Connecticut General Statutes 45a-487l – Appointment of trust director by transferor
(a) Nothing in sections 45a-487j to 45a-487s, inclusive, shall be construed to preclude a transferor from appointing one or more trust directors, including, but not limited to:
Terms Used In Connecticut General Statutes 45a-487l
- Person: means an individual, corporation, statutory or business trust, estate, trust, partnership, limited liability company, association, joint venture, court, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity. See Connecticut General Statutes 45a-499c
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee, provided a person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust. See Connecticut General Statutes 45a-499c
- Trust instrument: means any instrument executed by the settlor, including a will establishing or creating a testamentary trust, that contains terms of the trust, including any amendments thereto. See Connecticut General Statutes 45a-499c
- Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
(1) Trust directors who have authority under the terms of the trust instrument to remove and appoint qualified trustees or trust directors; and
(2) Trust directors who have authority under the terms of the trust instrument to direct, consent to or disapprove distributions from the trust.
(b) A transferor may serve as trust director, but the power of a trust director, who is the transferor shall be limited to the retention of the veto right permitted by subdivision (1) of § 45a-487n.
(c) For purposes of this section, “trust director” includes a trust director, as defined in § 45a-499c, a trust protector, a trust advisor or any other person who, in addition to a qualified trustee, holds one or more trust powers.