456.6-603. Settlor's powers--powers of withdrawal.
Settlor's powers--powers of withdrawal.
456.6-603. 1. While a trust is revocable and the settlor hascapacity to revoke the trust, rights of the beneficiaries are subject tothe control of, and the duties of the trustee are owed exclusively to, thesettlor.
2. A settlor is presumed to have capacity for the purposes ofsubsection 1 of this section until either the settlor is adjudicatedtotally incapacitated or disabled or the trustee has received an affidavitof incapacity.
3. If a revocable trust has more than one settlor, the duties of thetrustee are owed to all of the settlors having capacity to revoke thetrust.
4. During the period the power may be exercised, the holder of apower of withdrawal has the rights of a settlor of a revocable trust underthis section to the extent of the property subject to the power.
5. In this section, an "affidavit of incapacity" means a writtencertificate furnished by at least one licensed medical doctor that statesthat the settlor lacks capacity to revoke the trust.
(L. 2004 H.B. 1511)Effective 1-01-05