RCW 11.104B.130
448 words·~2 min read·
/wa/title-11/chapter-11-104b/11-104b-130·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A notice required by RCW 11.104B.120 (2)(b) must be sent to:
(a)All beneficiaries that receive or are entitled to receive income from the trust or would be entitled to receive a distribution of principal if the trust were terminated at the time the notice is sent, assuming no power of appointment is exercised; and
(b)Each person that is granted a power over the trust by the terms of the trust, to the extent the power is exercisable when the person is not then serving as a trustee:
(i)Including a:
(A)Power over the investment, management, or distribution of trust property or other matters of trust administration; and
(B)Power to appoint or remove a trustee or person described in this subsection; and
(ii)Excluding a:
(A)Power of appointment;
(B)Power of a beneficiary over the trust, to the extent the exercise or nonexercise of the power affects the beneficial interest of the beneficiary; and
(C)Power over the trust if the terms of the trust provide that the power is held in a nonfiduciary capacity and the power must be held in a nonfiduciary capacity to achieve a tax objective under the federal internal revenue code of 1986, as amended, as of January 1, 2022.
(2)A person may consent in a record at any time to action proposed under RCW 11.104B.120 (2)(b). A notice required by RCW 11.104B.120 (2)(b) need not be sent to a person that consents under this subsection.
(3)A notice required by RCW 11.104B.120 (2)(b) must include:
(a)The action proposed under RCW 11.104B.120 (2)(b);
(b)For a conversion of an income trust to a unitrust, a copy of the unitrust policy adopted under RCW 11.104B.120 (1)(a);
(c)For a change in the percentage or method used to calculate the unitrust amount, a copy of the unitrust policy or amendment or replacement of the unitrust policy adopted under RCW 11.104B.120 (1)(b);
(d)A statement that the person to which the notice is sent may object to the proposed action by stating in a record the basis for the objection and sending or delivering the record to the fiduciary;
(e)The date by which an objection under
(d)of this subsection
(3)must be received by the fiduciary, which must be at least 30 days after the date the notice is sent;
(f)The date on which the action is proposed to be taken and the date on which the action is proposed to take effect;
(g)The name and contact information of the fiduciary; and
(h)The name and contact information of a person that may be contacted for additional information.
[ 2021 c 140 s 2304 .]