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Current Legislation of Note - Estate Planning and Administration News

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Estate Planning and Administration News


Posted on: Jan 29, 2014

The IndyBar Legislative Committee is currently monitoring the following estate planning and probate related legislation. IndyBar members can request that the Legislative Committee track specific legislation by contacting committee chair Mindy Westrick at mindy.westrick@faegrebd.com.

Click here to view the full Bill Watch reports.

HB1275 COURT OVERSIGHT OF CERTAIN CHARITABLE TRUSTS (DELANEY E)
Provides for probate court review of the executive compensation provided by a charitable trust engaged in the business of providing utility service. Authorizes certain local officials to petition for the court's review. Provides for annual reporting of proposed executive compensation. Prescribes the court's powers, the review procedures, and the standard of review. Requires the court to determine the compensation of the executive officer or officers for the following calendar year if the court rejects the proposed compensation upon reviewing a revised proposal in a particular year. Provides that the court's determination is conclusive of the facts determined by the court subject to the rights of appeal of the trust and the affected executive officer or officers.

SB 36 PROBATE, TRUST, AND TRANSFER ON DEATH MATTERS (DELPH M)
Provides that a petition or other document filed in court by a personal representative in an estate proceeding with a written consent to the petition or other document or a written waiver of notice of the proceedings in the estate is not required to include a
statement that the personal representative delivered a copy of the petition or other document to each person whose written consent or waiver of notice of proceedings was presented to the court, if the petition or other document contains a statement by the person whose signature appears on the consent or waiver: (1) identifying the petition or other document; and (2) affirming that the person has received a copy of the petition or other document and had a reasonable time to read and understand the petition or other document before signing the consent or waiver. Requires a party contesting the validity of a will to serve a copy of the complaint on the counsel for the personal representative. Provides that the court may not enter a default judgment for the contesting party unless proof of service on the counsel for the personal representative is made to the court. Specifies that the procedures for dispensing with the administration of small estates are available to distributees and persons acting on behalf of distributees rather than persons claiming to be entitled to payment from the decedent's estate. Provides for an enforcement action against a person who does not comply with a fiduciary's demand or instruction. Allows a court to award attorney's fees and costs in an enforcement proceeding if the person: (1) acts in bad faith in refusing to comply with the demand or instruction; or (2) refuses to respond to the fiduciary's demand or instruction within 10 business days after receiving the demand or instruction, if the demand or instruction is sufficient. Provides that payments on liens paid with respect to a probate distribution are charged to the beneficiaries of the distribution unless the will provides expressly or by necessary implication that the payment be charged against the residue of the estate. Provides that a general directive in a will to pay debts does not imply an intent that a devise of property subject to a lien be distributed free from the lien. Provides that if trust property subject to a lien is specifically distributable, the distributee shall take the property subject to the lien unless the terms of the trust provide expressly or by necessary implication that the lien be otherwise paid. Provides that payments on liens paid with respect to a trust distribution are charged to the beneficiaries of the distribution unless the trust provides expressly or by necessary implication that the payment be charged against the residue of the trust estate. Provides that a general directive in a trust to pay debts does not imply an intent that a distribution of property subject to a lien be distributed free from the lien. Makes changes to the uniform principal and income act (act).

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