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Relating to the fiduciary status of a directed trust advisor.
No significant fiscal implication to the State is anticipated.
HB 2246 would make an appointed advisor for a trust a fiduciary, regardless of trust terms to the contrary, except that the trust terms may provide that an advisor acts in a nonfiduciary capacity if: the advisor's only power is to remove and appoint trustees, advisors, trust committee members, or other protectors; and the advisor does not exercise that power to appoint the advisor’s self to one of those positions.
Texas Action is neutral on HB 2246 as it neither advances nor hinders any of our liberty principles.