HOUSE BILL 115 |
HOUSE AUTHOR: Smith |
EFFECTIVE: 08-30-99 |
SENATE SPONSOR: Harris |
House Bill 115 amends the Property Code to authorize a trustee to designate a replacement charitable beneficiary for certain trusts when an original charitable beneficiary is no longer in existence. The act requires a trustee to consult with a living settlor concerning the selection of replacement charitable beneficiaries and establishes procedures to be followed when the settlor and the trustee disagree on the selection.