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Minutes for HB2554 - Committee on Judiciary
Short Title
Enacting the uniform fiduciary income and principal act (UFIPA).
Minutes Content for Thu, Feb 13, 2020
Natalie Scott provided an overview of HB2554. (Attachment 1) She stood for questions.
Mark Knakendoffel testified in support of the bill. Mr. Knakendoffel explained the bill is an update to the 1997 Uniform Principal and Income Act and contains many positive changes to current law regarding the ability of a fiduciary to administer a trust. (Attachment 2) He stood for questions.
Jeff Bottenberg testified in support of the bill. Mr Bottenberg explained HB2554 provides enhanced, more flexible accounting rules for modern trusts. It supports current trends in estate planning allowing for very long-term trusts that give trustees broad discretion to adapt to future events. On behalf of the Uniform Law Commission, he said the bill recognizes these trends and feels it updates the law accordingly. (Attachment 3) Mr. Bottenberg stood for questions.
Chairperson Patton closed the hearing.
