Endowment Care Cemetery Authority
The bill authorizes the fiduciary of an endowment fund to distribute principal, such as capital gains, under a unitrust election. This facilitates investing in stocks.
The bill authorizes a cemetery authority to request that the fiduciary convert an endowment fund to a unitrust. The fiduciary and cemetery authority must agree on the terms of conversion, the distribution method, and the distribution rate. The distributions must be made on a monthly, quarterly, semi-annual, or annual basis, but the default is monthly. The unitrust must comply with certain current unitrust laws.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)