(1) To the extent a trust is revocable by a settlor, a trustee may follow a direction of the settlor that is contrary to the terms of the trust. To the extent a trust is revocable by a settlor in conjunction with a person other than a trustee or person holding an adverse interest, the trustee may follow a direction from the settlor and the other person holding the power to revoke, even if the direction is contrary to the terms of the trust.
To the extent a trust is revocable, rights of the beneficiaries are subject to the controlof, and the duties of the trustee are owed exclusively to, the settlor.
During the period the power may be exercised, the holder of a power of withdrawalhas the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1167, § 1, effective January 1, 2019. L. 2019: Entire section amended, (SB 19-105), ch. 51, p. 174, § 7, effective August 2.