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| PRIOR PRINTER'S NOS. 38, 190, 195, 1663 | PRINTER'S NO. 2140 |
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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| SENATE BILL |
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| INTRODUCED BY GREENLEAF, TARTAGLIONE, RAFFERTY, FERLO, BROWNE, COSTA, O'PAKE AND KITCHEN, JANUARY 20, 2009 |
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| AS AMENDED ON THIRD CONSIDERATION, JULY 2, 2010 |
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| AN ACT |
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1 | Amending Title Titles 15 (Corporations and Unincorporated | <-- |
2 | Associations) and 20 (Decedents, Estates and Fiduciaries) of |
3 | the Pennsylvania Consolidated Statutes, in intestate |
4 | succession, further providing for forfeiture; in wills, |
5 | further providing for modification of wills; providing for | <-- |
6 | formula clauses for Federal tax purposes; in dispositions |
7 | independent of letters, family exemption, probate of wills |
8 | and grant of letters, further providing for payments to |
9 | family and funeral directors; in grant of letters, further |
10 | providing for advertisement of grant of letters; in |
11 | administration and personal representatives, further |
12 | providing for duty of personal representative; in |
13 | apportionment of death taxes, further providing for |
14 | enforcement of contribution or exoneration of Federal estate |
15 | tax; in powers of attorney, further providing for |
16 | implementation of power of attorney; in estates, further |
17 | providing for applicability of rule against perpetuities and |
18 | for modification of conveyance by divorce and for effect of |
19 | divorce on designation of beneficiaries; in trusts, further |
20 | providing for notice of representation, for creditor's claim |
21 | against settlor, for actions contesting validity of revocable |
22 | trusts, for claims and distribution after settlor's death, |
23 | for removal of trustee, for trustee's duty to inform and |
24 | report, for illustrative powers of trustee and for limitation |
25 | of action against trustee; in principal and income, further |
26 | providing for power to convert to unitrust and for retirement |
27 | benefits, individual retirement accounts, deferred |
28 | compensation, annuities and similar payments; and making |
29 | conforming amendments to Title 15. | <-- |
30 | The General Assembly of the Commonwealth of Pennsylvania |
31 | hereby enacts as follows: |
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1 | Section 1. Sections 2106(a), 2507(2), 3162, 3301(c), 3706, | <-- |
2 | 5603(p) and (q), 6107.1, 6111.1, 6111.2, 7725 and 7745 of Title |
3 | 20 of the Pennsylvania Consolidated Statutes are amended to |
4 | read: |
5 | Section 1. Sections 5547(b) and 5548(b) of Title 15 of the | <-- |
6 | Pennsylvania Consolidated Statutes are amended to read: |
7 | § 5547. Authority to take and hold trust property. |
8 | * * * |
9 | (b) Nondiversion of certain property.--Property committed to |
10 | charitable purposes shall not, by any proceeding under Chapter |
11 | 59 (relating to fundamental changes) or otherwise, be diverted |
12 | from the objects to which it was donated, granted or devised, |
13 | unless and until the board of directors or other body obtains |
14 | from the court an order under 20 Pa.C.S. [Ch. 61 (relating to |
15 | estates)] Ch. 77 Subch. D (relating to creation, validity, |
16 | modification and termination of trust) specifying the |
17 | disposition of the property. |
18 | § 5548. Investment of trust funds. |
19 | * * * |
20 | (b) Use and management.--Except as otherwise permitted under |
21 | 20 Pa.C.S. [Ch. 61 (relating to estates)] Ch. 77 Subch. D |
22 | (relating to creation, validity, modification and termination of |
23 | trust), the board of directors or other body shall apply all |
24 | assets thus received to the purposes specified in the trust |
25 | instrument. The directors or other body shall keep accurate |
26 | accounts of all trust funds, separate and apart from the |
27 | accounts of other assets of the corporation. |
28 | * * * |
29 | Section 2. Sections 2106(a) and 2507(2) of Title 20 are |
30 | amended to read: |
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1 | § 2106. Forfeiture. |
2 | (a) Spouse's share.-- |
3 | (1) A spouse who, for one year or upwards previous to |
4 | the death of the other spouse, has willfully neglected or |
5 | refused to perform the duty to support the other spouse, or |
6 | who for one year or upwards has willfully and maliciously |
7 | deserted the other spouse, shall have no right or interest |
8 | under this chapter in the real or personal estate of the |
9 | other spouse. |
10 | (2) A spouse shall have no right or interest under this |
11 | chapter in the real or personal estate of the other spouse |
12 | if: |
13 | (i) the other spouse dies domiciled in this |
14 | Commonwealth during the course of divorce proceedings; |
15 | (ii) no decree of divorce has been entered pursuant |
16 | to 23 Pa.C.S. § 3323 (relating to decree of court); and |
17 | (iii) grounds have been established as provided in |
18 | 23 Pa.C.S. § 3323(g). |
19 | * * * |
20 | § 2507. Modification by circumstances. |
21 | Wills shall be modified upon the occurrence of any of the |
22 | following circumstances, among others: |
23 | * * * |
24 | (2) Divorce or pending divorce.--[If the testator is |
25 | divorced from the bonds of matrimony after making a will, |
26 | any] Any provision in [the] a testator's will in favor of or |
27 | relating to [his] the testator's spouse [so divorced] shall |
28 | [thereby] become ineffective for all purposes unless it |
29 | appears from the will that the provision was intended to |
30 | survive [the divorce.] a divorce, if the testator: |
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1 | (i) is divorced from such spouse after making the |
2 | will; or |
3 | (ii) dies domiciled in this Commonwealth during the |
4 | course of divorce proceedings, no decree of divorce has |
5 | been entered pursuant to 23 Pa.C.S. § 3323 (relating to |
6 | decree of court) and grounds have been established as |
7 | provided in 23 Pa.C.S. § 3323(g). |
8 | * * * |
9 | Section 3. Title 20 is amended by adding a chapter to read: | <-- |
10 | CHAPTER 28 |
11 | FORMULA CLAUSES FOR FEDERAL TAX PURPOSES |
12 | Sec. |
13 | 2801. Definitions. |
14 | 2802. Interpretation of formula clauses. |
15 | 2803. Judicial proceeding. |
16 | § 2801. Definitions. |
17 | The following words and phrases when used in this chapter |
18 | shall have the meanings given to them in this section unless the |
19 | context clearly indicates otherwise: |
20 | "Formula clause." A clause that has any of the following |
21 | characteristics: |
22 | (1) Refers to the unified credit, estate tax exemption, |
23 | applicable exemption amount, applicable credit amount, |
24 | applicable exclusion amount, generation-skipping transfer tax |
25 | exemption, GST exemption, marital deduction, maximum marital |
26 | deduction, unlimited marital deduction or charitable |
