Maine § 18-B §602 Revocation or amendment of revocable trust

Maine Statutes

§ 18-B §602 — Revocation or amendment of revocable trust

Maine·Title 18-B TRUSTS·Part 1 MAINE UNIFORM TRUST CODE·Ch. 6 REVOCABLE TRUSTS

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.

2.Revocable trust with more than one settlor. If a revocable trust is created or funded by more than one settlor:

3.Revoke or amend. The settlor may revoke or amend a revocable trust:

4.Delivery of property after revocation. Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.

5.Agent expressly authorized. A settlor's powers with respect to revocation, amendment or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly

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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.
2.
Revocable trust with more than one settlor.
If a revocable trust is created or funded by more than one settlor:
3.
Revoke or amend.
The settlor may revoke or amend a revocable trust:
4.
Delivery of property after revocation.
Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.
5.
Agent expressly authorized.
A settlor's powers with respect to revocation, amendment or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power.
6.
Conservator or guardian of settlor.
A conservator of the settlor or, if no conservator has been appointed, a guardian of the settlor may exercise a settlor's powers with respect to revocation, amendment or distribution of trust property only with the approval of the court supervising the conservatorship or guardianship.
7.
Trustee without knowledge of revocation or amendment.
A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked.