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House Bill 3190 |
House Author: Villalba |
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Effective: 6-19-15 |
Senate Sponsor: Huffines |
House Bill 3190 amends the Property Code to establish that a protector of a non-charitable trust has all the power and authority granted to the protector by the trust terms and that, if the terms of a non-charitable trust give a person the authority to direct, consent to, or disapprove a trustee's actual or proposed investment decisions, distribution decisions, or other decisions, the person is considered to be an advisor and a fiduciary when exercising that authority. The bill also addresses the liability of a trustee who must act in accordance with the direction of an advisor under the trust terms.