HB618 Summary

• Replaces the term "donor" with "contributor" (any person who contributes assets to an AFT Trust account) and "settlor" (any person who establishes an AFT Trust account for a life beneficiary) in Alabama Family Trust law.

• Amends Sections 38-9B-2, 38-9B-3, 38-9B-5, and 38-9B-6 of the Code of Alabama 1975 to reflect the new terminology throughout the statute.

• Deletes the definition of "donor" while providing expanded definitions for "contributor" and adding a new definition for "settlor" to clarify roles in establishing and funding AFT Trust accounts.

• Becomes effective on the first day of the third month following passage and approval by the Governor.