§ 1418 — Removal or replacement of authorized fiduciary

An authorized fiduciary shall not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless:
(1) the person holding the power consents to the modification in a signed record and the modification applies only to the person;
(2) the person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or
(3) the court approves the modification and the modification grants a substantially similar power to another person. (Added 2023, No. 177 (Adj. Sess.), § 1, eff. July 1, 2024.)