Kentucky House Bill 188 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 18 2010 - 100% progression
Action: 2010-03-18 - signed by Governor (Acts ch. 21)
Text: Latest bill text (Draft #1) [MS Word]

Create new sections of KRS Chapter 381 to establish new standards and requirements relating to the rule against perpetuities in Kentucky; amend KRS 386.185 to increase to $50,000 the cap on the size of a trust which may be terminated and distributed upon court order; amend KRS 386.450 to modify the definition of district court approval "and define notice"; amend KRS 386.454 to add additional considerations for a fiduciary in considering potential adjustments between principal and income; amend KRS 386.480 to address allocations of payments made from a separate fund; amend KRS 386.715 to delineate to whom a trustee's duties are owed while a trust is still revocable; amend KRS 391.030 to increase to $2,500 the amount of a money a surviving spouse may initially withdraw from estate funds prior to administration and to establish a structure for the initial $15,000 estate set aside where the decedent dies testate; amend KRS 392.080 to set out the form to be used by a surviving spouse in renouncing a will; amend KRS 286.3-219, 381.223, and 386.478 to conform; repeal KRS 381.215, 381.216, and 381.217.

AN ACT relating to trusts and estates.

Rep. Thomas Kerr [R]

Date	Chamber	Action
2010-03-18		signed by Governor (Acts ch. 21)
2010-03-11		delivered to Governor
2010-03-11		enrolled, signed by President of the Senate
2010-03-10		enrolled, signed by Speaker of the House
2010-03-10		received in House
2010-03-10		3rd reading, passed 37-0
2010-03-09		posted for passage in the Consent Orders of the Day for Wednesday, March 10, 2010
2010-03-05		2nd reading, to Rules
2010-03-04		reported favorably, 1st reading, to Consent Calendar
2010-01-25		to Judiciary (S)
2010-01-22		received in Senate
2010-01-21		3rd reading, passed 98-0 with Committee Substitute
2010-01-20		posted for passage in the Regular Orders of the Day for Thursday, January 21, 2010
2010-01-14		2nd reading, to Rules
2010-01-13		reported favorably, 1st reading, to Calendar with Committee Substitute
2010-01-12		posting waived
2010-01-06		to Judiciary (H)
2010-01-05		introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/10RS/HB188.htm
Text	http://www.lrc.ky.gov/record/10RS/HB188/bill.doc