Section 14.5-711 – Judge, Clerk, Register of Wills Prohibited From Serving as Trustee; Exception
A judge of a court established under the laws of the State or the United States or a clerk of court or register of wills, unless the judge, clerk, or register is the surviving spouse of the grantor of the trust, or is related to the grantor within the third degree, may not serve as […]
Section 14.5-801 – Administration in General
On acceptance of a trusteeship, the trustee shall administer the trust reasonably under the circumstances, in accordance with the terms and purposes of the trust and the interests of the beneficiaries, and in accordance with this title.
Section 14.5-802 – Conflict Between Fiduciary and Personal Interests of Trustee
(a) A trustee shall administer the trust solely in the interests of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee as provided in § 14.5–909 of this title, a sale, an encumbrance, or any other transaction involving the investment or management of trust property entered into by the trustee for […]
Section 14.5-414 – Modification of Terms for Purposes of Taxes
(a) To achieve the tax objectives of the settlor, the court may modify the terms of a trust in a manner that is not contrary to the probable intention of the settlor. (b) The court may provide that the modification described in subsection (a) of this section has retroactive effect.
Section 14.5-604 – Partial Revocation by Divorce or Annulment
(a) This section applies: (1) (i) With respect to a final judgment of absolute divorce of the settlor and the settlor’s spouse, if the final judgment was entered into on or after October 1, 2016; or (ii) With respect to an annulment of the marriage, if the annulment occurred on or after October 1, 2016; and (2) Unless otherwise expressly […]
Section 14.5-415 – Division or Consolidation of Trust
(a) (1) Subject to the provisions of paragraph (2) of this subsection, on petition by a trustee, personal representative, beneficiary, or party in interest, after notice as the court may direct to the trustees, personal representatives, beneficiaries, and parties in interest, and for good cause shown, a court may: (i) Divide a trust into two or more separate […]
Section 14.5-605 – Limitation for Contesting Validity of Revocable Trust
A person shall commence a judicial proceeding to contest the validity of a trust that was revocable at the death of the settlor within the earliest of: (1) 1 year after the death of the settlor; or (2) 6 months after the trustee sends the person a copy of the trust instrument and a notice informing the […]
Section 14.5-501 – Creditor’s Claims
(a) A court may authorize a creditor or an assignee of a beneficiary to reach the interest of the beneficiary by attachment of present or future distributions to or for the benefit of the beneficiary or by other means if that interest is not subject to a discretionary distribution provision, a support provision, or a spendthrift […]
Section 14.5-606 – Treatment of Property or Benefits After Filing of Election
(a) (1) In this section the following words have the meanings indicated. (2) “Estate subject to election” has the meaning stated in § 3–401 of this article. (3) “Spousal benefits” has the meaning stated in § 3–401 of this article. (b) After the filing of an election to take an elective share under § 3–403 of this article becomes final: […]
Section 14.5-502 – Discretionary Distribution Provision
(a) (1) A beneficiary of a discretionary distribution provision has no property right in a trust interest that is subject to a discretionary distribution provision. (2) A beneficial interest that is subject to a discretionary distribution provision may not be judicially foreclosed, attached by a creditor, or transferred by the beneficiary. (b) (1) The creditor of the beneficiary of a […]