FL S0786

Creates a new nonjudicial process allowing trustees to settle accounts and obtain discharge without court involvement when a trust terminates or a trustee resigns or is removed, available 6 months after the trustee's acceptance

Requires trustees seeking discharge to send qualified beneficiaries, cotrustees, and successor trustees a trust disclosure document containing contact information, a distribution plan with asset schedules, debts, expenses, taxes, and any reserves

Establishes a 60-day objection period after recipients receive the disclosure document, with objections not required to state specific grounds or follow any particular form

Grants trustees full discharge from all liability and claims arising from matters disclosed in the trust disclosure document if no timely written objections are received, with the same legal effect as a court-approved final order

Applies to all trusts that are irrevocable or become irrevocable on or after the act's effective date