The Senate Civil Law Committee heard Sen. Steele’s SB 355 on various probate and trust matters. This bill provides that a trust may incorporate by reference a document that exists at the time the trust is executed. It also specifies that funeral expenses and expenses of a tombstone are expenses of administration. The bill expands the definition of “person” under the probate code to i … [Read more...] about Various probate and trust matters
trusts
Legacy trust
The Senate Civil Law Committee heard SB 56, authored by Sen. Steele and Sen. Bray, on authorizing the establishment of legacy trust and prescribing the procedures for establishing one. This bill provides that a protective provision in a legacy trust prevents a creditor of the settlor from satisfying a claim from the settlor's interest in the trust estate when the settlor is also a … [Read more...] about Legacy trust
Legacy trusts
The Civil Law Committee heard SB 56 authorizing legacy trusts authored by Sens. Steele and Bray. The bill establishes procedures for creating a legacy trust that protects the transferor’s assets from creditors while allowing the transferor to retain an interest in the trust. The bill allows claims against the trust for fraudulent transfers, enforcement of certain child support o … [Read more...] about Legacy trusts