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Bill would let trustees resign with notice, avoiding court filings for older trusts
2145525 · January 22, 2025
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Summary
HB 146 would let a trustee resign by giving 30 days’ notice to qualified beneficiaries and other interested parties rather than seeking court approval; banks and the Maryland Bankers Association supported the change to reduce costs and improve efficiency for legacy trusts.
Delegate Carden told the House Judiciary Committee that House Bill 146 would allow a trustee to resign without first obtaining court approval if the trustee provides at least 30 days’ notice to qualified beneficiaries, the settlor (if living), co-trustees, and any person authorized to appoint a…
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