2015 Legislative Session
To All Members of the Estate Planning and Elder Law Sections:
The combined Legislative Committee of the Estate Planning and Elder Law Sections has been working hard to prepare for the upcoming legislative session beginning on January 26, 2015. At present, it is proposed that the following items be presented to the Legislature for action:
1. Adoption of the Uniform Power of Attorney Act. To see a copy of the Act, click here: http://www.uniformlaws.org/Act.aspx?title=Power+of+Attorney
2. Adoption of the Uniform Power of Appointment Act. To see a copy of the Act, click here: http://www.uniformlaws.org/Act.aspx?title=Powers%20of%20Appointment
3. In response to certain requests of the Judiciary Committee and others, adoption of certain modifications to the Utah Domestic Asset Protection Act, to: (1) Require that contributions to an asset protection trust not exceed 50% of the settlor’s net worth, valued as of the date of the contribution; (2) Require that the trustee give 30 days notice to all of the settlor’s spousal and child support creditors before making any distribution to the settlor (the statute currently requires that such notice be given only to child support creditors); and (3) Extend from 120 days to six months the provision that enables a settlor, by publishing notice and by sending notice to known creditors, to otherwise shorten the two-year limitations period within which an existing creditor may bring a claim.
4. Adoption of certain modifications to the spousal elective share provisions, proposing use of the Uniform Act approach of a time vested elective share increasing to 50% of the family estate over 15 years. (See attachment above.)
5. Proposing certain modifications to certain provisions of the Utah Uniform Trust Code and Utah Uniform Probate Code, as set forth in the attachments above.
Those of you who may wish to review these items and provide comment to the Legislative Committee are encouraged to do so. Meetings of the Legislative Committee are scheduled for Friday, December 19, 2014 at 10:30 am, and on Tuesday, January 6, 2015 at 10:30 am, at the Utah Law and Justice Center. You may also contact a member of the Committee to share your views.
Robert (Rust) Tippett
Participating Committee Members
Please see also: