Testamentary trustees; relief of duty to file an inventory or annual accounts. (HB56)
Introduced By
Del. Mark Cole (R-Fredericksburg)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
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. Read the Bill »
Outcome
History
Date | Action |
---|---|
12/22/2009 | Committee |
12/22/2009 | Prefiled and ordered printed; offered 01/13/10 10101963D |
12/22/2009 | Referred to Committee for Courts of Justice |
01/13/2010 | Assigned Courts sub: Civil |
01/15/2010 | Assigned Courts sub: Civil |
01/18/2010 | Subcommittee recommends reporting (11-Y 0-N) |
01/22/2010 | Reported from Courts of Justice (22-Y 0-N) (see vote tally) |
01/26/2010 | Read first time |
01/27/2010 | Passed by for the day |
01/28/2010 | Passed by for the day |
01/29/2010 | Passed by for the day |
02/01/2010 | Read second time |
02/01/2010 | Floor substitute printed 10104789D-H1 (Cole) |
02/01/2010 | Substitute by Delegate Cole agreed to 10104789D-H1 |
02/01/2010 | Engrossed by House - floor substitute HB56H1 |
02/02/2010 | Read third time and passed House (96-Y 0-N) |
02/02/2010 | VOTE: --- PASSAGE (96-Y 0-N) (see vote tally) |
02/03/2010 | Constitutional reading dispensed |
02/03/2010 | Referred to Committee for Courts of Justice |
02/17/2010 | Assigned Courts sub: Civil |
02/22/2010 | Reported from Courts of Justice with amendments (14-Y 0-N 1-A) (see vote tally) |
02/23/2010 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/24/2010 | Read third time |
02/24/2010 | Reading of amendments waived |
02/24/2010 | Committee amendments agreed to |
02/24/2010 | Engrossed by Senate as amended |
02/24/2010 | Passed Senate with amendments (39-Y 1-N) (see vote tally) |
02/25/2010 | Placed on Calendar |
02/26/2010 | Senate amendments agreed to by House (96-Y 0-N) |
02/26/2010 | VOTE: --- ADOPTION (96-Y 0-N) (see vote tally) |
03/08/2010 | Enrolled |
03/08/2010 | Bill text as passed House and Senate (HB56ER) |
03/08/2010 | Signed by Speaker |
03/08/2010 | Signed by President |
04/07/2010 | G Approved by Governor-Chapter 197 (effective 7/1/10) |
04/07/2010 | G Acts of Assembly Chapter text (CHAP0197) |
Video
This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 3 minutes.
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.