58a-502 Spendthrift provision.
58a-502. Spendthrift provision. (a) A spendthrift provision is valid. (b) A term of a trust providing that the interest of a beneficiary is held subject to a “spendthrift trust,” or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary’s interest. (c) A beneficiary may not transfer an interest […]
58a-709 Reimbursement of expenses.
58a-709. Reimbursement of expenses. (a) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: (1) Expenses that were properly incurred in the administration of the trust; and (2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the […]
58a-505 Creditor’s claim against settlor.
58a-505. Creditor’s claim against settlor. (a) Except as provided by K.S.A. 33-101 et seq. and 33-201 et seq., and amendments thereto, whether or not the terms of a trust contain a spendthrift provision, the following rules apply: (1) During the lifetime of the settlor, the property of a revocable trust is subject to claims of […]
58a-801 Duty to administer trust.
58a-801. Duty to administer trust. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this code. History: L. 2002, ch. 133, § 58; Jan. 1, 2003.
58a-506 Mandatory distribution.
58a-506. Mandatory distribution. (a) As used in this section, “mandatory distribution” means a distribution of income or principal which the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term excludes a distribution subject to the exercise of the trustee’s discretion […]
58a-802 Duty of loyalty.
58a-802. Duty of loyalty. (a) A trustee shall administer the trust consistent with the terms of the trust and solely in the interests of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee as provided in K.S.A. 58a-1012, and amendments thereto, a sale, encumbrance, or other transaction involving the […]
58a-507 Personal obligations of trustee.
58a-507. Personal obligations of trustee. Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. History: L. 2002, ch. 133, § 44; Jan. 1, 2003.
58a-803 Impartiality.
58a-803. Impartiality. If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries’ respective interests. History: L. 2002, ch. 133, § 60; Jan. 1, 2003.
58a-601 Capacity of settlor of revocable trust.
58a-601. Capacity of settlor of revocable trust. The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. History: L. 2002, ch. 133, § 45; Jan. 1, 2003.
58a-602 Revocation or amendment of revocable trust.
58a-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 January 1, 2003. (b) If a revocable trust is created or funded […]