Bill > SB0233

This bill introduces a new section to the Utah Uniform Probate Code that regulates the purchase of interests in a decedent's estate by professional interest purchasers. The bill defines an "interest purchaser" as someone who regularly buys beneficial estate interests for consideration and establishes detailed requirements for such transactions. The legislation excludes certain types of transfers from its provisions, such as transfers to family members, registered domestic partners, or heir-locating services. The bill mandates that written agreements for interest purchases must be in 10-point type, clearly state the consideration paid, and describe the transferred interest. It prohibits certain problematic contract provisions, like granting broad agency powers or requiring additional payments beyond the interest transfer. The bill requires purchasers to file redacted agreements with the court, provide copies to beneficiaries, and give notice to the estate's personal representative. It also provides protections for beneficiaries by allowing them to file motions opposing the transfer and empowers the court to review the agreement's circumstances, potentially blocking or modifying transfers that involve unreasonable fees, duress, fraud, or undue influence. The bill includes penalties for bad-faith violations and takes effect on May 7, 2025.

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https://le.utah.gov/~2025/bills/static/SB0233.html