How the New Washington Trust Act Affects You and Your Clients
Lane Powell Shareholder Gail Mautner authored an article in the September/October 2012 issue of Washington Bankers Association’s (“WBA”) Issues and Answers magazine titled “How the New Washington Trust Act Affects You and Your Clients.” In the article, Mautner discussed the Washington Trust Act and some of the significant impacts the Act has on institutions in terms of new trustee obligations and beneficiary rights.
The Washington Trust Act (“Act”) became effective on January 1, 2012, and affects trusts created before, on or after January 1, 2012. Your institution may not qualify to serve as a trustee, but your clients may be beneficiaries of trusts, or they may have been nominated to serve as trustee of a family trust. While a detailed review of the full Act would be necessary to understand all of its new trustee obligations and beneficiary rights, this article addresses some of the significant changes in rights, duties and obligations under the new Act.