WA People
BILL · 2017–18 SESSION · LATEST VERSION SSB 5012

SB 5012: Trust assets distribution

Concerning the distribution of a Washington trust's assets to another trust.

Summary

  • Establishes a trust decanting statute that authorizes a trustee to modify the terms of an irrevocable trust or distribute the income and principal of an irrevocable trust to one or more second trusts.
  • Establishes standards, procedures, and limitations on a trustee's exercise of the decanting power and allows a trustee, beneficiary, and others to bring court proceedings regarding the exercise of the decanting power.

From the Substitute House Bill Report (SSB 5012), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 29, Laws of 2017
  1. IntroducedJan 9, 2017
  2. Out of committeeFeb 2, 2017
  3. Passed SenateMar 1, 2017
  4. Passed HouseApr 5, 2017
  5. GovernorApr 17, 2017
  6. LawApr 17, 2017
Prime sponsor
Jamie Pedersen (D-43)
Introduced
January 9, 2017 in the Senate
Last action
April 17, 2017
Session law
Chapter 29, Laws of 2017
Requested by
Other
Budget
Has a fiscal note
Versions
SB 5012, SSB 5012

AN ACT Relating to the distribution of a Washington trust's assets to another trust;

Sponsors

Prime sponsor: Jamie Pedersen (D-43)

5 co-sponsors (3 Democrats, 2 Republicans)

Mike Padden R-4Senator D-46Joe Fain R-47Mark Mullet D-5Patty Kuderer D-48

Votes

Senate · 3rd Reading & Final Passage

Passed March 1, 2017
Version voted on: SSB 5012
49 Yea 0 Nay 0 Absent 0 Excused
PartyYeaNayAbsentExcused
Democrat25000
Republican24000
How each member voted
Permalink to this vote

House · Final Passage

Passed April 5, 2017
Version voted on: SSB 5012
97 Yea 0 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat50000
Republican47001
How each member voted

Yea (97)

Excused (1)

Permalink to this vote

History

  1. Effective date 7/23/2017. (SSB 5012)
  2. Chapter 29, 2017 Laws. (SSB 5012)
  3. Governor signed. (SSB 5012)
  4. Delivered to Governor. (SSB 5012)
  5. Speaker signed. (SSB 5012)
  6. President signed. (SSB 5012)
  7. Third reading, passed; yeas, 97; nays, 0; absent, 0; excused, 1. (SSB 5012)
  8. Rules suspended. Placed on Third Reading. (SSB 5012)
  9. Placed on second reading by Rules Committee. (SSB 5012)
  10. Referred to Rules 2 Review. (SSB 5012)
  11. JUDI - Majority; do pass. (SSB 5012)
  12. First reading, referred to Judiciary (Not Officially read and referred until adoption of Introduction report). (SSB 5012)
  13. Third reading, passed; yeas, 49; nays, 0; absent, 0; excused, 0. (SSB 5012)
  14. Rules suspended. Placed on Third Reading. (SSB 5012)
  15. 1st substitute bill substituted. (SSB 5012)
  16. 1st substitute bill substituted.
  17. Placed on second reading by Rules Committee. (SSB 5012)
  18. Placed on second reading by Rules Committee.
  19. Passed to Rules Committee for second reading. (SSB 5012)
  20. Passed to Rules Committee for second reading.
  21. LAW - Majority; 1st substitute bill be substituted, do pass. (SSB 5012)
  22. LAW - Majority; 1st substitute bill be substituted, do pass.
  23. First reading, referred to Law & Justice.
  24. Prefiled for introduction.

SB 5012 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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