HB334 Summary

• Clarifies applicability dates for section 3330 regarding the rule against perpetuities to make explicit that provisions apply to wills of decedents dying on or after August 1, 1984, and trusts becoming irrevocable on or after that date.

• Amends section 3338 (nonjudicial settlement agreements) and section 3342 (trust modification by consent) to restrict trustors from representing beneficiaries unless the trust transfer is confirmed as an incomplete gift for federal tax purposes, and requires all trust beneficiaries be parties when modifications alter beneficial interests.

• Modifies section 3343 to clarify trustee appointment and duty allocation powers, and requires 30 days' notice to existing trustees before changes to their duties become effective (unless waived).

• Amends section 3585 to allow the 120-day claims limitation procedure to apply while a trustee is resigning (not just after resignation is complete), conditioned on the trustee transferring assets within a reasonable time after the limitation period expires.

• Adds to section 4703 authorization for institutions managing institutional funds to consider sustainable investment strategies aligned with charitable purposes.