SB227 Alabama 2018 Session

Summary

Primary Sponsor

Greg Albritton Senator

Republican

Session

Regular Session 2018

Title

Trusts, Uniform Trust Decanting Act, enacted, decanting power of fiduciaries of certain trusts to distribute assets of the trusts to other trusts, fiduciary duties, procedures, notice, limitations, trusts for the care of animals, authorized

Description

This bill would provide for the Alabama Uniform Trust Decanting Act and would give the authorized fiduciary of certain trusts decanting power to modify the trust either directly or by distributing assets to another trust while still carrying out the material purposes of the settlor and protecting the beneficiaries of the trust.

This bill would provide for the fiduciary duties of the authorized fiduciary and would provide procedures for an authorized fiduciary who exercises the decanting power.

This bill would provide notice requirements and circumstances that would involve the Attorney General or the courts with respect to the decanting of certain types of trusts.

This bill would provide limitations and restrictions on the exercise of the decanting power and authorize under certain circumstances decanting of trusts for the care of an animal.

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Subjects

Trusts