Qualified self-settled spendthrift trusts; disbursements, powers of trustee.

Qualified self-settled spendthrift trusts; disbursements; powers of trustee. Provides that a trustee may reimburse a settlor of a trust from the income or principal of such trust for various forms of tax liability in certain circumstances and in accordance with the Internal Revenue Code except as the terms of the trust provide otherwise. The bill also provides that a trustee shall not have the power to make such a reimbursement under certain conditions unless the terms of the trust expressly provide otherwise.

The bill also removes redundant language governing the order in which a new qualified trustee may be appointed in the case of a vacancy.