Reforms laws governing who may serve as a personal representative as well as who may serve as a trustee and makes numerous other reforms to state law regarding trusts.   Official Text and Analysis.

Significantly revises state statutes concerning trusts. This act effects personal representatives and trustees, virtual representation, duty to keep beneficiaries informed, statutes of limitations, judicial reform of will or trust due to mistake of fact or law, accepting or declining trusteeship, and more.

Provides that Washington limited liability partnerships all of whose partners are attorneys may serve as trustees or personal representatives. Clarifies that only Washington limited liability companies all of whose members are attorneys may serve as personal representatives. Makes a number of housekeeping amendments for consistency and clarity.

Makes numerous changes to the provisions of law governing trusts and estates.

Provides that nonprofit corporations, certain limited liability partnerships, and state or regional colleges or universities and community or technical colleges are authorized to serves as personal representatives or trustees. A person with a substantially identical interest with respect to a particular question or dispute concerning the trust is authorized to represent and bind an unrepresented minor, incapacitated or unborn individual, or person whose location is unknown and not reasonably ascertainable. A person may not, however, represent and bind a beneficiary with respect to the termination or modification of an irrevocable trust. A trustee must keep all qualified beneficiaries of a trust reasonably informed about the administration of the trust and of any other relevant information necessary to protect their interests in the trust. A beneficiary of a trust may not commence a breach of trust proceeding against a trustee more than three years after the date a report concerning the potential breach has been delivered to the beneficiary or representative of the beneficiary. In order to accept the trusteeship, a designated trustee must substantially comply with the method of acceptance provided in the terms of the trust. Unless otherwise provided for in statute, the amendments to the Act apply to all trusts created before, on, or after January 1, 2013, and to all judicial proceedings concerning trusts commenced on or after January 1, 2013. The amendments to the Act, however, are not applicable to any action taken before January 1, 2013. Additional definitions are added and several technical changes are made throughout the Act.