27 | deduction, or other words relating to Federal tax exemptions, |
28 | exclusions, deductions or credits where the meaning of the |
29 | words is dependent on the current state of the Federal tax |
30 | laws. |
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1 | (2) Measures a share of an estate or trust based on the |
2 | amount that can pass free of Federal estate taxes or affects |
3 | the inclusion ratio for generation-skipping transfer tax |
4 | purposes. |
5 | (3) Is based on a similar provision of Federal estate |
6 | tax or generation-skipping transfer tax law. |
7 | "Other dispositive instrument." Includes the following: |
8 | (1) A beneficiary designation pertaining to insurance or |
9 | retirement assets. |
10 | (2) An instrument that exercises a power of appointment |
11 | held by the decedent at death. |
12 | (3) A similar instrument that: |
13 | (i) expresses a decedent's intent regarding assets |
14 | over which the decedent had dispositive authority at |
15 | death; or |
16 | (ii) otherwise disposes of assets as a result of the |
17 | decedent's death. |
18 | § 2802. Interpretation of formula clauses. |
19 | (a) General rule.--Except as provided in subsection (b), and |
20 | subject to section 2803 (relating to judicial proceeding), a |
21 | will, trust or other dispositive instrument of a decedent who |
22 | dies after December 31, 2009, and before January 1, 2011, that |
23 | contains a formula clause shall be rebuttably presumed to be |
24 | interpreted pursuant to the Federal estate tax and generation- |
25 | skipping transfer tax laws applicable to estates of decedents |
26 | dying on December 31, 2009. |
27 | (b) Exception.-- |
28 | (1) Subsection (a) shall not apply with respect to a |
29 | will, trust or other dispositive instrument that: |
30 | (i) is executed or amended after December 31, 2009; |
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1 | or |
2 | (ii) manifests an intent that a contrary rule shall |
3 | apply if the decedent dies on a date on which there is no |
4 | applicable Federal estate tax or generation-skipping |
5 | transfer tax in effect. |
6 | (2) If the Federal estate tax or generation-skipping |
7 | transfer tax applies to an estate of a decedent dying or |
8 | generation-skipping transfer occurring before January 1, |
9 | 2011, then with respect to each such Federal tax, the initial |
10 | reference to January 1, 2011, in this section shall refer |
11 | instead to the first date after December 31, 2009, on which |
12 | such tax applies to decedents' estates or generation-skipping |
13 | transfers. |
14 | § 2803. Judicial proceeding. |
15 | (a) Standing.--The decedent's personal representative, |
16 | trustee or any affected beneficiary under the will, trust or |
17 | other dispositive instrument may bring a proceeding to interpret |
18 | a formula clause. |
19 | (b) Commencement.--A proceeding under this section must be |
20 | commenced within 12 months following the death of the decedent. |
21 | (c) Considerations.--In a proceeding under this section, the |
22 | court shall consider all of the following: |
23 | (1) The provisions and purposes of the will, trust or |
24 | other dispositive instrument. |
25 | (2) The facts surrounding the creation of the will, |
26 | trust or other dispositive instrument. |
27 | (3) The decedent's known or probable intent, based on |
28 | all the facts and circumstances surrounding the creation of |
29 | the will, trust or other dispositive instrument. In |
30 | determining this intent, the court may consider evidence that |
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1 | contradicts the plain meaning of the will, trust or other |
2 | dispositive instrument. |
3 | (4) The identity and interests of beneficiaries of |
4 | different shares resulting from the application of the |
5 | formula clause. |
6 | (d) Modifications.--The court shall have the power to modify |
7 | a provision of a will, trust or other dispositive instrument in |
8 | a manner that is not contrary to the decedent's probable |
9 | intention in order to achieve the decedent's tax and other |
10 | objectives. |
11 | (e) Effective date of interpretation or modification.--The |
12 | court may provide that an interpretation or modification |
13 | pursuant to this chapter shall be effective as of the decedent's |
14 | date of death. |
15 | Section 4. Sections 3101(b), 3162, 3301(c), 3706, 5603(p) |
16 | and (q), 6107.1, 6111.1, 6111.2, 7725 and 7745 of Title 20 are |
17 | amended to read: |
18 | § 3101. Payments to family and funeral directors. |
19 | * * * |
20 | (b) Deposit account.--Any bank, savings association, savings |
21 | and loan association, building and loan association, credit |
22 | union or other savings organization, at any time after the death |
23 | of a depositor, member or certificate holder, may pay the amount |
24 | on deposit or represented by the certificate, when the total |
25 | standing to the credit of the decedent in that institution does |
26 | not exceed [$3,500] $7,500, to the spouse, any child, the father |
27 | or mother or any sister or brother (preference being given in |
28 | the order named) of the deceased depositor, member or |
29 | certificate holder, provided that a receipted funeral bill or an |
30 | affidavit, executed by a licensed funeral director which sets |
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1 | forth that satisfactory arrangements for payment of funeral |
2 | services have been made, is presented. Any bank, association, |
3 | union or other savings organization making such a payment shall |
4 | be released to the same extent as if payment had been made to a |
5 | duly appointed personal representative of the decedent and it |
6 | shall not be required to see to the application thereof. Any |
7 | person to whom payment is made shall be answerable therefor to |
8 | anyone prejudiced by an improper distribution. |
9 | * * * |
10 | § 3162. Advertisement of grant of letters. |
11 | (a) Notice generally.--The personal representative, |
12 | immediately after the grant of letters, shall cause notice |
13 | thereof to be given in one newspaper of general circulation |
14 | published at or near the place where the decedent resided or, in |
15 | the case of a nonresident decedent, at or near the place where |
16 | the letters were granted, and in the legal periodical, if any, |
17 | designated by rule of court for the publication of legal |
18 | notices, once a week for three successive weeks, together with |
19 | his name and address; and in every such notice, he shall request |
20 | all persons having claims against the estate of the decedent to |
21 | make known the same to him or his attorney, and all persons |
22 | indebted to the decedent to make payment to him without delay. |
23 | (b) Proofs of advertisement to trustee.--A personal |
24 | representative who has advertised the grant of letters and |
25 | received the notice required by section 7780.3(c) (relating to |
26 | duty to inform and report) shall promptly send copies of the |
27 | proofs of that advertisement to the trustee. |
28 | § 3301. Duty of personal representative. |
