Trusts; release or ratification of trustee by beneficiary, response of beneficiary in writing.

Trustees; settlement of accounts; notice andstatements to beneficiaries; requirements. Provides that when(i) a trust terminates pursuant to the terms of the trust, (ii) atrust terminates early, (iii) a trustee resigns or is removed, or(iv) a trustee is seeking discharge of an interim account periodwhen the trust is continuing, a trustee may obtain a settlement of accounts if the trustee sends the beneficiary notice and certainrequired accounting statements and the beneficiary does not objectwithin 45 days after the trustee sends such notice. The bill provides that if a beneficiary or other party who received such notice andstatements properly objects, the trustee or qualified beneficiaryor other party shall either submit such objection in writing to thecourt for resolution or resolve the objection by a nonjudicial settlement agreement or other written agreement. The bill also provides thatwhen a qualified beneficiary has failed to object within the 45-dayperiod or consents to such action of the trustee, the beneficiary or other party is prohibited from bringing a claim against the trusteefor challenging the validity of (i) the trust or (ii) the periodof such interim accounts.