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2005 SESSION
HB 2384 Commissioner of accounts; no requirement when beneficiary is trustee.
Introduced by: William K. Barlow | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Accountings to the commissioner of accounts; no requirement where beneficiary is trustee. Eliminates the requirement to account to a commissioner of accounts with respect to a testamentary trust where the sole beneficiary is also a trustee. A “sole beneficiary” means a person who is (i) the only income beneficiary who is entitled to the principal, or the remaining principal goes to the trustee's estate, or (ii) the only income beneficiary and has either a general power of appointment over the principal or has a special power of appointment that is not limited to a particular class of persons.
SUMMARY AS PASSED HOUSE:
Accountings to the commissioner of accounts; no requirement where beneficiary is trustee. Eliminates the requirement to account to a commissioner of accounts with respect to a testamentary trust where the sole beneficiary is also a trustee. A “sole beneficiary” includes a person who is the sole income beneficiary and has either a general power of appointment over the principal or has a special power of appointment that is not limited to a particular class of persons.
SUMMARY AS INTRODUCED:
Accountings to the commissioner of accounts; no requirement where beneficiary is trustee. Eliminates the requirement to account to a commissioner of accounts with respect to a testamentary trust where the sole beneficiary is also a trustee.