Section 34-NEW - [Newly enacted section not yet numbered] [Effective 1/1/2025] Notice; exercise of decanting power(a) Except as provided in sections 1 to 29, inclusive, of this act, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval.(b) Except as provided in subsection (d) of this section, an authorized fiduciary shall give notice in a record of the intended exercise of the decanting power not later than sixty days before the exercise to: (1) Each settlor of the first trust, if living or then in existence; (2) each qualified beneficiary of the first trust; (3) each holder of a presently exercisable power of appointment over any part or all of the first trust; (4) each person that currently has the right to remove or replace the authorized fiduciary; (5) each other fiduciary of the first trust; (6) each fiduciary of the second trust; (7) the Attorney General, if a first trust contains a determinable charitable interest, as defined in section 14 of this act; and (8) the Attorney General and the Department of Social Services if a first trust is a trust established pursuant to and in compliance with 42 USC 1396p(d)(4)(A) or (C).(c) A notice under subsection (b) of this section shall: (1) Specify the manner in which the authorized fiduciary intends to exercise the decanting power; (2) specify the proposed effective date for exercise of the power; (3) include a copy of the first-trust instrument; and (4) include a copy of all second-trust instruments.(d) The decanting power may be exercised before the expiration of the period of sixty days from the giving of notice under subsection (b) of this section if all persons entitled to receive notice waive the period in a signed record.(e) The receipt of notice, waiver of the notice period or expiration of the notice period does not affect the right of a person to file a petition under section 9 of this act asserting that: (1) An attempted exercise of the decanting power is ineffective because it did not comply with sections 1 to 29, inclusive, of this act or was an abuse of discretion or breach of fiduciary duty; or (2) section 22 of this act applies to the exercise of the decanting power.(f) An exercise of the decanting power shall not be ineffective because of the failure to give notice to one or more persons under subsection (b) of this section if the authorized fiduciary provided notice in accordance with section 45a-499i of the general statutes. Notwithstanding the provisions of this subsection, in the case of provision of notice to the Attorney General under subdivision (7) or (8) of subsection (b) of this section, the exercise of decanting power shall not be effective unless the authorized fiduciary has a confirmed electronic mail delivery notification or certified mail receipt indicating that delivery was made to the Attorney General.Conn. Gen. Stat. § 34-NEW
Added by P.A. 24-0104,S. 7 of the Connecticut Acts of the 2024 Regular Session, eff. 1/1/2025.