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1998 SESSION

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HB 665 Trusts; duties of trustees and commissioners of accounts.

Introduced by: R. Creigh Deeds | all patrons    ...    notes | add to my profiles

SUMMARY:

Commissioners of accounts. Authorizes the court, in its order authorizing the trust or additions thereto, to subject trustees of trusts created for minors in personal injury cases to the same duties to qualify and account as apply to testamentary trustees.

Trustees are required to file an inventory with the commissioner within four months after receipt of any assets and thereafter as assets are received or discovered. The assets are to be valued in the inventory as of the date they are received by the trustee.

A trustee is required to promptly deliver a copy of the trustee's deed to the commissioner. The trustee's deed must include the trustee's mailing address. The provisions governing the filing of a list of heirs are simplified and various provisions are modified to reflect forms created by the Office of the Executive Secretary and provided to the clerks.


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