HB 427 Modifies provisions relating to trust instruments

     Handler: Kehoe

Current Bill Summary

- Prepared by Senate Research -


SCS/HCS/HB 427 - Under this act, a trust which is a health savings account shall be deemed to have been established on the first day on which the individual who is the beneficiary of such trust is an eligible individual in the calendar year in which the trust is created.

Under current law, a trustee of a trust consisting of trust property having a total value of less than $100,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of the administration. This act increases the required value of the trust property to less than $250,000 before the trustee can terminate the trust.

This provision is identical to provisions contained in SCS/HCB 1 (2017) and the truly agreed to a finally passed version of SB 128 (2017).

This act also provides that a no-contest clause is not enforceable against an interested person filing a motion, pleading, or other claim for relief concerning either a breach of trust by a trustee or for removal of a trustee.

This provision is identical to SB 356 (2017) and to a provision in SCS/SB 171 (2017), SCS/HCB 1 (2017), and the truly agreed to and finally passed version of SB 128 (2017).

JESSI BAKER


Go to Main Bill Page  |  Return to Summary List  |  Return to Senate Home Page