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2001 SESSION

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HB 1733 Filing accountings and inventories of testamentary trusts.

Introduced by: William J. Howell | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Filing accountings and inventories of testamentary trusts. Provides that a trustee of a testamentary trust does not have to file an inventory if he obtains the written consent of all adult beneficiaries after providing them with certain information and files the consents with the Commissioner of Accounts before the date the inventory would otherwise be due. Additionally, the bill specifies that for those trusts where no accounting is required, no inventory is required.

SUMMARY AS INTRODUCED:

Filing accountings and inventories of testamentary trusts. Eliminates the requirement that a trustee of a testamentary trust has 90 days after qualification as trustee to notify the beneficiaries of the trust that the decedent waived the filing of annual accountings of the trust. The trustee is still required to notify the beneficiaries, but it is no longer required that the notice be given within 90 days. Additionally, the bill specifies that for those trusts where no accounting is required, no inventory is required either.