§ 601. Capacity of settlor of revocable trust
§ 601. Capacity of settlor of revocable trust The capacity of a settlor required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. (Added 2009, No. 20, § 1.)
§ 602. Revocation or amendment of revocable trust
§ 602. Revocation or amendment of revocable trust (a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before the effective date of this title. (b) If a revocable trust […]
§ 603. Settlor’s powers; powers of withdrawal
§ 603. Settlor’s powers; powers of withdrawal (a) While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor. (b) During the period the power may be exercised, the holder of a power of withdrawal has the rights of […]
§ 604. Limitation on action contesting validity of revocable trust; distribution of trust property
§ 604. Limitation on action contesting validity of revocable trust; distribution of trust property (a) A person may commence a judicial proceeding to contest the validity of a trust that was revocable immediately before the settlor’s death within the earlier of: (1) three years after the settlor’s death; or (2) four months after the trustee […]
§ 701. Accepting or declining trusteeship
§ 701. Accepting or declining trusteeship (a) Except as otherwise provided in subsection (c) of this section, a person designated as trustee accepts the trusteeship: (1) by substantially complying with a method of acceptance provided in the terms of the trust; or (2) if the terms of the trust do not provide a method or […]
§ 702. Trustee’s bond
§ 702. Trustee’s bond (a) A trustee shall give bond to secure performance of the trustee’s duties only if the Probate Division of the Superior Court finds that a bond is required by the terms of the trust and the Probate Division of the Superior Court has not dispensed with the requirement, or the Probate […]
§ 703. Cotrustees
§ 703. Cotrustees (a) Cotrustees who are unable to reach a unanimous decision may act by majority decision. (b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (c) A cotrustee must participate in the performance of a trustee’s function unless the cotrustee is unavailable to perform the function […]
§ 704. Vacancy in trusteeship; appointment of successor
§ 704. Vacancy in trusteeship; appointment of successor (a) A vacancy in a trusteeship occurs if: (1) a person designated as trustee rejects the trusteeship; (2) a person designated as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a trustee is disqualified or removed; (5) a trustee dies; or (6) […]
§ 705. Resignation of trustee
§ 705. Resignation of trustee (a) A trustee may resign: (1) upon at least 30 days’ notice in writing to all cotrustees and to the qualified beneficiaries except those qualified beneficiaries under a revocable trust which the settlor has the capacity to revoke; or (2) with the approval of the Probate Division of the Superior […]
§ 706. Removal and replacement of trustee
§ 706. Removal and replacement of trustee (a) The settlor, a cotrustee, or a beneficiary may request the probate division of the superior court to remove a trustee under subsection (b) of this section or to replace a trustee under subsection (c) of this section. A trustee may be removed by the Probate Division of […]