Testamentary trustees; relief of duty to file an inventory or annual accounts. (SB43)
Introduced By
Sen. Richard Stuart (R-Westmoreland)
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 |
---|---|
01/04/2010 | Prefiled and ordered printed; offered 01/13/10 10101396D |
01/04/2010 | Referred to Committee for Courts of Justice |
01/12/2010 | Assigned Courts sub: Civil |
01/18/2010 | Reported from Courts of Justice (12-Y 0-N) (see vote tally) |
01/19/2010 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
01/20/2010 | Read second time and engrossed |
01/21/2010 | Read third time and passed Senate (39-Y 0-N) (see vote tally) |
02/03/2010 | Placed on Calendar |
02/03/2010 | Read first time |
02/03/2010 | Referred to Committee for Courts of Justice |
02/16/2010 | Assigned Courts sub: #2 Civil |
02/22/2010 | Subcommittee recommends reporting with amendment(s) (11-Y 0-N) |
02/26/2010 | Reported from Courts of Justice with substitute (19-Y 0-N) (see vote tally) |
02/26/2010 | Committee substitute printed 10105510D-H1 |
03/02/2010 | Read second time |
03/03/2010 | Read third time |
03/03/2010 | Committee substitute agreed to 10105510D-H1 |
03/03/2010 | Engrossed by House - committee substitute SB43H1 |
03/03/2010 | Passed House with substitute BLOCK VOTE (99-Y 0-N) |
03/03/2010 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
03/05/2010 | House substitute agreed to by Senate (39-Y 0-N) (see vote tally) |
03/05/2010 | Title replaced 10105510D-H1 |
03/12/2010 | Bill text as passed Senate and House (SB43ER) |
03/12/2010 | Signed by Speaker |
03/13/2010 | Signed by President |
04/12/2010 | G Approved by Governor-Chapter 651 (effective 7/1/10) |
04/12/2010 | G Acts of Assembly Chapter text (CHAP0651) |
Video
This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 35 seconds.
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.