A 4736
Authorizes trustee of trust, under certain circumstances, to terminate service without filing formal accounting with court or obtaining release agreements from beneficiaries.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill allows a trustee of a trust to terminate their service without filing a formal accounting with the court or obtaining release agreements from beneficiaries, under specific circumstances. These circumstances include the trust ending, the trustee leaving their role, or seeking an interim accounting while continuing to serve. The bill requires the trustee to provide notice to beneficiaries and other interested parties, outlining the proposed distribution of assets and outlining the process for raising objections. If no objections are raised, the trustee’s settlement is deemed approved, and beneficiaries are barred from bringing claims against the trustee.
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Primary sponsor
Ellen Park
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