§ 18-B §603 — Settlor's powers; powers of withdrawal

Maine § 18-B §603

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

Text

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.
2.
Rights of settlor of revocable trust.
During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
3.
Revocable trust; direction of settlor.
To the extent a trust is revocable by the settlor, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. To the extent a trust is revocable by the settlor in conjunction with a person other than the trustee or person holding an adverse interest, the trustee may follow a direction of the settlor and the other person holding the power to revoke even if the direction is contrary to the terms of the trust.

Legislative History

PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF). PL 2005, c. 184, §13 (AMD). PL 2019, c. 301, §§3, 4 (AMD).