Senate Bill 197 Summary

• Removes location requirement for holographic wills by eliminating the requirement that they be found among the testator's valuable papers or in a safe-deposit box, allowing holographic wills to be valid regardless of where they are found.

• Expands the definition of "terms of a trust" to include modifications made through nonjudicial settlement agreements, nonjudicial modifications with consent, and actions by trustees or other power holders under Articles 8A and 8B.

• Establishes comprehensive rules for "power holders" (non-trustee persons with powers over trust administration), including their fiduciary duties, liability limitations, and the trustee's duties with respect to power holder actions.

• Clarifies that the rule against perpetuities exclusion in G.S. 41-23 applies to trusts by explicitly stating in G.S. 41-18(10) that nonvested property interests in trusts subject to G.S. 41-23 are excluded from the perpetuities rule.

• Makes technical revisions to trust-related statutes as recommended by the General Statutes Commission, with effectiveness dates ranging from when the law becomes effective to August 19, 2007.