Bill > SB35

This bill amends Sections 19-3D-7 and 19-3D-9 of the Alabama Uniform Trust Decanting Act. It clarifies the notice requirements for exercising the decanting power, which allows a trustee to transfer assets from one trust (the "first trust") to a new or modified trust (the "second trust"). The bill specifies the individuals who must be given notice and the content of the notice, and it provides that the decanting power can be exercised before the 60-day notice period expires if all required parties waive the notice period. The bill also addresses the time frame for filing an application with the court to review a proposed or attempted exercise of the decanting power, stating that such an application must be filed within six months of receiving notice, and that failure to receive notice does not extend this time period if the trustee acted with reasonable diligence.