Section 14.5-413 – Reforming Terms of Trust
The court may reform the terms of a trust, even if unambiguous, to conform the terms to the intention of the settlor if it is proved by clear and convincing evidence that both the intent of the settlor and the terms of the trust were affected by a mistake of fact or law, whether in […]
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 14.5-415 – 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 14.5-403 – Validity of Trust Not Created by Will
A trust not created by will is validly created if the creation of the trust complies with: (1) The law of the jurisdiction in which the trust instrument was executed; or (2) The law of the jurisdiction in which, at the time of creation: (i) The settlor was domiciled or was a national; (ii) A trustee of the trust […]
Section 14.5-404 – Purposes and Benefits
(a) A trust may be created only to the extent that the purposes of the trust are lawful, not contrary to public policy, and possible to achieve. (b) A trust and the terms of the trust shall be for the benefit of the beneficiaries of the trust.
Section 14.5-405 – Void Trusts
A trust is void to the extent that the creation of the trust was induced by fraud, duress, or undue influence.
Section 14.5-406 – Oral Trusts Established by Clear and Convincing Evidence
Except as required by a provision other than this title, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and the terms of the oral trust may be established only by clear and convincing evidence.
Section 14.5-407 – Trusts for Care of Animal
(a) A trust may be created to provide for the care of an animal alive during the lifetime of the settlor. (b) A trust authorized by this section terminates: (1) If created to provide for the care of one animal alive during the lifetime of the settlor, on the death of the animal; or (2) If created to provide […]
Section 14.5-408 – Noncharitable Trusts
Except as otherwise provided in § 14.5–407 of this subtitle or by another statute, the following rules apply: (1) (i) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee; and (ii) A trust described in item (i) […]
Section 14.5-409 – Termination of Trusts; Institution of Proceedings
(a) In addition to the methods of termination prescribed by §§ 14.5–410 through 14.5–412 of this subtitle, a trust terminates to the extent: (1) The trust is revoked or expires in accordance with the terms of the trust; or (2) The purposes of the trust have become unlawful, contrary to public policy, or impossible to achieve. (b) A proceeding […]