§ 14-407. Transfers under the Maryland Discretionary Trust Act
West's Annotated Code of MarylandEstates and Trusts
MD Code, Estates and Trusts, § 14-407
§ 14-407. Transfers under the Maryland Discretionary Trust Act
(a) The following form may be used to create a trust by transfer:
“Transfer Under the Maryland Discretionary Trust Act
A. I, __________ (name of transferor or name of representative capacity if a fiduciary), transfer the property described in paragraph D to the trustee named in paragraph B, and such trustee's successors, to be held in trust under the Maryland Discretionary Trust Act by the trustee for the benefit of the beneficiary named in paragraph C.
B. 1. The trustee shall be __________ (name one or more).
2. At any time when the trustee is unable to serve as trustee, the following persons shall succeed as trustee in the order named (specify who replaces whom for multiple trustees):
i.
ii.
iii.
C. The beneficiary shall be
(name one only)
D. The trust property shall be:
1.
2.
E. The trust shall terminate upon the first to occur of (check those applicable):
1. __________ the death of the beneficiary
2.
__________
the following date:
3.
__________
the following event:
F. Upon termination, the remaining trust property shall be distributed
to
.
(name person or persons)
G. Revocability (check one):
1. __________ The transferor may revoke this trust.
2. __________ The transferor may not revoke this trust.
Signature of transferor
Date of execution
Signature of witness
Date:
Name of attorney preparing this statement of transfer:
State of Maryland, ____________________:ss
I hereby certify that on _______________ (fill in date) before me, a notary public of the State of Maryland, personally appeared _______________ (name of transferor) known to me, or satisfactorily proven, to be the person whose name is subscribed to the within instrument and who acknowledges that he/she (strike one) executed the same for the purposes therein contained.
Witness my hand and Notarial Seal.
Notary Public |
My commission expires: _______________.”
(b) The following form may be used to create a trust by declaration:
“Declaration of Trust Under the Maryland Discretionary Trust Act
A. I, _______________ (name of property owner) declare that henceforth I as trustee will hold the property described in paragraph D in trust under the Maryland Discretionary Trust Act for the benefit of the beneficiary named in paragraph C.
B. 1. At any time when I am unable to serve as trustee, the trustee
shall be:
(name one or more)
2. At any time when the trustee who succeeds me is unable to serve as trustee, the following persons shall succeed as trustee in the order named (specify who replaces whom for multiple trustees):
i.
ii.
iii.
.
C. The beneficiary shall be
.
D. The trust property shall be:
1.
.
2.
.
E. The trust shall terminate upon the first to occur of (check those applicable):
1. _____ The death of the beneficiary
2.
_____
The following date:
3.
_____
The following event:
.
F. Upon termination, the remaining trust property shall be distributed
to
.
(name person or persons)
G. Revocability (check one):
1. __________ The declarant may revoke this trust.
2. __________ The declarant may not revoke this trust.
Signature of declarant
Date of execution
Signature of witness
Date
Name of attorney preparing this declaration:
State of Maryland, ____________________ :ss
I hereby certify that on _______________ (fill in date) before me, a notary public of the State of Maryland, personally appeared _______________ (name of declarant) known to me, or satisfactorily proven, to be the person whose name is subscribed to the within instrument and who acknowledges that he/she (strike one) executed the same for the purposes therein contained.
Witness my hand and Notarial Seal.
Notary Public |
My commission expires: ____________________”.
Credits
Added by Acts 1994, c. 418, § 1, eff. Oct. 1, 1994. Amended by Acts 1995, c. 3, § 1, eff. March 7, 1995.
MD Code, Estates and Trusts, § 14-407, MD EST & TRST § 14-407
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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