HF2825 Summary

• Clarifies that distributions from regulated investment companies and real estate investment trusts classified as ordinary income are income, while capital gains, depreciation, and depletion distributions are principal.

• Expands definitions in probate law to include assisted reproduction terminology such as "birth mother," "genetic parent," "gestational agreement," and "intended parent" to address inheritance rights in assisted reproduction cases.

• Establishes parent-child relationships for inheritance purposes between children of assisted reproduction and birth mothers, husbands whose sperm was used by their wives, and men who consented to or functioned as parents within specified timeframes.

• Creates procedures for emergency and temporary conservators with authority not exceeding 60-90 days to manage assets when immediate action is necessary to prevent waste or dissipation, with court appointment of a lawyer to represent the respondent.

• Effective August 1, 2010, with provisions applying retroactively to rights of successors of decedents dying on or after that date and to instruments executed before that date unless contrary intent is indicated.