   47  companies, licensed family trust companies, or foreign licensed
   48  family trust companies be made confidential and exempt from s.
   49  24(a), Article I of the State Constitution. Public disclosure in
   50  trust proceedings of information relating to the clients, family
   51  members, members, or stockholders of a family trust company,
   52  licensed family trust company, or foreign licensed family trust
   53  company would vitiate other protections granted by law to such
   54  companies and their constituents. In addition, trust proceedings
   55  often involve large sums of money or vulnerable people who could
   56  be targeted for exploitation or abuse. Public disclosure of
   57  sensitive family and financial information in trust proceedings
   58  can result in specific harm to beneficiaries and other
   59  interested parties in such cases. Therefore, the Legislature
   60  finds that the need to protect the identities of beneficiaries
   61  of trusts and the sensitive financial information contained in
   62  such proceedings is sufficiently compelling to override the
   63  state’s public policy of open government and that the protection
   64  of such information cannot be accomplished without this
   65  exemption.
   66         Section 3. This act shall take effect July 1, 2022.