Legislature(1993 - 1994)
04/20/1993 08:00 AM House STA
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
HB 280 UNIFORM CUSTODIAL TRUST ACT Number 689 CHAIRMAN VEZEY read the title to HB 280 and called for its sponsor statement. TAPE 93-44, SIDE A Number 000 KAREN BRAND, LEGISLATIVE AIDE TO REPRESENTATIVE CARL MOSES, joined the committee to present the sponsor's statement. She explained that the intent of HB 280 was to allow everyone in Alaska the chance to develop their own trust in an easy, inexpensive way. She noted that the person who creates the trust would remain in control unless becoming incapacitated or died, and that such a system had already been developed in several other states. She stated HB 280 would benefit Alaska seniors or those who anticipate being incapacitated for a period of time, and that the Uniform Custodial Trust Act had been endorsed by the American Bar Association. She noted similar legislation had passed the House in the second session of the 17th Legislature, but died in the Senate due to time running out. Number 054 CHAIRMAN VEZEY asked why a person would not be allowed to revoke the trust when they became incapacitated. MS. BRAND deferred to a uniform law commissioner seated in the committee room. Number 069 CHAIRMAN VEZEY asked what HB 280 would accomplish that wasn't possible under current trust law. MS. BRAND again deferred to the commissioner. Number 069 ART PETERSON, UNIFORM LAW COMMISSIONER FOR THE STATE OF ALASKA, joined the committee to testify in favor of HB 280. He stated the Uniform Custodial Trade Act (UCTA) would provide those people who anticipated being incapacitated with a chance to direct their assets after such incapacitation. He stated the idea was to provide an easy, legal, simple way for common people to use such an idea, without the problems associated with trusts. He stated under the current system, trusts could only be established with a lawyer, much paperwork, court appearances, and at great expense. He said HB 280 simplified the system and even provided a form for those who would wish to use it. Number 129 CHAIRMAN VEZEY asked about the ability to transfer the trust. MR. PETERSON noted that section E of HB 280 provides that an incapacitated person cannot transfer or change the trust upon his incapacitation. CHAIRMAN VEZEY stated he was confused by the interchangeable use of the terms "transferor, transferee, beneficiary." Number 170 MR. PETERSON stated the terms are indeed interchangeable depending on the role of the person referred to in the document. He stated that in some cases, one person could play several roles. Number 184 REPRESENTATIVE ULMER explained to the committee that a bill similar to HB 280 passed the House in the previous legislature; it was non-controversial; it enjoyed widespread support; and would benefit most Alaskans; and she urged the committee to pass the bill. Number 197 MR. PETERSON also took the time to convey the endorsement of the American Association of Retired Persons (AARP), whose representative was forced to leave the meeting due to time considerations. Number 203 CHAIRMAN VEZEY also confirmed AARP'S endorsement, and stated he had spoken with John Shaffer of AARP. He said he did not wish to rush the committee in its choices on HB 280, but considering its apparent widespread support, he asked the members' pleasure. Number 213 REPRESENTATIVE B. DAVIS moved passage of HB 280. Number 232 House Bill 280 passed by a 6-0 vote.
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