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AL SB11
Bill
AI Summary
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Increases the threshold for trustee termination of uneconomic trusts from $50,000 to $100,000 in total trust property value.
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Establishes an automatic annual adjustment mechanism beginning January 1, 2024, based on the Consumer Price Index (CPI-U) to increase or decrease the dollar threshold.
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Requires the State Treasurer to publish updated dollar amounts by February 1 each year, using the 2022 CPI as the reference base index.
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Specifies rounding rules for CPI adjustments: round down for increases and round up for decreases, in increments of $100.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Relating to the Alabama Uniform Trust Code; to amend Section 19-3B-414, Code of Alabama 1975, to further provide for the modification or termination of an uneconomic trust.
Alabama Uniform Trust Code; modification or termination of an uneconomic trust, further provided.
Last Action
Enacted
5/3/2023