Relating to trusts, including optional notices to creditors when a will has been admitted to probate without administration and the trust is the beneficiary of the estate, trust accounting, specific powers of a trustee, and representation of holders of power and similar interests

This bill relates to trusts, including optional notices to creditors when a will has been admitted to probate without administration and the trust is the beneficiary of the estate, trust accounting, specific powers of a trustee, and representation of holders of power and similar interests. The bill provides optional language that may be included in a notice given to creditors, heirs, and surviving spouses for when a decedent’s will has been admitted to probate without administration. If such notice is provided, creditors must mail proof of claims to the trustee within four months or else be barred from asserting such claims. The bill provides that annual accountings of the trust provided by the trustee to each beneficiary shall include the beginning and ending balances of the trust upon request. The bill changes the specific powers designated to a trustee relating to obligations a trustee has when there is an actual or potential violation of an environmental law on a property held by a trustee. The bill makes such obligations into optional actions that a trustee may take. The bill provides for holders of a limited power of appointment along with the taker in default of the appointment power to jointly represent and bind a person whose interest is dependent upon that power of appointment. The bill allows first order remainder beneficiaries to represent a remote contingent beneficiary in addition to a minor or an incompetent, unborn, or unascertained person.