Estates and Trusts - Resignation of Trustee - Notice

HB 146 amends Maryland's Trust Act to clarify notice requirements when a trustee resigns. The bill requires trustees resigning under the Maryland Trust Act to provide 30 days' notice to "any person that has a right to replace or appoint a successor" (previously not explicitly listed). This directly affects trustees, beneficiaries, settlors (if living), and individuals with appointment authority over trust successors. The change ensures all parties with authority to appoint a new trustee receive formal notice of the resignation, streamlining the transition process while maintaining existing notice standards for other stakeholders. (Section 14.5-705, effective October 1, 2025)