Maryland Code, ESTATES AND TRUSTS 4-411
Terms Used In Maryland Code, ESTATES AND TRUSTS 4-411
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- including: means includes or including by way of illustration and not by way of limitation. See
- Inter vivos: Transfer of property from one living person to another living person.
- Legacy: A gift of property made by will.
- 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
- Personal representative: includes an administrator and an executor. See
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
(b) The legacy is valid even if the trust is subject to amendment or modification or may be terminated or revoked after the will is executed whether by the settlor or any other person, or if the trust instrument or an amendment to it was not executed in the manner required by the estates of decedents law for wills.
(c) Unless the will provides otherwise:
(1) The legacy is valid even if the trust was amended or modified after the will was executed, and the legacy shall be given effect in accordance with the terms of the trust as they appear in writing on the date of death of the testator, including any amendment or modification;
(2) Property passing under the legacy passes directly from the personal representative to the trustee of the inter vivos trust, becomes a part of the assets of the trust, and is not considered held under a separate testamentary trust;
(3) An entire revocation of the trust prior to the death of the testator makes the legacy inoperative within the meaning of § 4-404 of this subtitle, even though the revocation was not effected in the manner provided by this article for the revocation of wills; and
(4) Subject to paragraph (3) of this subsection, a termination of the trust in accordance with its terms, or by its exhaustion, or by operation of law, or for another reason does not invalidate the legacy.