Addressing the prudent investor rule for Washington state trusts, delegation of trustee duties by trustees of a Washington state trust, and standards for authorization and treatment of statutory trust advisors and directed trustees incident to the establishment of Washington state directed trusts.
Summary
Amends trust laws to modify standards for the delegation of a trustee's powers and duties and standards for the investment of trust funds.
Establishes a new chapter, the Washington Directed Trust Act, authorizing specific powers or duties relating to a trust to be vested in a "statutory trust advisor" and establishing standards relating to exercise of those powers and duties and the role and liability of the directed trustee in a directed trust.
From the House Bill Report (SB 5302), written by the Legislature's nonpartisan staff. Read the full report ↗
AN ACT Relating to the prudent investor rule for Washington state trusts, delegation of trustee duties by trustees of a Washington state trust, and standards for authorization and treatment of statutory trust advisors and directed trustees incident to the establishment of Washington state directed trusts;