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