564-B:6-602 Revocation or Amendment of Revocable Trust. –
(a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before the effective date of this chapter.
(b) If a revocable trust is created or funded by more than one settlor:
(1) 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; and
(2) to the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution; and
(3) 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.
(c) The settlor may revoke or amend a revocable trust:
(1) by substantial compliance with a method provided in the terms of the trust; or
(2) by any other method manifesting clear and convincing evidence of the settlor's intent if the terms of the trust do not provide a method or do not expressly prohibit methods other than methods provided in the terms of the trust.
(d) Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.
(e) A settlor's powers with respect to the revocation of a revocable trust, the amendment of a revocable trust, or the distribution of trust property from a revocable trust may be exercised by an agent under a power of attorney only to the extent expressly authorized by both the terms of the trust and the power of attorney.
(1) Any revocation or amendment of a revocable trust by an agent under a power of attorney shall be effective only if:
(A) The amendment or revocation is made in substantial compliance with a method provided in the terms of the trust; or
(B) The amendment or revocation is made by any other method manifesting clear and convincing evidence of the agent's intent if the terms of the trust do not provide a method or do not expressly prohibit methods other than methods provided in the terms of the trust.
(2) Any revocation or amendment of a revocable trust by an agent under a power of attorney shall be effective only upon the trustee's receipt of notice of the amendment or revocation.
(3) A trustee, trust advisor, or trust protector is an excluded fiduciary to the extent that:
(A) In accordance with this subsection, a settlor's agent exercises the settlor's powers with respect to the revocation of a revocable trust, the amendment of a revocable trust, or the distribution of trust property from a revocable trust; and
(B) The trustee, trust advisor, or trust protector acts in accordance with the agent's exercise of the settlor's powers.
(f) A conservator of the settlor or a guardian of the estate of the settlor, or, if no guardian of the estate has been appointed, a guardian of the person of 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.
(g) 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.