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(a) This chapter applies to a trust, whenever created, that has its principal place of administration in this state, subject to the following rules:
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(1) If the trust was created before January 1, 2020, this chapter applies only to a decision or action occurring on or after January 1, 2020.
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(2) If the principal place of administration of the trust is changed to this state on or after January 1, 2020, this chapter applies only to a decision or action occurring on or after the date of the change.
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(b) Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, terms of the trust which designate the principal place of administration of the trust 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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