AN ACT CONCERNING ADOPTION OF THE CONNECTICUT UNIFORM TRUST DECANTING ACT.

This bill, known as the Connecticut Uniform Trust Decanting Act, allows trustees to move assets from an existing trust into a new trust or modify the original trust's terms to better serve the interests of beneficiaries. The law specifically authorizes "authorized fiduciaries," such as current trustees, to redistribute property that is subject to a power of appointment without needing court approval in most cases. By adopting this uniform standard, the legislation aims to provide a clear legal framework for managing complex family trusts while ensuring that distributions adhere to defined standards for qualified beneficiaries. The act takes effect on January 1, 2025, and applies to trusts governed by Connecticut law.