Section 14.5-203 – Discretionary Powers Subject to Judicial Control; Abuse of Discretion
(a) (1) A discretionary power conferred on the trustee to determine the benefits of a beneficiary is subject to judicial control to prevent misinterpretation or abuse of the discretion of the trustee. (2) The benefits to which a beneficiary of a discretionary distribution provision is entitled, and what may constitute an abuse of discretion by the trustee, depend […]
Section 14.5-410 – Modification or Termination of Trust
(a) (1) A noncharitable irrevocable trust may be terminated on consent of the trustee and all beneficiaries if the court concludes that continuance of the trust is not necessary to achieve any material purpose of the trust. (2) A noncharitable irrevocable trust may be modified on consent of the trustee and all beneficiaries if the court concludes that […]
Section 14.5-301 – General Consideration
(a) Except as required by the applicable rules of civil procedure in a judicial proceeding, notice to a person that is authorized to represent and bind another person under this subtitle has the same effect as if notice were given directly to the other person unless the person represented objects to the representation by notifying the […]
Section 14.5-411 – Modification of Administrative or Dispositive Provisions or Termination for Unforeseen Circumstances
(a) (1) The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. (2) To the extent practicable, the modification described in paragraph (1) of this subsection shall be made in accordance with the […]
Section 14.5-302 – Qualified Power of Appointment
(a) The holder of a qualified power of appointment may represent and bind persons whose interests as permissible appointees or takers in default are subject to the power. (b) A qualified power of appointment is: (1) A general power of appointment; or (2) A power of appointment exercisable in favor of all persons other than the power holder, the […]
Section 14.5-412 – Termination Without Court Order — Procedure
(a) (1) In this section the following words have the meanings indicated. (2) “Life expectancy” means the life expectancy published from time to time in the life tables issued by the U.S. Department of Health and Human Services. (3) “Net annual income” means the gross income of a trust estate during a fiscal year minus trust commissions and expenses […]
Section 14.5-303 – Representatives Enumerated
To the extent there is no conflict of interest between the representative and the person represented or among those being represented with respect to a particular question or dispute: (1) A guardian of the property may represent and bind the minor or disabled person; (2) A guardian of the person may represent and bind the minor or […]
Section 14.5-304 – Representatives Enumerated — Minor, Incapacitated or Unborn Individual, or Individual Whose Identity or Location Is Unknown
Unless otherwise represented, a minor, an incapacitated or unborn individual, or an individual whose identity or location is unknown and not reasonably ascertainable, may be represented by and bound by a representative having a substantially identical interest with respect to a particular question or dispute, but only to the extent that there is no conflict […]
Section 14.5-305 – Appointment of Representative by Court
(a) If the court determines that an interest is not represented under this subtitle or that the otherwise available representation might be inadequate, the court may appoint a representative to receive notice, give consent, and otherwise represent, bind, and act on behalf of a minor, an incapacitated individual, an unborn individual, or a person whose identity […]
Section 14.5-306 – Designation of Representatives; Priorities; Prohibitions; Liability
(a) A settlor may: (1) Designate one or more persons who may serve as a representative or successor representative of a beneficiary of the trust; (2) Designate one or more other persons who may designate a representative or successor representative of a beneficiary of the trust; and (3) Specify the order of priority among two or more persons who […]