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Kansas committee hears HB 2590 to create Kansas Community Property Trust Act and amend trust code
Summary
The Committee on Financial Institutions and Pensions held a hearing on HB 2590, which would enact a Kansas Community Property Trust Act, add 'designated representatives' to the uniform trust code, and permit certain trustee tax-reimbursement powers; proponents say provisions are optional and aimed at growing the state's trust industry.
The Committee on Financial Institutions and Pensions on opening day heard testimony on HB 2590, a bill that would create a Kansas Community Property Trust Act and amend the Kansas Uniform Trust Code to add designated representatives and expand the enforceability of governing trust instruments.
Jason Thompson, adviser in the Revisor’s office, told the committee the bill’s first sections define and authorize community property trusts, require an express declaration and a qualified trustee, and limit provisions that would adversely affect a child’s right to support. Thompson…
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