§2105. Exclusions
1.
Power of appointment.
In this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.
[PL 2019, c. 301, §8 (NEW).]
2.
Exclusions.
This Act does not apply to a:
A.
Power of appointment;
[PL 2019, c. 301, §8 (NEW).]
B.
Power to appoint or remove a trustee or trust director;
[PL 2019, c. 301, §8 (NEW).]
C.
Power of a settlor over a trust to the extent the settlor has a power to revoke the trust;
[PL 2019, c. 301, §8 (NEW).]
D.
Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:
(1)
The beneficiary; or
(2)
Another beneficiary represented by the beneficiary under the Maine Uniform Trust Code, sections 301 to 305 with respect to the exercise or nonexercise of the power; or
[PL 2019, c. 301, §8 (NEW).]
E.
Power over a trust if:
[PL 2019, c. 301, §8 (NEW).]
(1)
The terms of the trust provide that the power is held in a nonfiduciary capacity; and
(2)
The power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2017.
[PL 2019, c. 301, §8 (NEW).]
3.
Power of direction.
Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property that is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.
[PL 2019, c. 301, §8 (NEW).]
SECTION HISTORY
PL 2019, c. 301, §8 (NEW).