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The Florida Statutes

The 2018 Florida Statutes

Title XL
REAL AND PERSONAL PROPERTY
Chapter 710
TRANSFERS TO MINORS
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F.S. 710.102
710.102 Definitions.As used in this act, the term:
(1) “Adult” means an individual who has attained the age of 21 years.
(2) “Benefit plan” means a retirement plan and may include, but is not limited to, any pension, profit-sharing, stock-bonus, or stock-ownership plan or individual retirement account.
(3) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person’s own account or for the account of others.
(4) “Conservator” means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor’s property or a person legally authorized to perform substantially the same functions.
(5) “Court” means the circuit court.
(6) “Custodial property” means any interest in property transferred to a custodian under this act and the income from and proceeds of that interest in property.
(7) “Custodian” means a person so designated under s. 710.111 or a successor or substitute custodian designated under s. 710.121.
(8) “Financial institution” means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.
(9) “General power of appointment” means a power of appointment as defined in s. 732.2025(3).
(10) “Legal representative” means an individual’s personal representative or conservator.
(11) “Member of the minor’s family” means the minor’s parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
(12) “Minor” means an individual who has not attained the age of 21 years.
(13) “Person” means an individual, corporation, organization, or other legal entity.
(14) “Personal representative” means an executor, administrator, successor personal representative, or special administrator of a decedent’s estate or a person legally authorized to perform substantially the same functions.
(15) “Qualified minor’s trust” means a trust that meets the requirements of s. 2503(c) of the Internal Revenue Code of 1986, as amended.
(16) “State” includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.
(17) “Transfer” means a transaction that creates custodial property under s. 710.111.
(18) “Transferor” means a person who makes a transfer under this act.
(19) “Trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.
History.s. 1, ch. 85-95; s. 3, ch. 2005-101; s. 1, ch. 2015-140.