Bill > HB196

This bill amends Sections 19-3D-7 and 19-3D-9 of the Code of Alabama 1975, which relate to the Alabama Uniform Trust Decanting Act. The key provisions include: (1) requiring an authorized fiduciary to provide at least 60 days' notice in writing to certain parties before exercising the decanting power, with exceptions; (2) specifying the required contents of the notice; (3) allowing the decanting power to be exercised before the notice period expires if all entitled parties waive the period; and (4) clarifying that the failure to provide notice to one or more parties does not necessarily invalidate the exercise of the decanting power if the fiduciary acted with reasonable care. The bill also provides procedures for seeking court instructions or approval regarding the exercise of the decanting power.