Removal or replacement of authorized fiduciary

701.1318 Removal or replacement of authorized fiduciary. (1) An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless any of the following applies: (a) The person holding the power consents to the modification in a signed record and the modification applies only to the person. (b) The person holding the power and the qualified beneficiaries of the 2nd trust consent to the modification in a signed record and the modification grants a substantially similar power to another person. (c) The court approves the modification and the modification grants a substantially similar power to another person. (2) This section does not apply to a decanting from a first trust that is a pooled trust described in 42 USC 1396p (d) (4) (C), or to a decanting to a 2nd trust that is a pooled trust described in 42 USC 1396p (d) (4) (C). History: 2023 a. 127.