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1995 SESSION

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HB 1631 Waiver of accounting for testamentary trustees.

Introduced by: William C. Mims | all patrons    ...    notes | add to my profiles

SUMMARY:

Waiver of accounting for testamentary trustees. Allows testamentary trustees under a will probated on or before July 1, 1993, without language waiving the responsibility of accounting to the Commissioner of Accounts, to avoid the responsibility of such accounting if all adult beneficiaries under the trust consent in writing. Current law allows such waiver only if the will contains language allowing the trustee to avoid the responsibility; however, it is unlikely a testator would have included such language prior to January 1, 1993, since the option was unavailable under law.


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