Section 14-403 – Eligibility to Create Trust; Trustees; Trustee Succession
(a) Any person having the right to transfer property to another person may create a trust as a transferor under this subtitle. (b) The transferor may: (1) As declarant serve as trustee; (2) Designate a trustee; (3) Designate how the trustee will be chosen; (4) Designate successor trustees in the order in which they will serve; and (5) Designate how successor trustees […]
Section 14-404 – Creation of Trust
(a) A person may create a trust by transferring property in writing to another person if the document transfers property in a legally recognized manner and: (1) Identifies the recipient of the property as the trustee; (2) Identifies the beneficiary of the trust; and (3) Identifies the property as being transferred under the Maryland Discretionary Trust Act. (b) A person […]
Section 14-405 – Administration by Trustee
(a) The trustee’s obligations begin when the trustee accepts the trust property by writing words substantially similar to those specified in § 14-404(e) of this subtitle. (b) A trustee shall: (1) Take control of trust property; (2) Register or record title to trust property if appropriate; and (3) Collect, hold, manage, invest, and reinvest trust property. (c) In administering trust property, […]
Section 14-406 – Termination
(a) The trust shall terminate upon the first to occur of: (1) The death of the beneficiary; (2) A date or event specified in the trust document; or (3) The determination by the trustee, in the trustee’s sole and absolute discretion, that by judicial, legislative, or administrative action, trust property or income has been or will be determined to […]
Section 14-407 – Forms
(a) The following form may be used to create a trust by transfer: “Transfer Under the Maryland Discretionary Trust Act A. I, _______________ (name of transferor or name of representative capacity if a fiduciary), transfer the property described in paragraph D to the trustee named in paragraph B, and such trustee’s successors, to be held in […]
Section 14-408 – Short Title
This subtitle may be cited as the “Maryland Discretionary Trust Act”.
Section 14-501 – Definition of Accounts — Establishment — Inapplicability of Article
(a) In this subtitle, “health savings account” has the meaning stated in § 223 of the Internal Revenue Code. (b) A health savings account may be established as provided in § 15–144 of the Insurance Article. (c) Except as provided in this subtitle or required by federal law, this article does not apply to a health savings account.
Section 14-401 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Adult” means an individual who is at least 18 years of age. (c) “Beneficiary” means an individual for whose present benefit property is held by a trustee in accordance with this subtitle. (d) “Conservator” means a person appointed or qualified by a court to act as general, […]
Section 14-402 – Rights, Duties, or Obligations of Trustee, Beneficiary, Transferor, Declarant, or Persons Dealing With Them
(a) (1) The trustee holds title to the trust property. (2) Trust property may not be considered property or an available resource of the beneficiary. (3) The beneficiary may not have any interest in trust property that can be assigned or attached. (4) No part of the trust property may be subject to claims for costs of care provided to […]
Section 14-301 – General Enforcement
(a) Courts of equity have full jurisdiction to enforce trusts for charitable purposes upon suit of the State by the Attorney General or suit of any person having an interest in enforcement of the trust. (b) “Charitable purposes” includes all purposes within either the spirit or letter of the statute of 43 Elizabeth ch. 4 (1601), commonly […]