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Terms Used In Maryland Code, ESTATES AND TRUSTS 14.5-409

  • 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.
(a) In addition to the methods of termination prescribed by §§ 14.5-410 through 14.5-412 of this subtitle, a trust terminates to the extent:

(1) The trust is revoked or expires in accordance with the terms of the trust; or

(2) The purposes of the trust have become unlawful, contrary to public policy, or impossible to achieve.

(b) A proceeding to approve or disapprove a proposed modification or termination under §§ 14.5-410 through 14.5-414 of this subtitle, or combination or division of a trust under § 14.5-415 of this subtitle, may be commenced by a trustee or beneficiary.