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PARRIS N. GLENDENING, Governor
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Ch. 478
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(1) THE TRUSTEE RECEIVES A WRITTEN REQUEST FROM A BENEFICIARY
TO EXERCISE THE POWER CONFERRED BY THIS SUBSECTION TO CONVERT TO A
UNITRUST;
(2) THE TRUSTEE INVESTS AND MANAGES THE TRUST ASSETS IN THE
MANNER SET FORTH IN § 15-114 (B) AND (C) OF THIS TITLE;
(3) THE TRUSTEE DETERMINES THAT THE CONVERSION WILL ENABLE
THE TRUSTEE TO BETTER CARRY OUT THE INTENT OF THE PERSON WHO CREATED
THE TRUST AND THE PURPOSES OF THE TRUST; AND
(4) (I) THE TRUSTEE COMPLIES WITH THE NOTICE REQUIREMENTS
OF § 15-502.3 OF THIS SUBTITLE AND ALL QUALIFIED BENEFICIARIES CONSENT; OR
(II) A COURT REVIEWS A PETITION FILED UNDER § 15-502.3 OF THIS
SUBTITLE AND APPROVES THE PROPOSED DECISION TO RELEASE THE POWER TO
ADJUST AND TO CONVERT TO A UNITRUST.
(B) IN DECIDING WHETHER TO EXERCISE THE POWER CONFERRED BY
SUBSECTION (A) OF THIS SECTION, A TRUSTEE SHALL CONSIDER ALL FACTORS
RELEVANT TO THE TRUST AND ITS BENEFICIARIES, INCLUDING THE FOLLOWING
FACTORS TO THE EXTENT THEY ARE RELEVANT:
(1) THE NATURE, PURPOSE, AND EXPECTED DURATION OF THE TRUST;
(2) THE INTENT OF THE CREATOR OF THE TRUST;
(3) THE IDENTITY AND CIRCUMSTANCES OF THE BENEFICIARIES;
(4) THE NEEDS FOR LIQUIDITY, REGULARITY OF INCOME, AND
PRESERVATION AND APPRECIATION OF CAPITAL;
(5) THE ASSETS HELD IN THE TRUST AND:
(I) THE EXTENT TO WHICH THEY CONSIST OF FINANCIAL ASSETS,
INTERESTS IN CLOSELY HELD ENTERPRISES, TANGIBLE AND INTANGIBLE PERSONAL
PROPERTY, OR REAL PROPERTY;
(II) THE EXTENT TO WHICH AN ASSET IS USED BY A BENEFICIARY;
AND
(III) WHETHER AN ASSET WAS ACQUIRED BY THE TRUSTEE OR
RECEIVED FROM THE CREATOR OF THE TRUST;
(6) WHETHER AND TO WHAT EXTENT THE TERMS OF THE TRUST GIVE
THE TRUSTEE THE POWER TO INVADE PRINCIPAL OR ACCUMULATE INCOME AND
THE EXTENT TO WHICH THE TRUSTEE HAS EXERCISED A POWER FROM TIME TO TIME
TO INVADE PRINCIPAL OR ACCUMULATE INCOME;
(7) THE ACTUAL AND ANTICIPATED EFFECT OF ECONOMIC CONDITIONS
ON PRINCIPAL AND INCOME AND THE EFFECTS OF INFLATION AND DEFLATION; AND
(8) THE ANTICIPATED TAX CONSEQUENCES OF AN ADJUSTMENT A
UNITRUST CONVERSION.
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- 3809 -
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