The bill amends Chapter 203E of the General Laws to establish the Massachusetts Uniform Trust Decanting Act, which provides a structured approach for the decanting of trusts. It introduces new definitions for key terms such as "authorized fiduciary," "current beneficiary," and "decanting power," and outlines the conditions under which an authorized fiduciary can transfer assets from a first trust to a second trust without needing consent or court approval, as long as relevant parties are notified. The bill also modifies existing definitions and provisions, including the deletion of certain paragraphs in Section 110 and the insertion of new definitions in Section 902, while emphasizing the fiduciary duties of authorized fiduciaries and clarifying that the act applies to both irrevocable and revocable trusts under specific conditions.

Additionally, the bill sets forth guidelines for the management of second trusts, including their duration and the treatment of animal trusts, while ensuring compliance with existing rules on perpetuity and alienation. It allows for decanting power to be exercised even if a discretionary distribution of principal would not have been made under the first trust's standards. The bill also includes provisions for the effective exercise of decanting power, even if the second trust instrument partially fails to meet the article's requirements, and establishes specific guidelines for animal trusts, ensuring that their property is used solely for the intended benefit of the animal. The act is scheduled to take effect on January 1, 2026.