Relates to proving lost or destroyed lifetime trusts

Bill S 7498 establishes a legal process for proving the existence and contents of a lifetime trust that has been lost or destroyed. This directly affects individuals who have created trusts, their beneficiaries, and trustees, by providing a mechanism to validate the trust's terms even without the original document. To do so, the trust's execution must be proven, it must not have been revoked, and its provisions must be established either through a copy or by identifying the designated trustee, beneficiaries, dispositive provisions, and transferred assets. The bill also sets out presumptions regarding execution and revocation, assigns burdens of proof, and specifies who must be notified during such a proceeding.