18-B §1208. Court involvement
§1208. Court involvement 1. Application to court. On application of an authorized fiduciary, a person entitled to notice under section 1207, subsection 3, a beneficiary or, with respect to a charitable interest, the Attorney General, the court may: A. Provide instructions to the authorized fiduciary regarding whether a proposed exercise of the decanting power […]
18-B §1209. Formalities
§1209. Formalities An exercise of the decanting power must be made in a record signed by an authorized fiduciary. The signed record must, directly or by reference to the notice required by section 1207, identify the first trust and the 2nd trust or trusts and state the property of the first trust being distributed to […]
18-B §1210. Decanting power under expanded distributive discretion
§1210. Decanting power under expanded distributive discretion 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Noncontingent right” means a right that is not subject to the exercise of discretion or the occurrence of a specified event that is not certain to occur. […]
18-B §1211. Decanting power under limited distributive discretion
§1211. Decanting power under limited distributive discretion 1. Limited distributive discretion defined. For purposes of this section, “limited distributive discretion” means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard. [PL 2021, c. 235, §1 (NEW).] 2. Limited distributive discretion over principal. An authorized fiduciary that […]
18-B §1212. Trust for beneficiary with disability
§1212. Trust for beneficiary with disability 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Beneficiary with a disability” means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not the […]
18-B §1213. Protection of charitable interest
§1213. Protection of charitable interest 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Determinable charitable interest” means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event or after the passage of […]
18-B §1214. Trust limitation on decanting
§1214. Trust limitation on decanting 1. Decanting power prohibited. An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohibits exercise of: A. The decanting power; or [PL 2021, c. 235, §1 (NEW).] B. A power granted by state law to the authorized fiduciary to distribute part […]
18-B §1215. Change in compensation
§1215. Change in compensation 1. Compensation specified. If a first-trust instrument specifies an authorized fiduciary’s compensation, the authorized fiduciary may not exercise the decanting power to increase the authorized fiduciary’s compensation above the specified compensation unless: A. All qualified beneficiaries of the 2nd trust consent to the increase in a signed record; or […]
18-B §1216. Relief from liability and indemnification
§1216. Relief from liability and indemnification 1. Liability for breach of trust. Except as otherwise provided in this section, a 2nd-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument does. [PL 2021, c. 235, §1 (NEW).] 2. Indemnification for claim otherwise […]
18-B §1217. Removal or replacement of authorized fiduciary
§1217. Removal or replacement of authorized fiduciary An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the authorized fiduciary unless: [PL 2021, c. 235, §1 (NEW).] 1. Person holding power consents. The person holding the power to remove […]