Connecticut General Statutes 45a-487o – No retained interest of transferor
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A qualified disposition shall be subject to sections 45a-487j to 45a-487s, inclusive, notwithstanding a transferor’s retention of any of the powers and rights described in § 45a-487n and the transferor’s service as investment director or advisor pursuant to § 45a-487l. The transferor shall have only such powers and rights as are conferred by the trust instrument. Except as provided in the trust instrument, and permitted by § 45a-487l and in § 45a-487n, a transferor has no rights or authority with respect to the property that is the subject of a qualified disposition or the income therefrom, and any agreement or understanding purporting to grant or permit the retention of any greater rights or authority is void.
Terms Used In Connecticut General Statutes 45a-487o
- Property: means anything that may be the subject of ownership, whether real or personal and whether legal or equitable, or any interest therein. 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