Maine Revised Statutes Title 18-B Sec. 2105 – Exclusions
Current as of: 2023 | Check for updates
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1. Power of appointment. In this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.
[PL 2019, c. 301, §8 (NEW).]
Terms Used In Maine Revised Statutes Title 18-B Sec. 2105
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Exclusions. This Act does not apply to a:
A. Power of appointment; [PL 2019, c. 301, §8 (NEW).]
B. Power to appoint or remove a trustee or trust director; [PL 2019, c. 301, §8 (NEW).]
C. Power of a settlor over a trust to the extent the settlor has a power to revoke the trust; [PL 2019, c. 301, §8 (NEW).]
D. Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:
(1) The beneficiary; or
(2) Another beneficiary represented by the beneficiary under the Maine Uniform Trust Code, sections 301 to 305 with respect to the exercise or nonexercise of the power; or [PL 2019, c. 301, §8 (NEW).]
E. Power over a trust if:
(1) The terms of the trust provide that the power is held in a nonfiduciary capacity; and
(2) The power must be held in a nonfiduciary capacity to achieve the settlor’s tax objectives under the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2017. [PL 2019, c. 301, §8 (NEW).]
[PL 2019, c. 301, §8 (NEW).]
3. Power of direction. Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property that is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.
[PL 2019, c. 301, §8 (NEW).]
SECTION HISTORY
PL 2019, c. 301, §8 (NEW).