SB35 Summary

• Amends Alabama's Uniform Trust Decanting Act (Sections 19-3D-7 and 19-3D-9) to clarify rules for trust decanting when notice recipients do not receive notification.

• An authorized fiduciary must wait 60 days after providing written notice to specified parties (settlors, beneficiaries, fiduciaries, attorney general, etc.) before exercising decanting power, unless all parties waive the waiting period in writing.

• Establishes that failure to receive notice does not invalidate a decanting exercise if the fiduciary acted with reasonable care to comply with notice requirements.

• Establishes a six-month deadline from notice date for any person to file a court application challenging the decanting power exercise; failure to receive notice does not extend this deadline if the fiduciary exercised reasonable diligence in providing notice.

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