128.300] REVOCABLE TRUSTS ����� 130.500 UTC 601. Revocable trusts generally. (1) A person who has capacity to make a will has capacity to create, amend, revoke or add property to a revocable t

128.300]

REVOCABLE TRUSTS

����� 130.500 UTC 601. Revocable trusts generally. (1) A person who has capacity to make a will has capacity to create, amend, revoke or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust.

����� (2) A revocable trust remains a revocable trust for the purposes of ORS 130.520 to 130.575 even though the trust cannot be revoked because:

����� (a) The settlor becomes financially incapable; or

����� (b) An event occurs that by the terms of the trust prevents the revocation of the trust. [2005 c.348 �45; 2009 c.275 �16]

����� 130.505 UTC 602. Revocation or amendment of revocable trust. (1) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor of the trust may revoke or amend the trust.

����� (2) Unless the trust expressly provides otherwise, if a revocable trust is created or funded by more than one settlor:

����� (a) To the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses;

����� (b) To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust as to the portion of the trust property attributable to that settlor�s contribution; and

����� (c) Upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.

����� (3) The settlor may revoke or amend a revocable trust:

����� (a) By substantial compliance with a method provided in the terms of the trust; or

����� (b) If the terms of the trust do not provide a method, by any other method, except for execution of a will or codicil, manifesting clear and convincing evidence of the settlor�s intent.

����� (4) Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.

����� (5) A settlor�s powers with respect to revocation, amendment or distribution of trust property may be exercised by an agent or attorney-in-fact under a power of attorney only to the extent expressly authorized by the terms of the trust.

����� (6) The settlor�s conservator, or the settlor�s guardian if a conservator has not been appointed for the settlor, may exercise a settlor�s powers with respect to revocation, amendment or distribution of trust property only with the approval of the court supervising the conservatorship or guardianship.

����� (7) A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor�s successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked. [2005 c.348 �46]

����� Note: Section 47, chapter 348, Oregon Laws 2005, provides:

����� Sec. 47. Section 46 (1) of this 2005 Act [130.505 (1)] does not apply to a trust created under an instrument executed before the effective date of this 2005 Act [January 1, 2006]. [2005 c.348 �47]

����� 130.510 UTC 603. Settlor�s powers; powers of withdrawal. (1) While the settlor of a revocable trust is alive, rights of the beneficiaries are subject to the control of the settlor, and the duties of the trustee are owed exclusively to the settlor. Beneficiaries other than the settlor have no right to receive notice, information or reports under this chapter.

����� (2) The rights of the beneficiaries with respect to property that is subject to a power of withdrawal are subject to the control of the holder of the power during the period that the power may be exercised, and the duties of the trustee are owed exclusively to the holder of a power of withdrawal with respect to the property that is subject to the power. [2005 c.348 �48; 2009 c.275 �17]

����� 130.515 UTC 604. Limitation on action contesting validity of revocable trust; distribution of trust property. (1) A person must commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor�s death in the manner prescribed by ORS