HB 208-TRUSTS; COMM PROP TRUSTS; POWERS OF APPT  1:33:48 PM CHAIR COGHILL announced the consideration of HB 208. He advised that several new amendments came to the committee very recently and he hadn't been able to review them. He would take public testimony but would hold the bill. 1:35:48 PM RICHARD HOMPESCH, representing self, Hompesch Evans & Averett, Fairbanks, Alaska, said he was prepared to testify against the five proposed amendments. He'd hold his comments if more amendments are forthcoming. CHAIR COGHILL said his intention is to share the amendments with interested parties and act on the bill during the next meeting. 1:36:37 PM MATTHEW BLATTMACHR, Vice President and Trust Officer, Peak Trust Company, Anchorage, Alaska, said he was prepared to discuss the proposed amendments, but would hold his comments until the next hearing. CHAIR COGHILL asked Senator Wielechowski if he was contemplating more than two amendments. 1:37:11 PM SENATOR WIELECHOWSKI said his office has been working with Mr. Shaftel to address the concerns he articulated [on February 21]. His advised that he had five amendments drafted and he met via teleconference with other trust lawyers and came away with an agreement on two of the amendments. However, about 40 minutes ago he received an email from those trust attorneys saying they did not support any of the amendments. He said it's a complex area of law and he relies on the experts in the field to ensure that any proposed legislation protects Alaskans and those who are beneficiaries. He said he would continue the discussions to see if consensus is possible on any of the issues. SENATOR WIELECHOWSKI summarized the proposed amendments. Amendment 3 amends bill Section 14 using language of the Uniform Trust Decanting Act and requiring a trustee have full fiduciary obligations to all beneficiaries instead of just one. Proposed Amendment 4 amends bill Section 20 and requires the fiduciary to give notice to each beneficiary. Proposed Amendment 5 amends the new language in bill Section 21 and clarifies that only the settlor may authorize the trustee to exercise the power to decant without notice to any beneficiaries. SENATOR WIELECHOWSKI said the theme behind all three amendments is to protect the beneficiaries by making sure they have notice and that the trustee is acting in a fiduciary capacity. CHAIR COGHILL said the amendments would be considered in a future meeting. He commented that the decanting provision seems to be the most contentious issue. 1:41:33 PM CHAIR COGHILL held HB 208 in committee for future consideration.