SB 2984

Abstract

Amends the Trusts and Trustees Act. In the Section concerning conditions and requirements for the distribution of trust principal to a second trust, changes definitions. Changes references to "trustee" to references to "authorized trustee". Relocates a provision that an authorized trustee's actions may not be deemed improper or inconsistent with the authorized trustee's duty of impartiality unless the court finds from all the evidence that the authorized trustee acted in bad faith. Makes technical and substantive changes in subsections concerning: purpose; distribution to the second trust; notice; court involvement; term of the second trust; divided discretion; distribution in future trust; authority to distribute; restrictions upon an authorized trustee; tax limitations; the written instrument; remedies; and application of the Section. Repeals a subsection concerning an exception to certain restrictions upon an authorized trustee. Relocates and makes technical and substantive changes to provisions concerning limits on the compensation of an authorized trustee.