Florida Banking May 2023

trust. Anyone hoping to make use of this exemption will benefit from having an experienced litigator

The Florida Family, Continued from page 17

of changing laws by soliciting the support of an experienced government affairs professional. Public Records Exemptions The newest statute benefiting family trust companies and the families who use them is section 662.1465, Florida Statutes. Passed in 2022, the law provides that when these companies are party to litigation, they may petition the court to close court records to public inspection. This law actually exempts family trust companies from section 24(a), Article I of the State Constitution, which otherwise grants every person the right to inspect public records made or received in connection with official business of state entities, including courts. The new law thereby limits who can access these closed files to only those people who are deemed by the court to have “a specific interest in the trust, a transaction relating to the trust, or an asset held or previously held by the trust and where the court determines there is a compelling need for releasing the information requested.” This new exemption carves out family trusts from the existing “Sunshine Laws,” which otherwise recognizes court records as presumptively accessible to the public. But, buyer beware — this new law is bound to be challenged by proponents of public access to government records. The First Amendment Foundation, for example, expressed opposition to the bill on the basis that it violates open government principles. Litigation may also arise in specific cases over whether a party actually has an interest in a trust or whether a compelling need exists for releasing the information related to the

on their team. Conclusion

Florida’s legislature continues to take steps to make Florida the destination of choice for family trusts. The legal landscape will continue to evolve as the Florida Legislature passes new laws, and courts define their contours. Experienced legal professionals can guide trust professionals through the ever-changing array of advantages Florida’s trust companies afford wealthy families, while helping to navigate the pitfalls and minimize the risks present in this rapidly growing area. Kelly O’Keefe is a shareholder in Stearns Weaver Miller’s Tallahassee office. She represents professional and family member fiduciaries in complex and high-stakes estate, probate and trust disputes and litigation. O’Keefe is the President of the Tallahassee Regional Estate Planning Council, a subcommittee Chair for the Florida Probate Rules Committee, and is on the Board of Directors for the Community Foundation of North Florida and the Tallahassee Chamber of Commerce. She is regularly recognized by The Best Lawyers in America, Florida Trend and Super Lawyers magazines and is AV Preeminent Rated by Martindale-Hubbell. You can reach her at kokeefe@stearnsweaver.com.

Hannah Murphy is an associate at Stearns Weaver Miller’s Tallahassee office. She works in the

Litigation Group practicing in the areas of trusts and estates, antitrust, consumer protection, elections, and technology. Prior to joining the firm, Murphy clerked for the Honorable Mark Walker, in the Northern District of Florida, served as Editor in Chief of the Florida State University Law Review, and held various roles on a variety of national and statewide political campaigns. You can reach her at hmurphy@ stearnsweaver.com .

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