On Mar. 25, 2025, UTA LEG reported governor signed bill; effective on May 7, 2025.
On Mar. 6, UTA LEG passed bill related to estate planning amendment.
UTA LEG passed SB 206 related to provisions that creates, amends definitions related to estate planning; address requirements for making a will, including for testamentary.
Amended rule against perpetuities for power of appointment; removed the requirement a person alleged to be incapacitated be present at guardianship hearing.
Clarified the legal standard of proof for a guardianship; allows a trustee to decant a trust in certain circumstances; addresses the capacity to make a power of attorney.
Addressed the capacity to appoint agent for advanced health care directive; modified the capacity required for a custodian under Uniform transfers to minorsact (UTMA).
Defined asset protection trust to include an irrevocable trust which settlor may be made beneficiary by act; affidavit of solvency for asset protection trust discretionary.
Provided person bring cause of action, claim for relief regarding a fraudulent, voidable transfer for assets transferred to asset protection trust within the limitations period.
Allowed a trustee to convey property in asset protection trust to settlor, beneficiary to secure financing; property to be reconveyed to the trustee within certain time period.
If trustee makes multiple transfers to asset protection trust, as from recent transfer.
Legislative History
On Jan. 31, 2025, bill introduced into Senate; on Feb. 14, 2025, bill passed Senate.
On Feb. 14, 2025, bill introduced into House; on Mar. 6, 2025, bill passed the House.
Effectiveness
If finalized, bill takes effect on May 7, 2025.
Mar. 25, 2025 UTA LEG Governor Approval
On Mar. 25, 2025, UTA LEG reported governor signed bill; effective on May 7, 2025.
