§ 72-39-201 Fiduciary duty
§ 72-39-202 Reasonable reliance
§ 72-39-203 Notice — exercise of decanting power
§ 72-39-204 Representation
§ 72-39-205 Court involvement
§ 72-39-206 Formalities
§ 72-39-207 Decanting power under expanded distributive discretion
§ 72-39-208 Decanting power under limited distributive discretion
§ 72-39-209 Trust for beneficiary with disability
§ 72-39-210 Protection of charitable interest
§ 72-39-211 Trust limitation on decanting
§ 72-39-212 Change in compensation
§ 72-39-213 Relief from liability and indemnification
§ 72-39-214 Removal or replacement of authorized fiduciary
§ 72-39-215 Tax-related limitations
§ 72-39-216 Duration of second trust
§ 72-39-217 Need to distribute not required
§ 72-39-218 Saving provision
§ 72-39-219 Trust for care of animal
§ 72-39-220 Terms of second trust
§ 72-39-221 Settlor
§ 72-39-222 Later-discovered property
§ 72-39-223 Obligations
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Terms Used In Montana Code > Title 72 > Chapter 39 > Part 2 - Decanting

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grantor: The person who establishes a trust and places property into it.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Property: means real and personal property. See Montana Code 1-1-205
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes the District of Columbia and the territories. See Montana Code 1-1-201