Maryland Code, ESTATES AND TRUSTS 9-102
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Terms Used In Maryland Code, ESTATES AND TRUSTS 9-102
- County: means a county of the State or Baltimore City. See
- 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
- Probate: Proving a will
- Trustee: A person or institution holding and administering property in trust.
(a) A trustee appointed by will to execute a trust contained in it may decline to accept the appointment by filing a statement of renunciation with the register of the county in which the will is admitted to probate before the trustee receives property or performs an act pursuant to the trust.
(b) (1) Unless the will provides otherwise, the trust shall thereafter be administered as if the trustee had not been appointed.
(2) The renunciation may not be construed to release or impair the right of the person to a legacy under the will by which the person was appointed trustee, unless the legacy is expressly declared in the will to be compensation for the person’s services as trustee.
(c) Unless the will provides otherwise, in all cases not provided for in this section, a trustee may renounce or resign the trustee’s trust only in accordance with the Maryland Rules.