29 | * * * |
30 | (c) Time for filing.--The personal representative shall file |
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1 | his inventory no later than the date he files his account or the |
2 | due date, including any extension, for the filing of the |
3 | inheritance tax return for the estate, whichever is earlier. Any |
4 | party in interest in the estate may request the filing of an |
5 | inventory at an earlier date by writing delivered to the |
6 | personal representative or his attorney in which event an |
7 | inventory shall be filed within three months after the |
8 | appointment of the personal representative or within 30 days |
9 | after the request, whichever is later. The court[, upon cause |
10 | shown,] may direct the [filing of] personal representative to |
11 | file an inventory of estate assets at any time. |
12 | § 3706. Enforcement of contribution or exoneration of Federal |
13 | estate tax. |
14 | (a) Duty to pay.--Parties liable for apportionment of the |
15 | Federal estate tax, whether residents or nonresidents of this |
16 | Commonwealth, shall pay the amounts apportioned against them |
17 | [respectively.] at the time the Federal estate tax is due, |
18 | without regard to any extension of time for paying such tax. |
19 | (b) [Duty] Power of fiduciary.--The fiduciary charged with |
20 | the duty to pay the Federal estate tax may recover from parties |
21 | liable to apportionment the amounts of Federal estate tax |
22 | [apportionable] apportioned to them [respectively]. If the |
23 | fiduciary pays the tax apportioned against another party, the |
24 | fiduciary may recover from the other party the tax payment so |
25 | advanced, together with interest of 5% per annum from the date |
26 | of payment. |
27 | (c) Suspending distribution.--Distribution or delivery of |
28 | property to any party, other than a fiduciary charged with a |
29 | duty to pay the Federal estate tax, shall not be required of any |
30 | fiduciary until [the Federal estate tax apportionable with |
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1 | respect thereto is paid or, if the Federal estate tax has not |
2 | been determined and apportionment made, until adequate security |
3 | for payment is furnished to the fiduciary making the |
4 | distribution or delivery.] that party pays the Federal estate |
5 | tax apportioned to that party. |
6 | (d) Court decrees.--[The] Notwithstanding subsections (a) |
7 | and (b), the court, upon petition or at an accounting or in any |
8 | appropriate action or proceeding, shall make such decrees or |
9 | orders as it shall deem advisable apportioning the Federal |
10 | estate tax. The court may direct a fiduciary to collect the |
11 | apportioned amounts from the property or interests in his |
12 | possession of any parties against whom apportionment has been |
13 | made and may direct all other parties against whom the Federal |
14 | estate tax has been or may be apportioned or from whom any part |
15 | of the Federal estate tax may be recovered to make payment of |
16 | the apportioned amounts to the fiduciary. When a fiduciary holds |
17 | property of a party liable to apportionment insufficient to |
18 | satisfy the apportioned Federal estate tax, the court may direct |
19 | that the balance of the apportioned amount of Federal estate tax |
20 | shall be paid to the fiduciary by the party liable. Should an |
21 | overpayment of the Federal estate tax be made by any party or on |
22 | his behalf, the court may direct an appropriate reimbursement |
23 | for the overpayment. If the court apportions any part of the |
24 | Federal estate tax against any party interested in |
25 | nontestamentary property or among the respective interests |
26 | created by any nontestamentary instrument, the court, in its |
27 | discretion, may assess against those properties or interests an |
28 | equitable share of the expenses incurred in connection with the |
29 | determination and apportionment of the Federal estate tax. If |
30 | the fiduciary cannot recover the Federal estate tax apportioned |
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1 | against a party benefited, the unrecovered amount shall be |
2 | charged in such manner as the court may determine. |
3 | § 5603. Implementation of power of attorney. |
4 | * * * |
5 | (p) Power to engage in insurance transactions.--A power to |
6 | "engage in insurance transactions" shall mean that the agent |
7 | may: |
8 | (1) Purchase, continue, renew, convert or terminate any |
9 | type of insurance (including, but not limited to, life, |
10 | accident, health, disability or liability insurance) and pay |
11 | premiums and collect benefits and proceeds under insurance |
12 | policies. |
13 | (2) Exercise nonforfeiture provisions under insurance |
14 | policies. |
15 | (3) In general, exercise all powers with respect to |
16 | insurance that the principal could if present; however, the |
17 | agent cannot designate himself beneficiary of a life |
18 | insurance policy unless the agent is the spouse, child, |
19 | grandchild, parent, brother or sister of the principal. An |
20 | agent and a beneficiary of a life insurance policy shall be |
21 | liable as equity and justice may require to the extent that, |
22 | as determined by the court, a beneficiary designation made by |
23 | the agent is inconsistent with the known or probable intent |
24 | of the principal. |
25 | (q) Power to engage in retirement plan transactions.--A |
26 | power to "engage in retirement plan transactions" shall mean |
27 | that the agent may contribute to, withdraw from and deposit |
28 | funds in any type of retirement plan (including, but not limited |
29 | to, any tax qualified or nonqualified pension, profit sharing, |
30 | stock bonus, employee savings and retirement plan, deferred |
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1 | compensation plan or individual retirement account), select and |
2 | change payment options for the principal, make roll-over |
3 | contributions from any retirement plan to other retirement plans |
4 | and, in general, exercise all powers with respect to retirement |
5 | plans that the principal could if present. However, the agent |
6 | cannot designate himself beneficiary of a retirement plan unless |
7 | the agent is the spouse, child, grandchild, parent, brother or |
8 | sister of the principal. An agent and a beneficiary of a |
9 | retirement plan shall be liable as equity and justice may |
10 | require to the extent that, as determined by the court, a |
11 | beneficiary designation made by the agent is inconsistent with |
12 | the known or probable intent of the principal. |
13 | * * * |
14 | § 6107.1. Applicability of rule against perpetuities. |
15 | (a) Traditional rule.--Sections 6104 (relating to rule |
16 | against perpetuities), 6105 (relating to rule against |
17 | perpetuities; disposition when invalidity occurs), 6106 |
18 | (relating to income accumulations; when valid) and 6107 |
19 | (relating to income accumulations; disposition when invalidity |
20 | occurs): |
21 | (1) shall apply to every interest created before January |
