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Subcommittee approves bill allowing discharge of certain irrevocable trusts without court proceedings
Summary
HB 895 would permit discharge of irrevocable trusts when trustees and all beneficiaries agree, reducing time and court expense; the Real Property, Probate & Trust Law Section waived support and the committee reported the bill favorably.
Representative Hodgers presented HB 895, a measure to allow discharge of irrevocable trusts without court action when trustees and all beneficiaries agree and certain disclosure requirements are met. Hodgers said the change would save time, money and judicial resources for trust administration. "This will allow for an irrevocable trust to be discharged without having to go through the courts," Hodgers said, explaining the proposal grew from two years of study by the Real Property and Probate Trust Law Section.
Members asked clarifying questions about the difference between wills and irrevocable trusts and statutory notice requirements; Hodgers said the process reduces the need for probate court involvement when beneficiaries and trustees have substantially complied with trustee duties and documentation. The Real Property, Probate & Trust Law Section waived support in testimony. The committee voted to report HB 895 favorably and adjourned.
