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Session Laws, 1959
Volume 642, Page 897   View pdf image (33K)
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J. MILLARD TAWES, GOVERNOR                              897

will; and that such devise or bequest shall be given effect in accord-
ance with the terms of the trust as they appear in writing at the
testator's death; and that an entire revocation of the trust prior to
the testator's death shall invalidate the devise or bequest; and
to provide that a devise or bequest may be made to a trustee of
a testamentary trust established under another valid will or codicil;
that such devise or bequest shall not be invalid because the testa-
mentary trust was not in existence when the will containing such
devise or bequest was executed if the testator of the will establish-
ing such testamentary trust predeceases the testator of the will
containing such devise or bequest, and the will establishing the
testamentary trust is admitted to probate; and to provide gen-
erally for the validity and manner of administration of such de-
vises or bequests.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Sections 350A and 350B be and they hereby are added to
Article 93 of the Annotated Code of Maryland (1957 edition), titled
"Testamentary Law", subtitled "Wills", said new Sections to follow
immediately after Section 350 of said Article 93, and all to read as
follows:

350A. Bequests or Devises to Trustee Under, or in Accordance
with Terms of, Existing Trusts.

A devise or bequest may be made in a will or codicil, otherwise
valid under this Article, in form or substance to the trustee or
trustees under, or in accordance with the terms of, a written inter
vivos trust (including an unfunded life insurance trust, although
the settlor has reserved any or all rights of ownership in the in-
surance contracts) which has been executed and is in existence prior
to or contemporaneously with the execution of such will or codicil
and is identified in such will or codicil, without regard, to the size
or character of the corpus of such trust, or whether the settlor is
the testator or a third person.

Such devise or bequest shall not be invalid because the trust is
subject to amendment or modification or may be terminated or re-
voked after the will or codicil is executed (whether by the settlor
or any other person or persons), nor because the trust instrument
or any amendment thereto was not executed in the manner required
by this Article for wills or codicils.

Unless the will or codicil otherwise provides

(1)  Such devise or bequest shall not be invalid because the trust
was amended or modified after the will or codicil was executed, and
such devise or bequest shall be given effect in accordance with the
terms of the trust as they appear in writing on the date of death
of the testator, including any such amendment or modification;

(2)  Property passing under such devise or bequest shall be deemed
to pass directly to the trustee or trustees of the inter vivos trust
and shall become a part of the assets of such trust, and shall not
be deemed held under a separate testamentary trust;

(3)  An entire revocation of the trust prior to the death of the
testator shall invalidate the devise or bequest even though such re-

29

 

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Session Laws, 1959
Volume 642, Page 897   View pdf image (33K)
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