LOU LEG Trusts for Minors and Disabled

On May 15, LOU LEG passed bill on trusts for minors and disabled.

  • LOU LEG passed bill SB 80 providing for trusts for minors and persons with disabilities.
  • Amends LOU LEG 4269.1, (placement of minor's property in trust), LOU LEG 4521(A)(3), (payments to minor) and LOU LEG 4566, (management of affairs of the interdict).
  • Bill Provisions
  • Provides for placement of a minor's property in trust, for placement of payments to minors or an interdict's property in trust, allow use of special needs and pooled trusts.
  • Bill also provides for the termination of trusts; and to provide for related matters.
  • Legislative History
  • On Mar. 11, 2024, bill introduced in Senate; on Apr. 2, 2024, bill was passed in Senate.
  • On Apr. 2, 2024, bill received in House; on May 13, 2024, bill was passed in House.
  • On May 14, 2024, bill was enrolled; on May 15, 2024, bill was sent to the governor.
  • Effectiveness
  • Upon approval, SB 80 will be effective as of Aug. 1, 2024.
  • May 2024 LOU LEG Governor Approval
  • On May 23, 2024, LOU LEG reported governor signed bill SB80 into law as Act 163.

Regulators LOU LEG
Entity Types Bank; CNSM; Corp; Fiduciary
Reference Act 163, 5/23/ 2024; Bill SB80, 5/15/2024; Citation: *LOU LEG* 4269.1, 4521, 4566;
Functions Compliance; Financial; Legal; Operations; Product Administration
Countries United States of America
Products Banking; Disability; Securities; Wealth Mgt
Regions Am
Rule Type Final
Rule Date 5/15/2024
Effective Date 8/1/2024
Rule Id 212135
Linked to N/A
Reg. Last Update 5/23/2024
Report Section US Consumer

Last substantive update on 06/01/2024