§ 18-B §814 — Discretionary powers; tax savings

Maine § 18-B §814

• Jurisdiction: Maine
• Title 18-B: TRUSTS
• Part 1: MAINE UNIFORM TRUST CODE
• Ch. 8: DUTIES AND POWERS OF TRUSTEE

Text

1.
Discretionary power; interests of beneficiaries.
Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as "absolute," "sole" or "uncontrolled," the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust. A trustee's power to make distributions is discretionary notwithstanding terms of the trust providing that the trustee "shall" make distributions exercising a discretionary power, with or without standards.
2.
Discretionary distributions.
Subject to subsection 4, and unless the terms of the trust expressly indicate that a rule in this subsection does not apply:
3.
Cotrustees; special fiduciary.
A power whose exercise is limited or prohibited by subsection 2 may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power.
4.
Exceptions.

Subsection 2 does not apply to:

Legislative History

PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF). PL 2005, c. 184, §17 (AMD). PL 2005, c. 184, §18 (AMD).