Modifies provisions relating to the limitations of an action against a trustee

HB 175 changes the time limits for beneficiaries to sue a trustee for mishandling trust funds. It extends the deadline if the trustee sends a report disclosing a potential breach, giving beneficiaries more time to act after receiving that notice. If no such report is sent, beneficiaries must file a lawsuit within five years of the trustee's removal, resignation, death, or the termination of the beneficiary's interest in the trust. This bill directly affects individuals relying on trusts and their legal rights to seek redress for trustee misconduct.