11.98.045 - Criteria for transfer of trust assets or administration. - Washington Statutes

Criteria for transfer of trust assets or administration.

(1) A trustee may transfer trust assets to a trustee in another jurisdiction or may transfer the place of administration of a trust to another jurisdiction if the trust instrument so provides or in accordance with RCW 11.98.051 or 11.98.055.

     (2) Transfer under this section is permitted only if:

     (a) The transfer would facilitate the economic and convenient administration of the trust;

     (b) The transfer would not materially impair the interests of the beneficiaries or others interested in the trust;

     (c) The transfer does not violate the terms of the trust; and

     (d) The new trustee is qualified and able to administer the trust or such assets on the terms set forth in the trust.

     (3) Acceptance of such transfer by a foreign corporate trustee or trust company under this section, RCW 11.98.051, or 11.98.055 shall not be construed to be doing a "trust business" as described in RCW 30.08.150(9).

[1985 c 30 § 45. Prior: 1984 c 149 § 74.]

Notes: Short title -- Application -- Purpose -- Severability -- 1985 c 30: See RCW 11.02.900 through 11.02.903.

Severability -- Effective dates -- 1984 c 149: See notes following RCW 11.02.005.