| Last Action | 04/15/24: Veto not acted upon, and Bill and Veto Message filed with Secretary of State | 
|---|---|
| Title | AN ACT relating to trusts. | 
| Bill Documents | 
                                            Current/Final 
                         Introduced  | 
            
| Bill Request Number | 1924 | 
| Sponsor | M. Lockett | 
| Summary of Original Version | Amend KRS 386B.1-010 to add definitions; create new sections of Subchapter 5 of KRS Chapter 386B to permit the establishment of spendthrift trusts; establish rules for spendthrift trusts; amend KRS 386B.1-030, 386B.4-110, 386.175, 390.320, 394.035, and 394.640 to conform; repeal KRS 386B.5-010 to 386B.5-060. | 
| Index Headings of Original Version | 
                            Property - Spendthrift trusts, establishment of  Wills and Estates - Spendthrift trusts, establishment of Wills and Estates - Spendthrift trusts, protections for Attorneys - Trusts, spendthrift trusts, establishment of Taxation, Inheritance and Estate - Spendthrift trusts, establishment of Taxation, Inheritance and Estate - Spendthrift trusts, protections for  | 
            
| Jump to Proposed Amendments | 
                                    House Committee Substitute 1   House Floor Amendment 1 Senate Floor Amendment 1  | 
                
| Votes | Vote History | 
| Governor's Veto Message | Veto | 
| 02/26/24 | 
                    
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|---|---|
| 03/05/24 | 
                    
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| 03/06/24 | 
                    
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| 03/07/24 | 
                    
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| 03/08/24 | 
                    
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| 03/12/24 | 
                    
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| 03/14/24 | 
                    
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| 03/15/24 | 
                    
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| 03/21/24 | 
                    
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| 03/22/24 | 
                    
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| 03/25/24 | 
                    
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| 03/26/24 | 
                    
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| 03/27/24 | 
                    
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| 03/28/24 | 
                    
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| 04/09/24 | 
                    
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| 04/12/24 | 
                    
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| 04/15/24 | 
                    
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| Amendment | House Committee Substitute 1 | 
|---|---|
| Summary | Retain original provisions; make technical corrections. | 
| Index Headings | Technical Corrections - HB 771 | 
| Amendment | House Floor Amendment 1 | 
|---|---|
| Sponsor | M. Lockett | 
| Summary | Retain original provisions, except provide that the standard of proof is a preponderance of the evidence; a perfected security interest on a spendthrift trust property shall be enforceable against the trust; provide time limits for claims of creditors against a settlor. | 
| Index Headings | 
                            Property - Spendthrift trusts, creditor, cause of action, preponderance standard  Property - Spendthrift trusts, creditor, cause of action, statute of limitations Wills and Estates - Spendthrift trusts, creditor, cause of action, preponderance standard Wills and Estates - Spendthrift trusts, creditor, cause of action, statute of limitations Taxation, Inheritance and Estate - Spendthrift trusts, creditor, cause of action, preponderance standard Taxation, Inheritance and Estate - Spendthrift trusts, creditor, cause of action, statute of limitations  | 
            
| Amendment | Senate Floor Amendment 1 | 
|---|---|
| Sponsor | J. Turner | 
| Summary | Retain original provisions, except provide that the creator of a spendthrift trust shall not be prevented, by will or other writing, from making other or different provisions using express, specific language to that end. | 
| Index Headings | 
                            Property - Spendthrift trusts, express language  Wills and Estates - Spendthrift trusts, express language Taxation, Inheritance and Estate - Spendthrift trusts, express language  | 
            
Last updated: 9/26/2024 1:37 PM (EDT)