Testamentary trustees; relief of duty to file an inventory or annual accounts. (SB43)
Introduced By
Sen. Richard Stuart (R-Westmoreland)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Testamentary trustees. Provides that any trustee under a will of a decedent, whenever probated, shall be relieved of the duty to file an inventory or annual accounts with the commissioner of accounts if the trustee (i) obtains the written consent of all adult beneficiaries, other than the trustee, to whom income or principal of the trust could be currently distributed, after providing those beneficiaries with certain documents and information; and (ii) files those consents with the commissioner on or before the date on which the inventory or next required accounting would otherwise be due. Under current law, however, such trustee is relieved of such duty only if the will of the decedent contains the requisite waiver of the obligations of the testamentary trustee nominated therein to account. View Full Text »
Comments
This will solve the problem of inadvertent errors in drafting. I have seen this with spouse and daughter as beneficiaries without any discord but requiring annual accountings and bonds. Eliminating the bonding requirement with consent would be a money saving idea as well.