How the New Washington Trust Act and Its 2013 Amendments Affect You and Your Clients
Lane Powell Shareholders Dawn Spratley and Gail Mautner authored an article in the Winter 2014 issue of Community Bankers of Washington’s Community Banker magazine titled “How the New Washington Trust Act and Its 2013 Amendments Affect You and Your Clients.” In the article, Spratley and Mautner discussed amendments to the Washington Trust Act, such as notices of existence of trust, ongoing duties to keep beneficiaries “reasonably informed” about the administration of trust, trustee liability for breach of fiduciary duty and clarification of the doctrine of virtual representation, among others.
In 2011, the legislature adopted a new Washington Trust Act (the “2011 Act”). The 2011 Act took effect on January 1, 2012, and codified many changes to the duties of trustees and the rights of trust beneficiaries. Within 18 months, in May 2013, the legislature adopted additional new legislation that “amended the amendments” (the “2013 Amendments”). Although it would require a much longer article than this to address all of the changes to Washington trust law that became effective in 2012 and 2013, this article addresses some of the more significant provisions impacting both trustees and beneficiaries.