Monday, June 10, 2019
Finally! The Connecticut legislature has passed House Bill 7104, containing the state's version of the 2000 Uniform Trust Code as well as the 2017 Uniform Directed Trust Act. The Uniform Trust Code has already been passed in 35 jurisdictions. The bill awaits the governor's signature.
HB 7104 was a project that included several groups of professional writing and advising on the bill. It was drafted by a small working group of lawyers from the Estates and Probate Section of the Connecticut Bar Association with substantial input from the Connecticut Bankers Association, the Offices of the Probate Court Administrator and the Attorney General. The bill extends the statutory rule against perpetuities for new trusts from 90 to 800 years, and provides for the establishment of irrevocable, self-settled Domestic Asset Protection Trusts, which exist in over 20 other jurisdictions.
See Suzanne Brown Walsh, Praise the Lord (and Pass the Governor a Pen): Connecticut Finally Updated its Trust Laws, Murtha Law, June 6, 2019.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.