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2024 SESSION

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HB 332 Termination of trust; notice requirements.

Introduced by: Michael J. Jones | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Termination of trust; notice requirements. Provides that a trustee seeking to terminate a trust consisting of trust property that has a total value of less than $100,000 may do so without a court order, provided that the trustee sends notice, as specified in the bill, to any qualified beneficiaries or cotrustees. This bill is identical to SB 63.

SUMMARY AS INTRODUCED:

Termination of trust; notice requirements. Provides that a trustee seeking to terminate a trust may do so without a court order, provided that the trustee sends notice, subject to certain provisions enumerated in the bill, to any qualified beneficiaries or cotrustees. The bill also provides that a qualified beneficiary or cotrustee who objects to the termination of the trust may provide to the trustee seeking to terminate the trust written notice of such objection within 60 days of receipt of the notice of termination.