Application -- Principal place of administration

(1) This chapter applies to a trust, whenever created, that has the trust's principal place of administration in this state, subject to the following rules: (a) if the trust was created before May 14, 2019, this chapter applies only to a decision or action occurring on or after May 14, 2019; and (b) if the principal place of administration of the trust is changed to this state on or after May 14, 2019, this chapter applies only to a decision or action occurring on or after the date of the change. (2) Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, the terms of the trust that designate the principal place of administration of the trust are valid and controlling if: (a) a trustee's principal place of business is located in, or a trustee is a resident of, the designated jurisdiction; (b) a trust director's principal place of business is located in, or a trust director is a resident of, the designated jurisdiction; or (c) all or part of the administration occurs in the designated jurisdiction.