22 | 1, 2007; but |
23 | (2) shall not apply to any interest created after |
24 | December 31, 2006. |
25 | (b) Modern rule.--All of the following apply to every |
26 | interest created after December 31, 2006: |
27 | (1) [No] Except as provided in paragraph (3), no |
28 | interest shall be void as a perpetuity. |
29 | (2) No direction or authorization to [accumulated] |
30 | accumulate income shall be void as a perpetuity. |
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1 | (3) If a power of appointment is exercised to create a |
2 | new power of appointment, any interest created by the |
3 | exercise of the new power of appointment is invalid if it |
4 | does not vest within 360 years of the creation of the |
5 | original power of appointment, unless the exercise of the new |
6 | power of appointment expressly states that this provision |
7 | shall not apply to the interests created by the exercise. |
8 | (4) Void interests shall be disposed of in the manner |
9 | provided in section 6105. |
10 | § 6111.1. Modification by divorce or pending divorce. |
11 | [If the conveyor is divorced from the bonds of matrimony |
12 | after making a conveyance, any] Any provision in [the] a |
13 | conveyance which was revocable by [him] a conveyor at the time |
14 | of [his] the conveyor's death and which was to take effect at or |
15 | after [his] the conveyor's death in favor of or relating to [his |
16 | spouse so divorced shall thereby] the conveyor's spouse shall |
17 | become ineffective for all purposes unless it appears in the |
18 | governing instrument that the provision was intended to survive |
19 | [the divorce.] a divorce, if the conveyor: |
20 | (1) is divorced from such spouse after making the |
21 | conveyance; or |
22 | (2) dies domiciled in this Commonwealth during the |
23 | course of divorce proceedings, no decree of divorce has been |
24 | entered pursuant to 23 Pa.C.S. § 3323 (relating to decree of |
25 | court) and grounds have been established as provided in 23 |
26 | Pa.C.S. § 3323(g). |
27 | § 6111.2. Effect of divorce or pending divorce on designation |
28 | of beneficiaries. |
29 | [If a person domiciled in this Commonwealth at the time of |
30 | his death is divorced from the bonds of matrimony after |
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1 | designating his spouse as beneficiary of a life insurance |
2 | policy, annuity contract, pension or profit-sharing plan or |
3 | other contractual arrangement providing for payments to his |
4 | spouse, any designation in favor of his former spouse which was |
5 | revocable by him after the divorce shall become ineffective for |
6 | all purposes and shall be construed as if such former spouse had |
7 | predeceased him unless it appears from the wording of the |
8 | designation, a court order or a written contract between the |
9 | person and such former spouse that the designation was intended |
10 | to survive the divorce.] |
11 | (a) Applicability.--This section is applicable if an |
12 | individual: |
13 | (1) is domiciled in this Commonwealth; |
14 | (2) designates the individual's spouse as beneficiary of |
15 | the individual's life insurance policy, annuity contract, |
16 | pension or profit-sharing plan or other contractual |
17 | arrangement providing for payments to the spouse; and |
18 | (3) either: |
19 | (i) at the time of the individual's death is |
20 | divorced from the spouse; or |
21 | (ii) dies during the course of divorce proceedings, |
22 | no decree of divorce has been entered pursuant to 23 |
23 | Pa.C.S. § 3323 (relating to decree of court) and grounds |
24 | have been established as provided in 23 Pa.C.S. § |
25 | 3323(g). |
26 | (b) General rule.--Any designation described in subsection |
27 | (a)(2) in favor of the individual's spouse or former spouse that |
28 | was revocable by the individual at the individual's death shall |
29 | become ineffective for all purposes and shall be construed as if |
30 | the spouse or former spouse had predeceased the individual, |
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1 | unless it appears the designation was intended to survive the |
2 | divorce based on: |
3 | (1) the wording of the designation; |
4 | (2) a court order; |
5 | (3) a written contract between the individual and the |
6 | spouse or former spouse; or |
7 | (4) a designation of a former spouse as a beneficiary |
8 | after the divorce decree has been issued. |
9 | (c) Liability.-- |
10 | (1) Unless restrained by court order, no insurance |
11 | company, pension or profit-sharing plan trustee or other |
12 | obligor shall be liable for making payments to a spouse or |
13 | former spouse which would have been proper in the absence of |
14 | this section. |
15 | (2) Any spouse or former spouse to whom payment is made |
16 | shall be answerable to anyone prejudiced by the payment. |
17 | § 7725. Notice of representation. |
18 | A person representing another must be given written notice by |
19 | the trustee that the person is representing the other person. |
20 | [The person to whom the notice is given may decline the |
21 | representation by a writing that is given to the trustee no |
22 | later than 60 days after receipt of the trustee's notice.] A |
23 | person to whom the notice is given is presumed to accept the |
24 | representation unless the person declines the representation in |
25 | a writing delivered to the trustee no later than 30 days after |
26 | receipt of the notice. |
27 | § 7745. Creditor's claim against settlor - UTC 505(a). |
28 | Whether or not a trust instrument contains a spendthrift |
29 | provision and notwithstanding section 7744 (relating to |
30 | discretionary trusts; effect of standard - UTC 504): |
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1 | (1) During the lifetime of the settlor, the property of |
2 | a revocable trust is subject to claims of the settlor's |
3 | creditors. |
4 | (2) A judgment creditor or assignee of the settlor of an |
5 | irrevocable trust may reach the maximum amount that can be |
6 | distributed to or for the settlor's benefit. If a trust has |
7 | more than one settlor, the creditor or assignee of a |
8 | particular settlor may reach the portion of the trust |
9 | attributable to that settlor's contribution. However, the |
10 | assets of an irrevocable trust are not subject to the claims |
11 | of a creditor of the settlor solely because of the existence |
12 | of the trustee's discretionary power to pay directly to the |
13 | taxing authorities or to reimburse the settlor for any income |
14 | tax payable by the settlor attributable to trust income or |
15 | principal. |
16 | (3) After the death of the settlor and subject to the |
17 | settlor's right to direct the source from which liabilities |
18 | will be paid, the property of a revocable trust is subject to |
19 | claims of the settlor's creditors, costs of administration of |
20 | the settlor's estate, the expenses of the settlor's funeral |
21 | and disposal of remains and the family exemption to the |
22 | extent the settlor's probate estate is inadequate to satisfy |
23 | those claims, costs, expenses and exemption and no other |
