§ 19–1301.05. Default and mandatory rules.

(a) Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.

(b) The terms of a trust prevail over any provision of this chapter except:

(1) The requirements for creating a trust;

(2) The duty of a trustee to act in good faith and in accordance with the purposes of the trust;

(3) The requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;

(4) The power of the court to modify or terminate a trust under sections 19-1304.10 through 19-1304.16;

(5) The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in subchapter V of this chapter;

(6) The power of the court under section 19-1307.02 to require, dispense with, or modify or terminate a bond;

(7) The power of the court under section 19-1307.08(b) to adjust a trustee’s compensation specified in the terms of the trust which is unreasonably low or high;

(8) Subject to subsection (c) of this section, the duty under section 19-1308.13(b)(2) and (3) to notify qualified beneficiaries of an irrevocable trust who have attained 25 years of age of the existence of the trust, the identity of the trustee, and their right to request the trustee’s reports;

(9) Subject to subsection (c) of this section, the duty under section 19-1308.13(a) to respond to the request of a beneficiary of an irrevocable trust for trustee’s reports and other information reasonably related to the administration of a trust;

(10) The effect of an exculpatory term under section 19-1310.08;

(11) The rights under sections 19-1310.10 through 19-1310.13 of a person other than a trustee or beneficiary;

(12) Periods of limitation for commencing a judicial proceeding; and

(13) The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.

(c) 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 19-1308.13 to give notice, information, and reports to beneficiaries by:

(1) Waiving or modifying such duties during the lifetime of the settlor or the lifetime of the settlor’s surviving spouse;

(2) Specifying a different age at which a beneficiary or class of beneficiaries must be notified under section 19-1308.13(b)(2) and (3); or

(3) Designating a person or persons to act in good faith to protect the interests of beneficiaries, to receive any notice, information, or reports required under section 19-1308.13 in lieu of providing such notice, information, or reports to the beneficiaries.