Probate & Trust Law Section Conference Manual ... - Minnesota CLE

. States May Limit Trustee’s Authority to Alter Beneficial Interests
i. One or more of the beneficiaries of the first trust (primary and/or contingent
beneficiaries): Kentucky, 153 Missouri, 154 South Dakota, 155 Virginia 156
ii. For the benefit of one, more than one, or all of the current beneficiaries of the
first trust and for the benefit of one, more than one, or all of the successor and
remainder beneficiaries of the first trust: Illinois 157
iii. Proper object of trustee’s discretion: Delaware, 158 Tennessee 159 – only primary
beneficiaries
iv. One or more current beneficiaries: Nevada, 160 New York, 161 North Carolina, 162
Ohio 163
v. The beneficiaries of the second trust are the same as the beneficiaries of the first
trust: Indiana 164
vi. One or more of those beneficiaries (the "second trust"): New Hampshire 165
vii. The beneficiaries of the trust: Arizona 166
viii. The beneficiaries of the invaded trust: Alaska 167
ix. One or more persons (“The beneficiaries of the second trust may include only
beneficiaries of the first trust”): Rhode Island 168
x. Beneficiaries of the second trust may include only beneficiaries of the first trust:
Florida 169
c. No state statute prohibits granting of powers of appointment to beneficiaries of new trust.
i. Some state decanting statutes specifically allow for powers of appointment, for
instance, South Dakota. 170
definite standards or ascertainable standards, regardless of any requirement to take into account other resources of
the current beneficiary or beneficiaries to whom those distributions may be made”).
152 S.D. CODIFIED LAWS § 55-2-15.
153 KY. REV. STAT. ANN. § 386.175.
154 MO. REV. STAT. § 456.4-419.
155 S.D. CODIFIED LAWS § 55-2-15.
156 VA. CODE ANN. § 64.2-778.1.
157 760 ILL. COMP. STAT. ANN. 5/16.4.
158 DEL. CODE ANN. tit. 12, § 3528;
159 TENN. CODE ANN. § 35-15-816(b)(27).
160 NEV. REV. STAT. § 163.556.
161 N.Y. EST. POWERS & TRUSTS LAW § 10.6.6(b).
162 N.C. GEN. STAT. § 36C-8-816.1.
163 OHIO REV. CODE ANN. § 5808.18.
164 IND. CODE ANN. § 30-4-3-36.
165 N.H. REV. STAT. ANN. § 564-B:4-418.
166 ARIZ. REV. STAT. § 14-10819.
167 ALASKA STAT. § 13.36.157.
168 R.I. GEN. LAWS § 18-4-31.
169 FLA. STAT. § 736.04117.
170 S.D. CODIFIED LAWS § 55-2-15.
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