HB546 Alabama 2013 Session

Under existing law, the Alabama Family Trust was established to supplement the basic support provided by state government and other governmental programs and provide for medical, social, or other supplemental services for persons with a physical or mental impairment that substantially limits one or more major life activities as determined by the Social Security Administration

Under existing law, the word donor is used to refer to a person or entity who contributes assets to the Alabama Family Trust to establish an account for a life beneficiary

This bill would replace the word donor with either contributor, any person who contributes assets to the account of the life beneficiary, or settlor, any person who establishes an Alabama Family Trust account for a life beneficiary

To amend Sections 38-9B-2, 38-9B-3, 38-9B-5, 38-9B-6, and 38-9B-7, Code of Alabama 1975, relating to the Alabama Family Trust; to delete the definition of donor; to provide further for the definition of contributor; and to add the term settlor and provide for its definition.