NC S450

Adopts the North Carolina Uniform Trust Decanting Act by adding Article 8B to Chapter 36C of the General Statutes, establishing a framework for authorized fiduciaries to distribute or modify trust property.

Allows authorized fiduciaries to exercise decanting power without court approval, but requires written notice at least 60 days before exercise to qualified beneficiaries, settlors, and other interested parties, with options for waiver.

Restricts decanting power by prohibiting reduction or elimination of vested beneficiary interests, requiring preservation of ascertainable standards for distributions, and preventing modifications that would disqualify trusts from tax benefits under federal and state law.

Creates provisions for special-needs fiduciaries to exercise expanded decanting power for beneficiaries with disabilities to create or modify special-needs trusts while preserving governmental benefits eligibility.

Effective upon enactment with the Revisor of Statutes directed to include Official Comments from the Uniform Trust Decanting Act (2015) as annotations to the published General Statutes.