SB102 - Wills and trusts; tangible personal property, nonexoneration.

1 Co-Sponsor

Wills and trusts; tangible personal property; nonexoneration. Provides that if a trust instrument that was revocable, as defined in relevant law, immediately before the settlor's death refers to a written statement or list of items of tangible personal property and their intended recipients with reasonable certainty and is signed by the settlor, such written statement or list shall be given the effect of a specific bequest although it does not satisfy the requirements for a trust instrument. The bill also provides that real or personal property that is the subject of a specific devise or bequest in a trust instrument that was revocable immediately before the settlor's death shall be passed without the right of exoneration. Under current law, the provisions that govern separate writing identifying recipients of tangible personal property apply only to wills, and the provisions that govern the nonexoneration of a specific devise or bequest of real or personal property apply only to wills and transfer on death deeds.