This bill addresses issues related to estate planning.
This bill:
- creates and amends definitions related to estate planning;
- addresses the requirements for making a will, including the requirements for testamentary capacity;
- amends the rule against perpetuities for a power of appointment;
- clarifies the legal standard of proof for a guardianship;
- removes the requirement that a person alleged to be incapacitated be present at the guardianship hearing;
- allows a trustee to decant a trust in certain circumstances;
- addresses the capacity to make a power of attorney;
- addresses the capacity to appoint an agent for purposes of an advanced health care directive;
- modifies the capacity required for a custodian for Title 75A, Chapter 8, Uniform Transfers to Minors Act;
- recodifies Title 75B, Chapter 1, Part 3, Asset Protection Trust;
- defines asset protection trust to include an irrevocable trust for which the settlor may be made a beneficiary by the act or action of another person;
- provides that an affidavit of solvency for an asset protection trust is discretionary;
- provides that a person may only bring a cause of action or claim for relief regarding a fraudulent or voidable transfer for assets transferred to the asset protection trust within the limitations period;
- provides that, if a trustee makes multiple transfers to an asset protection trust, a distribution is considered to be made from the most recent transfer;
- allows a trustee to convey property held in the asset protection trust to the settlor or beneficiary to secure financing;
- provides that the property has to be reconveyed to the trustee within a certain time period to not be considered a transfer for purposes of the limitations period;
- includes a coordination clause to address a technical conflict with a cross-reference change if this bill and H.B. 334, Guardianships and Supported Decision-Making Agreements Amendments, both pass and become law;
- includes a coordination clause to coordinate technical and substantive changes if this bill and S.B. 100, Estate Planning Recodification, both pass and become law; and
- makes technical and conforming changes.

Statutes affected:
Introduced: 7-5-1, 75-1-201, 75-2-205, 75-2-501, 75-2-1203, 75-3-303, 75-3-308, 75-5-303, 75-5-304, 75-7-103, 75-7-105, 75-7-107, 75-7-301, 75-7-501, 75-7-505, 75-7-816, 75A-2-102, 75A-2-105, 75A-3-101, 75A-3-302, 75A-5-203, 75A-5-303, 75A-5-304, 75A-8-102, 75B-1-101, 75B-1-301, 75B-1-302
Substitute #1: 7-5-1, 75-1-201, 75-2-205, 75-2-501, 75-2-1203, 75-3-303, 75-3-308, 75-5-303, 75-5-304, 75-7-103, 75-7-105, 75-7-107, 75-7-301, 75-7-501, 75-7-505, 75-7-816, 75A-2-102, 75A-2-105, 75A-3-101, 75A-3-302, 75A-5-203, 75A-5-303, 75A-5-304, 75A-8-102, 75B-1-101, 75B-1-301, 75B-1-302
Enrolled: 7-5-1, 75-1-201, 75-2-205, 75-2-501, 75-2-1203, 75-3-303, 75-3-308, 75-5-303, 75-5-304, 75-7-103, 75-7-105, 75-7-107, 75-7-301, 75-7-501, 75-7-505, 75-7-816, 75A-2-102, 75A-2-105, 75A-3-101, 75A-3-302, 75A-5-203, 75A-5-303, 75A-5-304, 75A-8-102, 75B-1-101, 75B-1-301, 75B-1-302
Substitute #2: 7-5-1, 75-1-201, 75-2-205, 75-2-501, 75-2-1203, 75-3-303, 75-3-308, 75-5-303, 75-5-304, 75-7-103, 75-7-105, 75-7-107, 75-7-301, 75-7-501, 75-7-505, 75-7-816, 75A-2-102, 75A-2-105, 75A-3-101, 75A-3-302, 75A-5-203, 75A-5-303, 75A-5-304, 75A-8-102, 75B-1-101, 75B-1-301, 75B-1-302