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Except as otherwise provided in subsection (b), the trustee and the qualified beneficiaries may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.
A nonjudicial settlement agreement is valid only to the extent it does not violate a material purpose of the trust and includes terms and conditions that could be properly approved by the court under this chapter or other applicable law.
Matters that may be resolved by a nonjudicial settlement agreement include, but are not limited to:
The interpretation or construction of the terms of the trust;
The approval of a trustee's report or accounting;
Direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power;
The resignation or appointment of a trustee and the determination of a trustee's compensation;
Transfer of a trust's principal place of administration;
Liability of a trustee for an action relating to the trust;
The extent or waiver of bond of a trustee;
The governing law of the trust; and
The criteria for distribution to a beneficiary where the trustee is given discretion.
Any qualified beneficiary or trustee may request the court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in part 3 of this chapter was adequate, and to determine whether the agreement contains terms and conditions the court could have properly approved.