[§554D‑303]  Representation by fiduciaries and parents.  To the extent there is no conflict of interest between the representative and the person represented or among those being represented with respect to a particular question or dispute:

     (1)  A conservator may represent and bind the estate that the conservator controls;

     (2)  A guardian may represent and bind the ward if a conservator of the ward's estate has not been appointed;

     (3)  An agent having authority to act with respect to the particular question or dispute may represent and bind the principal;

     (4)  A trustee may represent and bind the beneficiaries of the trust;

     (5)  A personal representative of a decedent's estate may represent and bind persons interested in the estate;

     (6)  A parent may represent and bind the parent's minor or unborn child if a conservator or guardian for the child has not been appointed.  The parent entitled to represent and bind the child is determined in the following order of priority:

          (A)  The parent who is a lineal descendant of a settlor;

          (B)  The parent who is a beneficiary of the trust that is the subject of the representation;

          (C)  The parent with legal custody of the child; and

          (D)  If one parent cannot be determined pursuant to the preceding criteria and if a disagreement arises between the parties seeking to represent the same child, a guardian ad litem shall be appointed to represent the minor child; and

     (7)  A qualified beneficiary may represent and bind any beneficiary who may succeed to the qualified beneficiary's interest under the terms of the trust or pursuant to the exercise of a power of appointment. [L 2021, c 32, pt of §2]