Section 2105 - Exclusions1.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. [2019, c. 301, §8 (NEW).]
2.Exclusions. This Act does not apply to a:A. Power of appointment; [2019, c. 301, §8 (NEW).]B. Power to appoint or remove a trustee or trust director; [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; [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:(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 [2019, c. 301, §8 (NEW).]E. Power over a trust if: (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. [2019, c. 301, §8 (NEW).] [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. [2019, c. 301, §8 (NEW).]
Added by 2019, c. 301,§ 8, eff. 9/19/2019.