24 | statute specifically exempts the property from those claims. |
25 | Section 2 5. Section 7754 of Title 20 is amended by adding a | <-- |
26 | subsection to read: |
27 | § 7754. Actions contesting validity of revocable trust. |
28 | * * * |
29 | (d) Competency of witnesses.--The competency of a witness in |
30 | an action contesting the validity of a revocable trust shall be |
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1 | governed by the same rules that apply in actions contesting the |
2 | validity of a will. |
3 | Section 3 6. Section 7755(c) of Title 20 is amended to read: | <-- |
4 | § 7755. Claims and distribution after settlor's death. |
5 | * * * |
6 | (c) [No personal representative.--If no personal |
7 | representative is appointed within 90 days after the settlor's |
8 | death, the trustee shall advertise the trust's existence and the |
9 | name and address of the trustee in the manner set forth in |
10 | section 3162 (relating to advertisement of grant of letters).] |
11 | Trustee's duty to advertise.-- |
12 | (1) A trustee of a revocable trust: |
13 | (i) May advertise at any time after the settlor's |
14 | death. |
15 | (ii) Shall advertise if the first advertisement of |
16 | the grant of letters by the settlor's personal |
17 | representative does not occur within 90 days after the |
18 | settlor's death. |
19 | (2) Advertisements by the trustee under this subsection |
20 | shall be in the manner set forth in section 3162 (relating to |
21 | advertisement of grant of letters), shall be done in the | <-- |
22 | jurisdiction of the deceased settlor's domicile and shall |
23 | include: |
24 | (i) The fact of the trust's existence. |
25 | (ii) The trustee's name and address. |
26 | (3) The personal representative of the settlor of a |
27 | revocable trust shall send to the trustee copies of the proof |
28 | of publication of the advertisement of the grant of letters. |
29 | * * * |
30 | Section 4 7. Section 7766(b) of Title 20 is amended and the | <-- |
|
1 | section is amended by adding a subsection to read: |
2 | § 7766. Removal of trustee - UTC 706. |
3 | * * * |
4 | (b) When court may remove trustee.--The court may remove a |
5 | trustee if it finds that removal of the trustee best serves the |
6 | interests of the beneficiaries of the trust and is not |
7 | inconsistent with a material purpose of the trust, a suitable |
8 | cotrustee or successor trustee is available and: |
9 | (1) the trustee has committed a serious breach of trust; |
10 | (2) lack of cooperation among cotrustees substantially |
11 | impairs the administration of the trust; |
12 | (3) the trustee has not effectively administered the |
13 | trust because of the trustee's unfitness, unwillingness or |
14 | persistent failures; or |
15 | (4) there has been a substantial change of |
16 | circumstances. A corporate reorganization of an institutional |
17 | trustee, including a plan of merger or consolidation, is not |
18 | itself a substantial change of circumstances. |
19 | * * * |
20 | (e) Cross reference.--See section 1608 of the act of |
21 | November 30, 1965 (P.L.847, No.356), known as the Banking Code |
22 | of 1965. |
23 | Section 5 8. Sections 7780.3(a), (f), (g), (i), (k) and (l), | <-- |
24 | 7780.6(a), 7785, 8105(d) and (e) and 8149(c) of Title 20 are |
25 | amended to read: |
26 | § 7780.3. Duty to inform and report. |
27 | (a) Duty to respond to requests.--A trustee shall promptly |
28 | respond to a [beneficiary's] reasonable request by the settlor |
29 | of a trust or by a beneficiary of an irrevocable trust for |
30 | information related to the trust's administration. A trustee |
|
1 | shall promptly respond to the Department of Public Welfare's |
2 | reasonable request for information related to the trust's |
3 | administration when a settlor or beneficiary is a resident in a |
4 | State-owned facility or an applicant for or recipient of cash or |
5 | medical assistance from the Commonwealth and the department |
6 | certifies in writing that it has obtained a currently valid |
7 | consent for the disclosure of such information from the settlor |
8 | or beneficiary of the trust. A trustee may rely upon the |
9 | department's certification without investigating its accuracy. |
10 | * * * |
11 | (f) Notice to current beneficiaries.--No later than 30 days |
12 | after the date on which the trustee of an irrevocable trust |
13 | learns that a person who did not previously receive the notice |
14 | described in subsection (i) is a current beneficiary of the |
15 | trust, the trustee shall send the notice described in subsection |
16 | (i) to the current beneficiary if, at that time, the trustee |
17 | knows that the settlor is then deceased or has been adjudicated |
18 | incapacitated. With respect to a testamentary trust, the time |
19 | specified in this subsection commences to run when the trust is |
20 | first funded, whether or not the trust is completely funded on |
21 | that date. |
22 | (g) Change in trusteeship.--[Apart from the other |
23 | requirements of this section, the trustee shall send the notice |
24 | described in subsection (i) to the current beneficiaries each |
25 | time there is a change in trusteeship.] |
26 | (1) Each time there is a change in trusteeship of any |
27 | trust, the trustee shall notify the settlor in writing of the |
28 | change. |
29 | (2) Each time there is a change in trusteeship of any |
30 | trust whose settlor is deceased or of an irrevocable trust |
|
1 | whose settlor has been adjudicated incapacitated, the trustee |
2 | shall notify the current beneficiaries in writing of the |
3 | change. |
4 | (3) Notice under this subsection shall include the |
5 | trustee's name, address and telephone number. |
6 | * * * |
7 | (i) Contents of notice.--[Any] Except as provided in |
8 | subsection (g), any notice under this section shall be written |
9 | and convey the following information: |
10 | (1) The fact of the trust's existence. |
11 | (2) The identity of the settlor. |
12 | (3) The trustee's name, address and telephone number. |
13 | (4) The recipient's right to receive upon request a copy |
14 | of the trust instrument. |
15 | (5) [The recipient's] Each current beneficiary's right |
16 | to receive, at least annually, [a written report of the |
17 | trust's assets and their market values if feasible, the |
18 | trust's liabilities and the trust's receipts and |
19 | disbursements since the date of the last such report] upon |
20 | request, periodic written financial reports concerning the |
21 | trust. |
22 | * * * |
23 | (k) Notice to settlor's appointee.--The settlor of a trust |
24 | may in the trust instrument appoint one or more persons or a |
25 | succession of persons to receive, on behalf of one or more named |
26 | current beneficiaries of the trust, the notices required by this |
27 | section. The trustee giving the notice required by this section |
28 | to that appointee satisfies the trustee's duty to give to the |
29 | named current beneficiary the notice required by this section |
30 | if: |
|
1 | (1) the trustee notifies the appointee that the notice |
