LD 2055
pg. 43
Page 42 of 55 PUBLIC Law Chapter 683 Page 44 of 55
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LR 3065
Item 1

 
to which the personal representative is party for the best
interests of successors to the estate. A personal representative
is a fiduciary who shall observe the standards of care applicable
to trustees as described in section 7-302 Title 18-B, sections 802,
803, 805, 806 and 807 and Title 18-B, chapter 9, except as follows.

 
(1) A personal representative, in developing an investment
strategy, shall take into account the expected duration of
the period reasonably required to effect distribution of the
estate's assets.

 
(2) Except as provided in section 3-906, subsection (a),
paragraphs (1) and (2), a personal representative may make
distribution of an estate's assets in cash or in kind, in
accordance with the devisees' best interests, and is not
required either to liquidate the estate's assets or to
preserve them for distribution.

 
(3) If all devisees whose devises are to be funded from the
residue of an estate agree, in a written instrument signed
by each of them and presented to the personal
representative, on an investment manager to direct the
investment of the estate's residuary assets, the personal
representative may, but need not, rely on the investment
advice of the investment manager so identified or delegate
the investment management of the estate's residuary assets
to such manager and, in either case, may pay reasonable
compensation to the manager from the residue of the estate.
A personal representative who relies on the advice of, or
delegates management discretion to, an investment manager in
accordance with the terms of this section is not liable for
the investment performance of the assets invested in the
discretion of, or in accordance with the advice of, such
investment manager.

 
Sec. C-7. 18-B MRSA §105, sub-§3, as enacted by PL 2005, c. 184, §6,
is amended to read:

 
3. Waiver or modification. The settlor, in the trust
instrument or in another writing delivered to the trustee, may
waive or modify the duties of a trustee under section 813,
subsection 1 or 2 to give notice, information and reports to
qualified beneficiaries by in either or both of the following
ways:

 
A. Waiving or modifying such duties as to all qualified
beneficiaries except the settlor's surviving spouse during
the lifetime of the settlor or the lifetime of the settlor's
surviving spouse; and


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