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§ 14.5-604. Revocation of terms relating to trust distribution for the benefit of former spouse...

West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2016

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 14.5. Maryland Trust Act (Refs & Annos)
Subtitle 6. Revocable Trusts (Refs & Annos)
Effective: October 1, 2016
MD Code, Estates and Trusts, § 14.5-604
§ 14.5-604. Revocation of terms relating to trust distribution for the benefit of former spouse and other effect of divorce or annulment of marriage
Currentness
Application of section
(a) This section applies:
(1)(i) With respect to a final judgment of absolute divorce of the settlor and the settlor's spouse, if the final judgment was entered into on or after October 1, 2016; or
(ii) With respect to an annulment of the marriage, if the annulment occurred on or after October 1, 2016; and
(2) Unless otherwise expressly provided:
(i) In the trust instrument;
(ii) By court order; or
(iii) By written agreement between the settlor and the settlor's spouse or former spouse.
Effect of divorce or annulment of marriage
(b) On the absolute divorce of the settlor and the settlor's spouse or the annulment of the marriage occurring after the creation of the settlor's revocable trust:
(1) All terms of the trust relating to trust distributions to or for the benefit of the spouse shall be revoked, and, for the purposes of the trust, the spouse shall be deemed to have died on the date of the absolute divorce or annulment;
(2) If the spouse is serving as a trustee or as an advisor to the trustee of the trust, the spouse shall be removed as a trustee or an advisor on the date of the absolute divorce or annulment without further court action; and
(3) After the divorce or annulment, the former spouse may not:
(i) Serve as a trustee or as an advisor to the trustee of the trust; or
(ii) Exercise any trust or fiduciary powers provided in the terms of the trust, including any power of appointment.

Credits

Added by Acts 2016, c. 270, § 1, eff. Oct. 1, 2016.
MD Code, Estates and Trusts, § 14.5-604, MD EST & TRST § 14.5-604
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.
End of Document