Bill Text: OR HB2629 | 2013 | Regular Session | Introduced
Bill Title: Relating to termination of revocable trust upon change of marital status.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB2629 Detail]
Download: Oregon-2013-HB2629-Introduced.html
77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session NOTE: Matter within { + braces and plus signs + } in an amended section is new. Matter within { - braces and minus signs - } is existing law to be omitted. New sections are within { + braces and plus signs + } . LC 2569 House Bill 2629 Sponsored by Representative HICKS (Presession filed.) SUMMARY The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject to consideration by the Legislative Assembly. It is an editor's brief statement of the essential features of the measure as introduced. Provides for automatic termination of revocable trust when settlor is divorced or settlor's marriage is annulled, if trust names settlor and settlor's former spouse as sole cotrustees and sole primary beneficiaries. A BILL FOR AN ACT Relating to termination of revocable trust upon change of marital status; creating new provisions; and amending ORS 130.535. Be It Enacted by the People of the State of Oregon: SECTION 1. ORS 130.535 is amended to read: 130.535. (1) Unless otherwise provided by the terms of the trust instrument, a settlor's divorce or the annulment of the settlor's marriage, after the trust instrument is executed: (a) Revokes all provisions of the trust in favor of the former spouse of the settlor; (b) Revokes all powers of appointment, general or nongeneral, in the trust that are exercisable by the former spouse; and (c) Revokes any provision in the trust naming the former spouse as trustee. (2) Unless otherwise provided by the terms of the trust instrument, a trust shall be construed as though the former spouse predeceased the settlor if, after the trust instrument is executed, the settlor divorces the spouse or the marriage of the settlor to the spouse is annulled. { + (3) Notwithstanding subsections (1) and (2) of this section and ORS 130.195 and 130.505, a revocable trust is terminated, unless otherwise provided by the terms of the trust instrument, upon the settlor's divorce or the annulment of the settlor's marriage after the trust instrument is executed, if the trust names the settlor and the former spouse of the settlor as sole cotrustees and sole primary beneficiaries of the trust. + } SECTION 2. { + The amendments to ORS 130.535 by section 1 of this 2013 Act apply to revocable trusts when the settlor is divorced or the settlor's marriage is annulled on or after the effective date of this 2013 Act. + } ----------