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2010 SESSION
SB 43 Testamentary trustees; relief of duty to file an inventory or annual accounts.
Introduced by: Richard H. Stuart | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Testamentary trustees; relief of duty to file an inventory or annual accounts. Provides that any trustee under a will of a decedent probated on or after July 1, 2010, shall be relieved of the duty to file an inventory or annual accounts with the commissioner of accounts if the will does not direct the filing of such inventory or accounts and the trustee (i) obtains the written consent of all adult beneficiaries and the consent of all incapacitated beneficiaries, other than the trustee, to whom income or principal of the trust could be currently distributed, after providing those beneficiaries or, in the case of incapacitated beneficiaries, their representatives with certain documents and information; and (ii) files those consents with the commissioner on or before the date on which the inventory or next required accounting would otherwise be due. The commissioner of accounts shall be allowed a fee of $25 for receiving and filing such consents. The bill also provides form language that may be included in a will that would require the trustee to file annual account. This bill is identical to HB 56.
SUMMARY AS INTRODUCED:
Testamentary trustees. Provides that any trustee under a will of a decedent, whenever probated, shall be relieved of the duty to file an inventory or annual accounts with the commissioner of accounts if the trustee (i) obtains the written consent of all adult beneficiaries, other than the trustee, to whom income or principal of the trust could be currently distributed, after providing those beneficiaries with certain documents and information; and (ii) files those consents with the commissioner on or before the date on which the inventory or next required accounting would otherwise be due. Under current law, however, such trustee is relieved of such duty only if the will of the decedent contains the requisite waiver of the obligations of the testamentary trustee nominated therein to account.