Alabama Uniform Trust Code; amended to conform with Alabama Qualified Dispositions in Trust Act, limit property subject to creditors' claims
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends Alabama’s Uniform Trust Code to align it with the Alabama Qualified Dispositions in Trust Act and limit the property subject to creditor claims in trusts. Specifically, it restricts when a withdrawal power holder is considered a settlor and modifies provisions regarding trustee reimbursement for income taxes paid to settlers. Technical revisions are also included to update the code language.
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