The House Judiciary Committee heard HB 1205 on uniform trust decanting act and trustee duties authored by Rep. John Young. This bill allows a trustee of an irrevocable trust to appoint a successor trustee or multiple trustees and allows the trustee to allocate trustee powers to one or more trustees. It also enacts the Uniform Trust Decanting Act and creates a definition of decanting power to include a power by a trustee to make limited modifications to an irrevocable trust, including an asset transfer to a new trust. The bill requires that a modification be consistent with a settlor’s or charitable organization’s intent and permits the trustee of an existing trust to make modifications to or distributions from an existing trust for the benefit of a disabled beneficiary.
Probate attorney Jeff Dible testified in favor of the bill. The bill passed 10-0.
Read the bill at: http://iga.in.gov/legislative/2022/bills/house/1205