§ 91-8-1206. Limitation of action against trust advisor or trust protector
A beneficiary may not commence a proceeding against a trust advisor or trust protector for breach of trust more than one (1) year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed facts indicating the existence of a potential claim for breach of trust. A report […]
§ 91-8-1204. No duty to review actions of trustee, trust advisor, or trust protector
Whenever, pursuant to the terms of a trust, an excluded fiduciary is to follow the direction of a trustee, trust advisor, or trust protector with respect to investment decisions, distribution decisions, or other decisions of the nonexcluded fiduciary, then, except to the extent that the terms of the trust provide otherwise, the excluded fiduciary shall […]
§ 91-8-1205. Fiduciary’s liability for action or inaction of trustee, trust advisor, and trust protector
An excluded fiduciary is not liable, either individually or as a fiduciary, for: Any loss resulting from compliance with a direction of a trustee, trust advisor, or trust protector, including, but not limited to, any loss from the trustee, trust advisor, or trust protector breaching fiduciary responsibilities or acting beyond the trustee’s, trust advisor’s, or […]
§ 91-8-1103. Severability clause
If any provision of this chapter or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
§ 91-8-1104 and 91-8-1105.
Except as otherwise provided in this chapter: This chapter applies to all trusts created before, on, or after July 1, 2014; This chapter applies to all judicial proceedings concerning trusts commenced on or after July 1, 2014; This chapter applies to judicial proceedings concerning trusts commenced before July 1, 2014, unless the court finds that […]
§ 91-8-1107. Alter ego
Absent clear and convincing evidence, no settlor of an irrevocable trust may be deemed to be the alter ego of a trustee of such trust. None of the following factors, by themselves or in combination, may be considered sufficient evidence for a court to conclude that the settlor controls a trustee, or is the alter […]
§ 91-8-1108. Dominion and control over a trust
In the event a person challenges a settlor’s or a beneficiary’s influence over a trust, none of the following factors, alone or in combination, shall enter into a determination that dominion and control over a trust exists: The settlor or a beneficiary is serving as a trustee, a trust advisor, a trust protector, or other […]
§ 91-8-1109. Protection of special needs trusts and other similar trusts for disabled persons
Notwithstanding the provisions of this chapter that may otherwise be applicable to a trust, no provision thereof shall apply to any special needs trust, supplemental needs trust, or other similar trust established for a person with a disability as a beneficiary, including, without limitation, any trust established pursuant to the provisions of 42 USC Section […]
§ 91-8-1201. Powers of trust advisors and trust protectors
A trust protector or trust advisor is any person, and may be a committee of more than one (1) person, other than a trustee, who under the terms of the trust has a power or duty with respect to a trust, including, but not limited to, one or more of the following powers: The power […]
§ 91-8-1202. Trust advisors and trust protectors as fiduciaries
A trust advisor or trust protector, other than a beneficiary, is a fiduciary with respect to each power granted to the trust advisor or trust protector. In exercising any power or refraining from exercising any power, a trust advisor or trust protector shall act in good faith and in accordance with the terms and purposes […]