Maryland Code, ESTATES AND TRUSTS 14-612
Terms Used In Maryland Code, ESTATES AND TRUSTS 14-612
- 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
- Fiduciary: A trustee, executor, or administrator.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) The decanting power; or
(2) A power granted by State law to the fiduciary to distribute all or part of the trust to another trust or to modify the trust.
(b) Exercise of the decanting power is subject to any restriction in the first trust instrument that expressly applies to exercise of:
(1) The decanting power; or
(2) A power granted by State law to the fiduciary to distribute all or part of the trust to another trust or to modify the trust.
(c) Exercise of the decanting power is not prohibited by:
(1) A general prohibition of the amendment or revocation of a first trust;
(2) A spendthrift clause; or
(3) A clause restraining the voluntary or involuntary transfer of a beneficiary‘s interest.
(d) Subject to subsections (a) and (b) of this section, an authorized fiduciary may exercise the decanting power even if the first trust instrument allows the authorized fiduciary or another person to modify the first trust instrument or to distribute part or all of the principal of the first trust to another trust.
(e) If a first trust instrument contains an express prohibition or restriction described in subsection (a) or (b) of this section, the same prohibition or restriction shall be included in any second trust instrument.