SB11 Alabama 2023 Session

Updated Apr 17, 2023

Senate Bill

Enacted

Current Status

Regular Session 2023

Session

Sponsor

Summary

Primary Sponsor: Will Barfoot Senator
Republican
Session: Regular Session 2023
Title: Relating to the Alabama Uniform Trust Code; to amend Section 19-3B-414, Code of Alabama 1975, to further provide for the modification or termination of an uneconomic trust.
Description: Under existing law, the trustee of trust property may terminate a trust having a value of less than $50,000 if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
This bill would increase the minimum threshold dollar amount to $100,000 and would allow that amount to be increased or decreased in subsequent years based on changes to the Consumer Price Index.
Subjects: Alabama Uniform Trust Code; modification or termination of an uneconomic trust, further provided.