The Florida Senate

733.810  Distribution in kind; valuation.--

(1)  Unless a general power of sale is conferred or a contrary intention is indicated by the will or unless assets are otherwise disposed of under the provisions of this code, the distributable assets of a decedent's estate shall be distributed in kind through application of the following provisions:

(a)  Any family allowance or devise payable in money may be satisfied by value in kind if:

1.  The person entitled to the payment has not demanded cash;

2.  The property distributed in kind is valued at fair market value as of the date of its distribution; and

3.  No residuary devisee has requested that the asset remain a part of the residue of the estate.

(b)  When it is not practicable to distribute undivided interests in a residuary property, the property shall be converted into cash for distribution.

(2)  When the personal representative, trustee, or other fiduciary under a will or trust instrument is required to, or has an option to, satisfy a devise or transfer in trust to, or for the benefit of, the surviving spouse with assets of the estate or trust in kind, at values as finally determined for federal estate tax purposes, the personal representative, trustee, or other fiduciary shall, unless the will or trust instrument otherwise provides, satisfy the devise or transfer in trust by distribution of assets, including cash, fairly representative of the appreciated or depreciated value of all property available for distribution in satisfaction of the devise or transfer in trust, taking into consideration any gains and losses realized from the sale, prior to distribution of the marital interest, of any property not specifically, generally, or demonstratively devised.

(3)  With the consent of all beneficiaries affected, a personal representative or a trustee is authorized to distribute any distributable assets, non-pro rata among the beneficiaries entitled thereto.

History.--s. 1, ch. 74-106; s. 92, ch. 75-220; s. 40, ch. 77-87.

Note.--Created from former s. 734.031.