A. Without precluding other means for establishing a sufficient connectionwith the designated jurisdiction, terms of an inter vivos trust designatingthe principal place of administration are valid and controlling if:
1. A trustee's principal place of business is located in or a trustee is aresident of the designated jurisdiction; or
2. All or part of the administration occurs in the designated jurisdiction.
B. Without precluding the right of the court to order, approve, or disapprovea transfer, the trustee of an inter vivos trust may transfer the trust'sprincipal place of administration to another state or to a jurisdictionoutside of the United States that is appropriate to the trust's purposes, itsadministration, and the interests of the beneficiaries.
C. When the proposed transfer of a trust's principal place of administrationis to another state or to a jurisdiction outside of the United States, thetrustee shall notify the qualified beneficiaries of the proposed transfer notless than 60 days before initiating the transfer. A corporate trustee thatmaintains a place of business in the Commonwealth where one or more trustofficers are available on a regular basis for personal contact with trustcustomers and beneficiaries shall not be deemed to have transferred itsprincipal place of administration if all or significant portions of theadministration of the trust are performed outside the Commonwealth. Thenotice of proposed transfer shall include:
1. The name of the jurisdiction to which the principal place ofadministration is to be transferred;
2. The address and telephone number at the new location at which the trusteecan be contacted;
3. An explanation of the reasons for the proposed transfer;
4. The date on which the proposed transfer is anticipated to occur; and
5. The date, not less than 60 days after the giving of the notice, by whichthe qualified beneficiary shall notify the trustee of an objection to theproposed transfer.
D. The authority of a trustee under this section to transfer a trust'sprincipal place of administration to another state or to a jurisdictionoutside of the United States terminates if a qualified beneficiary notifiesthe trustee of an objection to the proposed transfer on or before the datespecified in the notice.
E. In connection with a transfer of the trust's principal place ofadministration, the trustee may transfer some or all of the trust property toa successor trustee designated in the terms of the trust or appointedpursuant to § 55-547.04.
F. The court, for good cause shown, may transfer the principal place ofadministration of a testamentary trust to another state or to a jurisdictionoutside of the United States upon such conditions, if any, as it may deemappropriate.
A. Without precluding other means for establishing a sufficient connectionwith the designated jurisdiction, terms of an inter vivos trust designatingthe principal place of administration are valid and controlling if:
1. A trustee's principal place of business is located in or a trustee is aresident of the designated jurisdiction; or
2. All or part of the administration occurs in the designated jurisdiction.
B. Without precluding the right of the court to order, approve, or disapprovea transfer, the trustee of an inter vivos trust may transfer the trust'sprincipal place of administration to another state or to a jurisdictionoutside of the United States that is appropriate to the trust's purposes, itsadministration, and the interests of the beneficiaries.
C. When the proposed transfer of a trust's principal place of administrationis to another state or to a jurisdiction outside of the United States, thetrustee shall notify the qualified beneficiaries of the proposed transfer notless than 60 days before initiating the transfer. A corporate trustee thatmaintains a place of business in the Commonwealth where one or more trustofficers are available on a regular basis for personal contact with trustcustomers and beneficiaries shall not be deemed to have transferred itsprincipal place of administration if all or significant portions of theadministration of the trust are performed outside the Commonwealth. Thenotice of proposed transfer shall include:
1. The name of the jurisdiction to which the principal place ofadministration is to be transferred;
2. The address and telephone number at the new location at which the trusteecan be contacted;
3. An explanation of the reasons for the proposed transfer;
4. The date on which the proposed transfer is anticipated to occur; and
5. The date, not less than 60 days after the giving of the notice, by whichthe qualified beneficiary shall notify the trustee of an objection to theproposed transfer.
D. The authority of a trustee under this section to transfer a trust'sprincipal place of administration to another state or to a jurisdictionoutside of the United States terminates if a qualified beneficiary notifiesthe trustee of an objection to the proposed transfer on or before the datespecified in the notice.
E. In connection with a transfer of the trust's principal place ofadministration, the trustee may transfer some or all of the trust property toa successor trustee designated in the terms of the trust or appointedpursuant to § 55-547.04.
F. The court, for good cause shown, may transfer the principal place ofadministration of a testamentary trust to another state or to a jurisdictionoutside of the United States upon such conditions, if any, as it may deemappropriate.
A. Without precluding other means for establishing a sufficient connectionwith the designated jurisdiction, terms of an inter vivos trust designatingthe principal place of administration are valid and controlling if:
1. A trustee's principal place of business is located in or a trustee is aresident of the designated jurisdiction; or
2. All or part of the administration occurs in the designated jurisdiction.
B. Without precluding the right of the court to order, approve, or disapprovea transfer, the trustee of an inter vivos trust may transfer the trust'sprincipal place of administration to another state or to a jurisdictionoutside of the United States that is appropriate to the trust's purposes, itsadministration, and the interests of the beneficiaries.
C. When the proposed transfer of a trust's principal place of administrationis to another state or to a jurisdiction outside of the United States, thetrustee shall notify the qualified beneficiaries of the proposed transfer notless than 60 days before initiating the transfer. A corporate trustee thatmaintains a place of business in the Commonwealth where one or more trustofficers are available on a regular basis for personal contact with trustcustomers and beneficiaries shall not be deemed to have transferred itsprincipal place of administration if all or significant portions of theadministration of the trust are performed outside the Commonwealth. Thenotice of proposed transfer shall include:
1. The name of the jurisdiction to which the principal place ofadministration is to be transferred;
2. The address and telephone number at the new location at which the trusteecan be contacted;
3. An explanation of the reasons for the proposed transfer;
4. The date on which the proposed transfer is anticipated to occur; and
5. The date, not less than 60 days after the giving of the notice, by whichthe qualified beneficiary shall notify the trustee of an objection to theproposed transfer.
D. The authority of a trustee under this section to transfer a trust'sprincipal place of administration to another state or to a jurisdictionoutside of the United States terminates if a qualified beneficiary notifiesthe trustee of an objection to the proposed transfer on or before the datespecified in the notice.
E. In connection with a transfer of the trust's principal place ofadministration, the trustee may transfer some or all of the trust property toa successor trustee designated in the terms of the trust or appointedpursuant to § 55-547.04.
F. The court, for good cause shown, may transfer the principal place ofadministration of a testamentary trust to another state or to a jurisdictionoutside of the United States upon such conditions, if any, as it may deemappropriate.
