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§ 14-402. Designation of trust property

West's Annotated Code of MarylandEstates and TrustsEffective: April 5, 2018

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 14. Trusts (Refs & Annos)
Subtitle 4. Maryland Discretionary Trust Act (Refs & Annos)
Effective: April 5, 2018
MD Code, Estates and Trusts, § 14-402
§ 14-402. Designation of trust property
Trustee holds title to trust property
(a)(1) The trustee holds title to the trust property.
(2) Trust property may not be considered property or an available resource of the beneficiary.
(3) The beneficiary may not have any interest in trust property that can be assigned or attached.
(4) No part of the trust property may be subject to claims for costs of care provided to the beneficiary by a state.
Trustee has sole discretion over trust property
(b)(1) The trustee has sole discretion over trust property expenditures.
(2) The trustee shall decide what expenditures will be made, how they will be made, and when they will be made for the benefit of the beneficiary.
(3) A trust may be used to ensure that trust property is available to provide for the needs of the beneficiary to the extent not provided for by other sources, including public and private benefit programs for which the beneficiary would or might be eligible if the trust did not exist.
(4) A trustee may retain any trust property received from a transferor.
Effect of Estates and Trusts § 14-405
(c) A person dealing with a transferor, declarant, or trustee is protected in those dealings in accordance with § 14-405 of this subtitle.
Augmentation of trust property
(d) Any person except the beneficiary may augment trust property.
Revocable or irrevocable trust
(e)(1) When establishing a trust, the transferor may designate the trust to be either revocable or irrevocable.
(2) If no designation is made, the trust is revocable.

Credits

Added by Acts 1994, c. 418, § 1, eff. Oct. 1, 1994. Amended by Acts 2018, c. 12, § 1, eff. April 5, 2018.
MD Code, Estates and Trusts, § 14-402, MD EST & TRST § 14-402
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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