Trusts; amend Uniform Principal and Income Act, permit trustee to adjust between principal and income
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends Alabama’s Uniform Principal and Income Act to give trustees more flexibility in managing trust assets. Specifically, it allows trustees to adjust the balance between principal and income without needing explicit instructions from the trust document, provided certain conditions are met. The bill also outlines factors trustees should consider when making these adjustments and includes safeguards to prevent actions that could negatively impact beneficiaries’ tax benefits or estate planning. It updates the existing code language to improve clarity and consistency.
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