2 | is being given to the appointee as representing the named |
3 | current beneficiary; and |
4 | (2) the appointee does not decline to receive the notice |
5 | in a writing [that is given] delivered to the trustee no |
6 | later than [60] 30 days after receipt of the trustee's |
7 | notice. |
8 | (l) Applicability.-- |
9 | (1) If the death or adjudication of incapacity described |
10 | in subsection (b), (c), (d) or (e) occurs on or after |
11 | November 6, 2006, the time limit for notice set forth in that |
12 | subsection shall apply. |
13 | (2) If the death or adjudication of incapacity described |
14 | in subsection (b), [(c),] (d) or (e) has occurred before |
15 | November 6, 2006, the time limit for notice set forth in that |
16 | subsection shall be November 6, 2008. |
17 | (3) The notice under subsection (f) shall not be |
18 | required to be completed until two years after November 6, |
19 | 2006. |
20 | § 7780.6. Illustrative powers of trustee. |
21 | (a) Listing.--The powers which a trustee may exercise |
22 | pursuant to section 7780.5 (relating to powers of trustees - UTC |
23 | 815) include the following powers: |
24 | (1) To accept, hold, invest in and retain investments as |
25 | provided in Chapter 72 (relating to prudent investor rule). |
26 | (2) To pay or contest a claim; settle a claim by or |
27 | against the trust by compromise, arbitration or otherwise; |
28 | and release, in whole or in part, any claim belonging to the |
29 | trust. |
30 | (3) To resolve a dispute regarding the interpretation of |
|
1 | the trust or the administration of the trust by mediation, |
2 | arbitration or other alternative dispute resolution |
3 | procedures. |
4 | (4) To prosecute or defend actions, claims or |
5 | proceedings for the protection of trust assets and of the |
6 | trustee in the performance of the trustee's duties. |
7 | (5) To abandon or decline to administer any property |
8 | which is of little or no value, transfer title to abandoned |
9 | property and decline to accept title to and administer |
10 | property which has or may have environmental or other |
11 | liability attached to it. |
12 | (6) To insure the assets of the trust against damage or |
13 | loss and, at the expense of the trust, protect the trustee, |
14 | the trustee's agents and the beneficiaries from liability to |
15 | third persons arising from the administration of the trust. |
16 | (7) To advance money for the protection of the trust and |
17 | for all expenses, losses and liability sustained in the |
18 | administration of the trust or because of the holding or |
19 | ownership of any trust assets. The trustee has a lien on the |
20 | trust assets as against the beneficiary for an advance under |
21 | this paragraph, including interest on the advance. |
22 | (8) To pay taxes, assessments, compensation of the |
23 | trustee and employees and agents of the trustee and other |
24 | expenses incurred in the administration of the trust. |
25 | (9) To receive additions to the assets of the trust. |
26 | (10) To sell or exchange any real or personal property |
27 | at public or private sale, without obligation to repudiate an |
28 | otherwise binding agreement in favor of better offers. If the |
29 | trustee has been required to give bond, no proceeds of the |
30 | sale of real estate, including proceeds arising by the reason |
|
1 | of involuntary conversion, shall be paid to the trustee |
2 | until: |
3 | (i) the court has made an order excusing the trustee |
4 | from entering additional security; or |
5 | (ii) the court has made an order requiring |
6 | additional security and the trustee has entered the |
7 | additional security. |
8 | (11) To enter for any purpose into a lease as lessor or |
9 | lessee with or without option to purchase or renew for a term |
10 | within or extending beyond the term of the trust. |
11 | (12) To grant options for sales or leases of a trust |
12 | asset and acquire options for the acquisition of assets, |
13 | including options exercisable after the trust terminates. |
14 | (13) To join in any reorganization, consolidation, |
15 | merger, dissolution, liquidation, voting trust plan or other |
16 | concerted action of securityholders and to delegate |
17 | discretionary duties with respect thereto. |
18 | (14) To vote a security, in person or by general or |
19 | limited proxy, with or without power of substitution. |
20 | (15) To borrow funds and mortgage or pledge trust assets |
21 | as security for repayment of the funds borrowed, including |
22 | repayments after the trust terminates. |
23 | (16) To make loans to and buy property from the personal |
24 | representatives of the settlor and the settlor's spouse. |
25 | Loans under this paragraph shall be adequately secured, and |
26 | the purchases under this paragraph shall be for fair market |
27 | value. |
28 | (17) To partition, subdivide, repair, improve or develop |
29 | real estate; enter into agreements concerning the partition, |
30 | subdivision, repair, improvement, development, zoning or |
|
1 | management of real estate; impose or extinguish restrictions |
2 | on real estate; dedicate land and easements to public use; |
3 | adjust boundaries; and do anything else regarding real estate |
4 | which is commercially reasonable or customary under the |
5 | circumstances. |
6 | (18) With respect to possible liability for violation of |
7 | environmental law: |
8 | (i) to inspect or investigate property the trustee |
9 | holds or has been asked to hold or property owned or |
10 | operated by an organization in which the trustee holds or |
11 | has been asked to hold an interest, for the purpose of |
12 | determining the application of environmental law with |
13 | respect to the property; |
14 | (ii) to take action to prevent, abate or otherwise |
15 | remedy any actual or potential violation of environmental |
16 | law affecting property held directly or indirectly by the |
17 | trustee, whether taken before or after the assertion of a |
18 | claim or the initiation of governmental enforcement; |
19 | (iii) to decline to accept property into trust or |
20 | disclaim a power with respect to property that is or may |
21 | be burdened with liability for violation of environmental |
22 | law; |
23 | (iv) to compromise claims against the trust which |
24 | may be asserted for an alleged violation of environmental |
25 | law; and |
26 | (v) to pay the expense of inspection, review, |
27 | abatement or remedial action to comply with environmental |
28 | law. |
29 | (19) To operate, repair, maintain, equip and improve any |
30 | farm or farm operation; to purchase and sell livestock, |
|
1 | crops, feed and other property that is normally perishable; |
2 | and to purchase, use and dispose of farm equipment and employ |
3 | one or more farm managers and others in connection with farm |
4 | equipment and pay them reasonable compensation. |
5 | (20) To make ordinary or extraordinary repairs or |
6 | alterations in buildings or other structures; demolish |
7 | improvements; and raze existing or erect new party walls or |
8 | buildings. |
9 | (21) To enter into a lease or arrangements for |
