SB368 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) throughout Alabama Family Trust law.

• Deletes the existing definition of "donor" from Code of Alabama 1975 § 38-9B-2 and adds new definitions for both contributor and settlor.

• Updates all references to "donor" in Sections 38-9B-2, 38-9B-3, 38-9B-5, 38-9B-6, and 38-9B-7 to use the new terminology of contributor or settlor as appropriate.

• Modifies provisions regarding reimbursement to states upon death of a life beneficiary to clarify that funds owed to any state, District of Columbia, or U.S. territory for medical assistance are paid to the AFT Corporation as agent for the State of Alabama.

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