MS HB917

Creates the Mississippi Trust Decanting Act, allowing authorized trustees to distribute assets from an existing irrevocable trust (first trust) to a new trust (second trust) with modified terms without court approval in most cases

Trustees with absolute discretion over principal distributions may create a second trust with different beneficiaries, grant new powers of appointment, or expand the class of permissible appointees beyond the original trust terms

Trustees without absolute discretion may only distribute to a second trust that maintains the same current and successor beneficiaries, identical distribution standards, and existing powers of appointment from the first trust

Requires 60 days written notice to all legally competent current beneficiaries and presumptive remainder beneficiaries before exercising decanting powers, unless all parties waive the notice period in writing

Prohibits decanting that would reduce mandatory distribution rights, decrease trustee liability standards, eliminate provisions affecting tax-qualified contributions (such as marital or charitable deductions), or extend the trust beyond its original perpetuities period