10 | exploration and removal of minerals or other natural |
11 | resources or enter into a pooling or utilization agreement. |
12 | (22) To exercise all rights and incidents of ownership |
13 | of life insurance policies held by the trust, including |
14 | borrowing on policies, entering into and terminating split- |
15 | dollar plans, exercising conversion privileges and rights to |
16 | acquire additional insurance and selecting settlement |
17 | options. |
18 | (23) To employ a custodian; hold property unregistered |
19 | or in the name of a nominee, including the nominee of any |
20 | institution employed as custodian, without disclosing the |
21 | fiduciary relationship and without retaining possession and |
22 | control of securities or other property so held or |
23 | registered; and pay reasonable compensation to the custodian. |
24 | (24) To apply funds distributable to a beneficiary who |
25 | is, in the trustee's opinion, disabled by illness or other |
26 | cause and unable properly to manage the funds directly for |
27 | the beneficiary's benefit or to pay such funds for |
28 | expenditure on the beneficiary's behalf to: |
29 | (i) the beneficiary; |
30 | (ii) a guardian of the beneficiary's estate; |
|
1 | (iii) an agent acting under a general power of |
2 | attorney for the beneficiary; or |
3 | (iv) if there is no agent or guardian, a relative or |
4 | other person having legal or physical custody or care of |
5 | the beneficiary. |
6 | (25) To pay funds distributable to a minor beneficiary |
7 | to the minor or to a guardian of the minor's estate or to |
8 | apply the funds directly for the minor's benefit. |
9 | (26) To do any of the following: |
10 | (i) Pay any funds distributable to a beneficiary who |
11 | is not 21 years of age or older to: |
12 | (A) the beneficiary; |
13 | (B) an existing custodian for the beneficiary |
14 | under Chapter 53 (relating to Pennsylvania Uniform |
15 | Transfers to Minors Act) or under any other state's |
16 | version of the Uniform Transfers to Minors Act; |
17 | (C) an existing custodian for the beneficiary |
18 | under the former Pennsylvania Uniform Gifts to Minors |
19 | Act or under any other state's version of the Uniform |
20 | Gifts to Minors Act; or |
21 | (D) a custodian for the beneficiary appointed by |
22 | the trustee under Chapter 53. |
23 | (ii) Apply the funds for the beneficiary. |
24 | (27) To pay calls, assessments and other sums chargeable |
25 | or accruing against or on account of securities. |
26 | (28) To sell or exercise stock subscription or |
27 | conversion rights. |
28 | (29) To continue or participate in the operation of any |
29 | business or other enterprise and to effect incorporation, |
30 | merger, consolidation, dissolution or other change in the |
|
1 | form of the organization of the business or enterprise. |
2 | (30) To select a mode of payment under a qualified |
3 | employee benefit plan or a retirement plan payable to the |
4 | trustee and exercise rights under the plan. |
5 | (31) To distribute in cash or in kind or partly in each |
6 | and allocate particular assets in proportionate or |
7 | disproportionate shares. |
8 | (32) To appoint a trustee to act in another jurisdiction |
9 | with respect to trust property located in the other |
10 | jurisdiction, confer upon the appointed trustee all the |
11 | powers and duties of the appointing trustee, require that the |
12 | appointed trustee furnish security and remove the appointed |
13 | trustee. |
14 | (33) To exercise elections with respect to Federal, |
15 | State and local taxes. |
16 | [(33)] (34) To execute and deliver instruments which |
17 | will accomplish or facilitate the exercise of the trustee's |
18 | powers. |
19 | * * * |
20 | § 7785. Limitation of action against trustee. |
21 | (a) Imposed by trustee's written reports.-- |
22 | (1) A beneficiary [may not challenge a transaction or |
23 | assert] is barred from challenging a transaction or asserting |
24 | a claim against a trustee for breach of trust [on the basis |
25 | of a transaction] if: |
26 | (i) the trustee provided the beneficiary [with a |
27 | written report of the trust's assets and their market |
28 | values if feasible, the trust's liabilities and the |
29 | trust's receipts and disbursements for the year in which |
30 | the transaction occurred and for each of the four |
|
1 | subsequent calendar years] at least annually with |
2 | periodic written financial reports concerning the trust; |
3 | (ii) the transaction was disclosed [in the first of |
4 | the five reports] in a report to which subparagraph (i) |
5 | refers or such report provided sufficient information so |
6 | that the beneficiary knew or should have known of the |
7 | potential claim or should have inquired into its |
8 | existence; |
9 | (iii) [the beneficiary did not notify the trustee in |
10 | writing within six months after receiving the fifth |
11 | annual report that the beneficiary objects to the |
12 | transaction and provide the basis in writing for that |
13 | objection] in the 30 months after a report to which |
14 | subparagraph (ii) refers was sent by the trustee to the |
15 | beneficiary, the beneficiary did not notify the trustee |
16 | in writing that the beneficiary challenges the |
17 | transaction or asserts a claim and provides in writing |
18 | the basis for that challenge or assertion; and |
19 | (iv) all reports were accompanied by a conspicuous |
20 | written statement describing the effect of this |
21 | paragraph. |
22 | (2) A claim not barred by paragraph (1) may nevertheless |
23 | be barred by subsection (b). |
24 | (b) Five-year absolute bar.--If not previously barred by |
25 | subsection (a) or section 7798 (relating to failure to present |
26 | claim at audit): |
27 | (1) Except as provided in paragraph (1.1), (2) or (3), a |
28 | claim by a beneficiary against a trustee, including a claim |
29 | preserved by the beneficiary notifying the trustee in the |
30 | manner described in subsection (a), shall be barred five |
|
1 | years after the first to occur of the following events: |
2 | (i) the date after the removal, resignation or death |
3 | of the trustee on which the beneficiary was given the |
4 | notice required by section 7780.3(g) (relating to duty to |
5 | inform and report); |
6 | (ii) the termination of the beneficiary's interest |
7 | in the trust; or |
8 | (iii) the termination of the trust. |
9 | (1.1) A beneficiary who has challenged a transaction or |
10 | asserted a claim as provided in subsection (a)(1)(iii) may |
11 | not challenge the transaction or assert the claim against the |
12 | trustee in a court or an arbitration proceeding commenced |
13 | more than five years after the date the trustee sent the |
14 | beneficiary the report described in subsection (a)(1)(i) and |
15 | (ii). |
16 | (2) Except as set forth in paragraph (3), if the first |
17 | to occur of the events set forth in paragraph (1) occurred |
18 | before November 6, 2006, a claim described in paragraph (1) |
19 | shall be barred five years after November 6, 2006. |
20 | (3) A claim described in paragraph (1) or (1.1) is not |
