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(a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if:
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(1) a trustee’s principal place of business is located in or a trustee is a resident of the designated jurisdiction; or
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(2) all or part of the administration occurs in the designated jurisdiction.
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(b) A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries.
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(c) Without precluding the right of a court to order, approve, or disapprove a transfer, the trustee, in furtherance of the duty prescribed by subsection (b), may transfer the trust’s principal place of administration to another state or to a jurisdiction outside of the United States.
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(d) The trustee shall notify the qualified beneficiaries of a proposed transfer of a trust’s principal place of administration not less than sixty (60) days before initiating the transfer. The notice of proposed transfer must include:
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(1) the name of the jurisdiction to which the principal place of administration is to be transferred;
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(2) the address and telephone number at the new location at which the trustee can be contacted;
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(3) an explanation of the reasons for the proposed transfer;
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(4) the date on which the proposed transfer is anticipated to occur; and
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(5) the date, not less than sixty (60) days after the giving of the notice, by which the qualified beneficiary must notify the trustee of an objection to the proposed transfer.
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(e) The authority of a trustee under this section to transfer a trust’s principal place of administration terminates if a qualified beneficiary notifies the trustee of an objection to the proposed transfer on or before the date specified in the notice.
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(f) In connection with a transfer of the trust’s principal place of administration, the trustee may transfer some or all of the trust property to a successor trustee designated in the terms of the trust or appointed pursuant to § 28-73-704.
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(g) Subsections (d) and (e) apply only to irrevocable trusts created on or after September 1, 2005, and to revocable trusts which become irrevocable on or after September 1, 2005.
