Florida Senate - 2022 SB By Senator Gruters 23-00530A-22 20221304__ CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled

An act relating to public records; creating s. 2 662.1465, F.S.; making the identities of beneficiaries and specified individuals and certain documents in trust proceedings when a family trust company, 5 licensed family trust company, or foreign licensed family trust company is a party confidential and exempt; requiring the court to seal any documents filed with the court in such proceedings; prohibiting the court from releasing to the public any of the sealed documents or information contained therein; 11 providing exceptions; providing a statement of public necessity; providing an effective date. 13

Be It Enacted by the Legislature of the State of Florida: 15

Section

Section 662.1465, Florida Statutes, is created to read: 18 662.1465 Confidentiality of certain trust proceedings and other filings.—In trust proceedings in which a family trust company, licensed family trust company, or foreign licensed family trust company is a party, the identities of those who establish, administer, or benefit from a trust and any information relating to the trust are confidential and exempt from s. 24(a), Art. I of the State Constitution and must be protected in any court proceeding or filing related to the trust.

The court shall seal any document filed with the court in the trust proceeding, including, but not limited to, the instrument on which the trust is based; any petitions, briefs, 29 Florida Senate - 2022 SB 1304 23-00530A-22 20221304__ CODING: Words stricken are deletions; words underlined are additions. or inventories; any statement or report filed by a fiduciary; 30 any court orders; and any other document in the court case file. 31 The court may not release to the public any of the sealed documents or information contained therein, but shall make them available to the following individuals: 34

(1) The settlor. 35

(2) Any fiduciary for the trust. 36

(3) Any beneficiary of the trust. 37

(4) An attorney for the settlor, a fiduciary, or a beneficiary of the trust. 39

(5) Any other person if, upon a showing of a specific interest in the trust or a transaction relating to t he trust or an asset held or previously held by the trust, the court determines there is a compelling need for releasing the information requested. 44

Section 2. The Legislature finds that it is a public necessity that trust proceedings involving family trust companies, licensed family trust companies, or foreign licensed family trust companies be made confidential and exempt from s. 48 24(a),

Article I of the State Constitution. Public disclosure in trust proceedings of information relating to the clients, fam ily members, members, or stockholders of a family trust company, 51 licensed family trust company, or foreign licensed family trust company would vitiate other protections granted by law to such companies and their constituents. In addition, trust proceedings often involve large sums of money or vulnerable people who could be targeted for exploitation or abuse.

Public disclosure of sensitive family and financial information in trust proceedings can result in specific harm to beneficiaries and other Florida Senate - 2022 SB 1304 23-00530A-22 20221304__ CODING: Words stricken are deletions; words underlined are additions. interested parties in such cases.

Therefore, the Legislature finds that the need to protect the identities of beneficiaries of trusts and the sensitive financial information contained in such proceedings is sufficiently compelling to override the state’s public policy of open government and that the protection of such information cannot be accomplished without this exemption. 65

Section 3. This act shall take effect July 1, 2022. 66