Resolve, Authorizing the Probate and Trust Law Advisory Commission To Submit Trust Decanting Legislation

Emergency preamble. Whereas,  acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and

Whereas,  this legislation authorizes submission of a bill in this legislative session; and

Whereas,  in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore, be it

Sec. 1. Review. Resolved: That the Probate and Trust Law Advisory Commission established under the Maine Revised Statutes, Title 5, section 12004-I, subsection 73-B is directed to conduct a review of the existing laws governing trusts and the Uniform Trust Decanting Act from the National Conference of Commissioners on Uniform State Laws and develop legislative recommendations based on the review. The Probate and Trust Law Advisory Commission shall invite the participation of interested parties in the review and in the development of recommendations.

Sec. 2. Report. Resolved: That the Probate and Trust Law Advisory Commission is authorized to submit a bill related to its review under section 1 to the Second Regular Session of the 129th Legislature.

Emergency clause. In view of the emergency cited in the preamble, this legislation takes effect when approved.

SUMMARY

This resolve directs the Probate and Trust Law Advisory Commission to review the existing trust laws of this State and the Uniform Trust Decanting Act from the National Conference of Commissioners on Uniform State Laws and develop legislative recommendations based on the review. The Probate and Trust Law Advisory Commission may submit a bill to the Second Regular Session of the 129th Legislature.