This bill allows trustees of trusts to terminate their service without the need to file a formal accounting with the court or obtain release agreements from beneficiaries under specific circumstances. These circumstances include the complete or partial termination of the trust, the trustee ceasing to serve for any reason, or the trustee seeking discharge for an interim accounting period while continuing to serve. The bill mandates that trustees provide notice to qualified beneficiaries and other interested parties, detailing the proposed distribution of trust assets, anticipated disbursements, and a statement indicating that claims against the trustee will be barred if no objections are received within 60 days of the notice.

If no timely objections are raised, or if objections are resolved, the settlement of the trustee's account will be deemed approved, allowing for the distribution of trust assets or continued administration of the trust. The bill also stipulates that once the settlement is approved, individuals who received notice are barred from bringing claims against the trustee or challenging asset distributions, similar to the effect of a final court judgment. This legislative change aims to streamline the process for trustees, reducing the time and costs associated with terminating their service and distributing trust assets.