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
To provide for the Alabama Uniform Trust Decanting Act; to give authorized fiduciaries of certain trusts decanting power; to provide for fiduciary duties; to provide procedures for exercising the decanting power; to provide notice requirements; to specify circumstances that would involve the courts or the Attorney General in decanting; to provide limitations and restrictions on the exercise of the decanting power; and to authorize under certain circumstances the decanting of trusts for the care of an animal.
|January 25, 2018||S||Read for the first time and referred to the Senate committee on Banking and Insurance|
|Hearing||February 28, 2018||Room 320 at 11:30||Senate B&I Hearing|
|Bill Text||SB 227 - Introduced|