HB1832
To Amend The Permissible Investments A Guardian Of The Estate May Make On Behalf Of A Ward.
Last Action (May 1, 2023): Died in House Committee at Sine Die Adjournment
Sponsors
AI-Generated Summary
House Bill 1832 amends Arkansas Code § 28-65-311(c)(1) to expand the list of permissible investments that a guardian of an estate may make on behalf of a ward without prior court approval. Specifically, the bill adds the 'Arkansas Brighter Future Fund Plan' to the list of authorized investments. By including this state-sponsored 529 college savings plan, the legislation provides guardians with an additional financial vehicle for managing and growing the assets held in a ward's estate. The bill maintains existing oversight protocols while simplifying the legal pathway for guardians to utilize this specific educational savings program.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are the wards whose estates are managed by guardians, as they gain access to a state-sanctioned savings vehicle potentially yielding educational tax benefits. Guardians also benefit by gaining the flexibility to invest in the Arkansas Brighter Future Fund Plan without the time and expense associated with seeking formal court authorization for such transactions.
Who Might Suffer?
There is no significant group that would be directly and negatively impacted by this legislation. However, potential risks could theoretically arise if the specific investment performance of the Arkansas Brighter Future Fund Plan does not align with the liquidity needs or risk profile of a particular ward, though this is a general risk associated with any investment decision.
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