§601. Capacity of settlor of revocable trust The capacity 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. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. […]
§602. Revocation or amendment of revocable trust 1. Revocable unless expressly provided. 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 July 1, 2005. [PL 2003, c. 618, […]
§603. Settlor’s powers; powers of withdrawal 1. Revocable trust. To the extent 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. [PL 2019, c. 301, §3 (AMD).] 2. Rights of settlor of revocable trust. During the period […]
§604. Limitation on action contesting validity of revocable trust; distribution of trust property 1. Revocable trust. A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor’s death within the earlier of: A. Three years after the settlor’s death; or [PL 2003, c. 618, […]
