The powers and discretions of a trust protector are as provided in the governing instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the trust protector and are binding on all other persons. These powers and discretion may include, but are not limited to, the following:
(1) modify or amend the trust instrument to achieve favorable tax status or respond to changes in the Internal Revenue Code, state law, or the rulings and regulations thereunder;
(2) increase or decrease the interests of any beneficiaries to the trust;
(3) modify the terms of any power of appointment granted by the trust. However, a modification or amendment may not grant a beneficial interest to any individual or class of individuals not specifically provided for under the trust instrument;
(4) remove and appoint a trustee, trust advisor, investment committee member, or distribution committee member;
(5) terminate the trust;
(6) veto or direct trust distributions;
(7) change situs or governing law of the trust, or both;
(8) appoint a successor trust protector;
(9) interpret terms of the trust instrument at the request of the trustee;
(10) advise the trustee on matters concerning a beneficiary; and
(11) amend or modify the trust instrument to take advantage of laws governing restraints on alienation, distribution of trust property, or the administration of the trust.
The powers referenced in items (5), (6) and (11) may be granted notwithstanding the provisions of Sections 62-7-410 through 62-7-412, inclusive.
HISTORY: 2013 Act No. 100, Section 2, eff January 1, 2014.