Bill
SB 126
SB 126 establishes mandatory notice procedures requiring trustees to formally notify beneficiaries and interested parties when resigning from trust administration duties.
SB 126 modifies Maryland's trust law to establish new notice requirements when a trustee resigns from their position. The bill specifies procedural and timing requirements for trustees to notify beneficiaries and other interested parties of their resignation, ensuring transparency in trust administration transitions.
Trust beneficiaries often lack visibility into trustee changes, which can delay their access to information about accounts and create gaps in fiduciary responsibility. Clearer resignation notice procedures protect beneficiaries' interests and reduce disputes by establishing who must be notified, when, and through what methods during trustee transitions.
Compiled from official sources — confirm details with the bill’s official record.
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