OLR Bill Analysis

SB 1008

An Act Concerning Inter Vivos Trusts

SUMMARY: The bill imposes certain duties on trustees of inter vivos trusts and gives beneficiaries of these trusts certain rights. (An inter vivos trust is a trust someone (settlor) creates during his life which takes effect during his life.) The bill requires these trustees to file a notice with the appropriate probate court and notify the beneficiaries of their right to get a copy of the trust, information on current trust assets, and the contents of the trust notice, and their right to petition probate court for an accounting or to resolve disputes within the court's jurisdiction.

Also, the bill:

EFFECTIVE DATE: January 1, 2000

FURTHER EXPLANATION

Required Notice to Probate Court

Beneficiary Rights

Notice to Beneficiaries

Notice to Out-of-State Trustees

Other Trusts Can Come under Bill's Provisions

Public Disclosure

Annual Trust Account

Deadline to Go to Court

Controlling Law

Disclosure In Connection with Decedents Estate

Execution of Trust

Where Notices Must Be Filed

Court Jurisdiction

Jurisdiction

Transfer of Jurisdiction

Jurisdiction for Allowance of Trustee's Actions

Creation of Representation Rules

BACKGROUND

Inter Vivos Trust

Guardian Ad Litem

Domicile

COMMITTEE ACTION

Judiciary Committee

Yea

37

Nay

0