(a) General rule.-- This chapter shall apply to: (1) Any trust created under a governing instrument executed on or after March 21, 1999, unless the governing instrument expressly provides that this chapter does not apply. (2) Any trust created under a governing instrument executed before March 21, 1999, unless all interested parties affirmatively elect on or before December 21, 2001, by a written declaration signed by or on behalf of each interested party and delivered to the trustee, not to be subject to the application of this chapter. In the case of a testamentary trust, the declarations shall be filed with the register in the county in which the will was admitted to probate. (b) Exclusion.-- This chapter shall not apply to: (1) Any trust during the time that the trust is revocable or amendable by its settlor. (2) A spouse of a decedent or settlor where the spouse is the trustee of a testamentary or inter vivos trust for which a marital deduction has been allowed. (3) (Deleted by amendment). (4) A trust under a governing instrument that by specific reference expressly rejects the application of this chapter. (5) (Deleted by amendment).
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