John Young
- Republican
Author
Allows a trustee of an irrevocable trust to appoint a successor trustee or multiple trustees. Provides that a trustee's power to appoint a successor trustee includes the power to allocate trustee powers to one or more trustees. Enacts the uniform trust decanting act. Creates a definition of the decanting power to include a power by a trustee to make limited modifications to an irrevocable trust, including an asset transfer to a new trust. Requires that a modification be consistent with a settlor's or charitable organization's intent. Permits the trustee of an existing trust to make modifications to or distributions from an existing trust for the benefit of a disabled beneficiary. Prohibits a trustee from being required to decant. Requires advanced notice to all qualified beneficiaries. Provides that the decanting power of an authorized fiduciary is not precluded by certain terms. (The introduced version of this bill was prepared by the Probate Code Commission.)
Signed by the Governor
Public Law 161
Signed by the President of the Senate
Signed by the President Pro Tempore
Signed by the Speaker
House concurred in Senate amendments; Roll Call 246: yeas 92, nays 0
Motion to concur filed
Returned to the House with amendments
Third reading: passed; Roll Call 201: yeas 47, nays 0
Second reading: ordered engrossed
Committee report: amend do pass, adopted
Referred to the Senate
Third reading: passed; Roll Call 50: yeas 84, nays 0
Senate sponsors: Senators Freeman and Koch
Second reading: ordered engrossed
Committee report: do pass, adopted
Authored by Representative Young J
| Bill Text Versions | Format |
|---|---|
| Introduced House Bill (H) | |
| House Bill (H) | |
| House Bill (S) | |
| Enrolled House Bill (H) |
| Document | Format |
|---|---|
| Fiscal Note: HB1205.04.ENRS.FN001 |
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