(a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if:
- (1) The principal place of business of a trustee is located in or a trustee is a resident of the designated jurisdiction; or
- (2) All or part of the administration of the trust occurs in the designated jurisdiction.
- (b) A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiary.
- (c) Without precluding the right of the court to order, approve, or disapprove a transfer, the trustee, in furtherance of the duty under subsection (b) of this section, may transfer the principal place of administration of the trust to another state or a jurisdiction outside the United States.
(d)
- (1) The trustee shall notify the qualified beneficiaries of a proposed transfer of a trust's principal place of administration not less than 60 days before initiating the transfer.
(2) The notice of proposed transfer under paragraph (1) of this subsection must include:
- (i) The name of the jurisdiction to which the principal place of administration is to be transferred;
- (ii) The address and telephone number at the new location at which the trustee can be contacted;
- (iii) An explanation of the reasons for the proposed transfer;
- (iv) The date on which the proposed transfer is anticipated to occur; and
- (v) The date, not less than 60 days after the giving of the notice, by which the qualified beneficiary must notify the trustee of an objection to the proposed transfer.
- (e) The authority of a trustee under this section to transfer a trust's principal place of administration terminates if a qualified beneficiary notifies the trustee of an objection to the proposed transfer on or before the date specified in the notice.
Added by Acts 2014, c. 585, § 1, eff. Jan. 1, 2015.