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Senate Bill 617 |
Senate Author: Rodríguez |
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Effective: 9-1-17 |
House Sponsor: Wray |
Senate Bill 617 amends the Property Code to, among other provisions, provide for the reformation of a trust on the petition of a trustee or a beneficiary under specified conditions while expressly not making those conditions the exclusive basis for reformation. The bill modifies the definitions of "full discretion," "limited discretion," and "presumptive remainder beneficiary" as they relate to trusts and provides for the waiver of the requirement that a trustee give written notice of the trustee's disclaimer. The bill removes the prohibition against an authorized trustee exercising the power to distribute the principal of a trust to materially impair the rights of any beneficiary of the trust. The bill provides for the appointment of an agent by a trustee and sets out the duties and powers a trustee may delegate to such an appointed agent.