21 | barred if, prior to the respective date set forth in either |
22 | paragraph (1) or (2), the trustee has filed an account with |
23 | the court or the beneficiary has petitioned the court to |
24 | compel the trustee to file an account. |
25 | § 8105. Power to convert to unitrust. |
26 | * * * |
27 | (d) Post conversion.--After a trust is converted to a |
28 | unitrust, all of the following apply: |
29 | (1) The trustee shall follow an investment policy |
30 | seeking a total return for the investments held by the trust, |
|
1 | whether the return is to be derived: |
2 | (i) from appreciation of capital; |
3 | (ii) from earnings and distributions from capital; |
4 | or |
5 | (iii) from both. |
6 | (2) The trustee shall make regular distributions in |
7 | accordance with the governing instrument construed in |
8 | accordance with the provisions of this section. |
9 | (3) The term "income" in the governing instrument shall |
10 | mean an annual distribution (the unitrust distribution) equal |
11 | to 4% (the payout percentage) of the net fair market value of |
12 | the trust's assets, whether such assets would be considered |
13 | income or principal under other provisions of this chapter, |
14 | averaged over the lesser of: |
15 | (i) the [three] preceding years in the smoothing |
16 | period selected by the trustee; or |
17 | (ii) the period during which the trust has been in |
18 | existence. |
19 | (e) Discretion of trustee.--The trustee may, in the |
20 | trustee's discretion from time to time, determine all of the |
21 | following: |
22 | (1) The effective date of a conversion to a unitrust. |
23 | (2) The provisions for prorating a unitrust distribution |
24 | for a short year in which a beneficiary's right to payments |
25 | commences or ceases. |
26 | (3) The frequency of unitrust distributions during the |
27 | year. |
28 | (4) The effect of other payments from or contributions |
29 | to the trust on the trust's valuation. |
30 | (5) Whether to value the trust's assets annually or more |
|
1 | frequently. |
2 | (5.1) Whether to average the net assets of the trust |
3 | over a smoothing period of three, four or five years. |
4 | (6) What valuation dates to use. |
5 | (7) How frequently to value nonliquid assets and whether |
6 | to estimate their value. |
7 | (8) Whether to omit from the calculations trust property |
8 | occupied or possessed by a beneficiary. |
9 | (9) Any other matters necessary for the proper |
10 | functioning of the unitrust. |
11 | * * * |
12 | § 8149. Retirement benefits, individual retirement accounts, |
13 | deferred compensation, annuities and similar |
14 | payments. |
15 | * * * |
16 | (c) Allocation when internal net income of fund is readily |
17 | ascertained.-- |
18 | (1) If no portion of a payment from a separate fund held |
19 | exclusively for the benefit of the trust is allocable to |
20 | income under subsections (a) and (b) but the internal net |
21 | income of the fund determined as if the fund were a separate |
22 | trust subject to Subchapters [B (relating to decedent's |
23 | estate or terminating income interest) through] A (relating |
24 | to preliminary provisions; power to adjust; power to convert |
25 | to unitrust), B (relating to decedent's estate or terminating |
26 | income interest), C (relating to apportionment at beginning |
27 | and end of income interest), D (relating to allocation of |
28 | receipts during administration of trust) and E (relating to |
29 | allocation of disbursements during administration of trust) |
30 | is readily ascertainable by the trustee, the internal net |
|
1 | income of the fund shall be considered to be the income |
2 | earned by the fund, and the portion of the payment equal to |
3 | the then undistributed net income of the fund realized since |
4 | the trust acquired its interest in the fund shall be deemed |
5 | to be a distribution of such income and shall be allocated to |
6 | the trust income account. |
7 | (2) The balance of any such payment shall be allocated |
8 | to principal. |
9 | (3) The power to adjust under section 8104 (relating to |
10 | trustee's power to adjust), the power to convert to a |
11 | unitrust under section 8105 (relating to power to convert to |
12 | unitrust) and the provisions governing express trusts under |
13 | section 8107 (relating to express trusts) shall apply to |
14 | retirement benefits covered by this subsection which are |
15 | payable to a trust. These powers may be exercised separately |
16 | and independently by the payee trustee or in the governing |
17 | instrument as between the retirement benefits and the trust |
18 | as if they were separate trusts subject to this chapter. |
19 | * * * |
20 | Section 6 8. Sections 5547(b) and 5548(b) of Title 15 of the | <-- |
21 | Pennsylvania Consolidated Statutes are amended to read: |
22 | § 5547. Authority to take and hold trust property. |
23 | * * * |
24 | (b) Nondiversion of certain property.--Property committed to |
25 | charitable purposes shall not, by any proceeding under Chapter |
26 | 59 (relating to fundamental changes) or otherwise, be diverted |
27 | from the objects to which it was donated, granted or devised, |
28 | unless and until the board of directors or other body obtains |
29 | from the court an order under 20 Pa.C.S. [Ch. 61 (relating to |
30 | estates)] Ch. 77 Subch. D (relating to creation, validity, |
|
1 | modification and termination of trust) specifying the |
2 | disposition of the property. |
3 | § 5548. Investment of trust funds. |
4 | * * * |
5 | (b) Use and management.--Except as otherwise permitted under |
6 | 20 Pa.C.S. [Ch. 61 (relating to estates)] Ch. 77 Subch. D |
7 | (relating to creation, validity, modification and termination of |
8 | trust), the board of directors or other body shall apply all |
9 | assets thus received to the purposes specified in the trust |
10 | instrument. The directors or other body shall keep accurate |
11 | accounts of all trust funds, separate and apart from the |
12 | accounts of other assets of the corporation. |
13 | * * * |
14 | Section 7. The amendment of 20 Pa.C.S. § 6107.1 shall 9. | <-- |
15 | This act shall apply as follows: |
16 | (1) The addition of 20 Pa.C.S. Ch. 28 shall apply to any |
17 | decedent dying after December 31, 2009. |
18 | (2) The amendment of 20 Pa.C.S. § 6107.1 shall apply to any |
19 | interest created after December 31, 2006. |
20 | Section 8 10. (a) The following provisions shall be | <-- |
21 | retroactive to November 6, 2006: |
22 | (1) The amendment of 20 Pa.C.S. § 7745. |
23 | (2) The amendment of 20 Pa.C.S. § 7780.3(l)(2). |
24 | (3) The amendment of 20 Pa.C.S. § 7780.6(a). |
25 | (b) The amendment of 20 Pa.C.S. § 6107.1 shall be |
26 | retroactive to January 1, 2007. |
27 | Section 9 11. This act shall take effect as follows: | <-- |
28 | (1) The following provisions shall take effect |
29 | immediately: |
30 | (i) This section. |
|
1 | (ii) Sections 7 9 and 8 10 of this act. | <-- |
2 | (iii) The addition of 20 Pa.C.S. Ch. 28. | <-- |
3 | (iv) The amendment of 20 Pa.C.S. §§ 6107.1, 7745, |
4 | 7780.3(l)(2) and 7780.6(a). |
5 | (2) The remainder of this act shall take effect in 60 |
6 | days. |
|