§ 35-50-112. Impairment of Marital Deduction Prohibited
No executor, trustee or other fiduciary may take, or refuse to take, any action, or make or retain any investment, the result of which would defeat an otherwise available marital deduction under the Internal Revenue Code (26 U.S.C.), or under the laws of this state, if the obvious and expressed intent of the testator or […]
§ 35-50-114. Powers Exercisable by Majority — Liability
Unless it is otherwise provided by an instrument under which the fiduciaries are acting, or an amendment of the instrument, or by court order, any power vested in three (3) or more fiduciaries, other than the power to remove a fiduciary, may be exercised by a majority of those fiduciaries; but no fiduciary who has […]
§ 35-50-120. Blind Trust
A trust shall be considered a “blind trust” if the trust is created to benefit an individual, the individual’s spouse or any dependent child and is under the management and control of a trustee who is a bank or trust company authorized to exercise fiduciary powers, a licensed attorney or a broker who: Is independent […]
§ 35-50-121. Delayed Receipt of Trust Corpus
Any trust agreement or declaration of trust may be valid even if no corpus is delivered to the trustee at the time of execution of the instrument if the trustee has the right to receive corpus at a later time or times from the trustor, the trustor’s estate or other persons or sources.
§ 35-50-122. Generation-Skipping Tax — Definitions
As used in this section, unless the context otherwise requires: “Generation-skipping tax” means the generation-skipping transfer tax imposed by chapter 13 of the Internal Revenue Code (26 U.S.C. §§ 2601 et seq.); “Internal Revenue Code” means the Internal Revenue Code of 1986 and successor provisions and codifications of that Code; “Trust” means any express trust, […]
§ 35-50-123. Powers of Fiduciaries
Each fiduciary, as defined in § 35-2-102, has the powers enumerated in § 35-50-110(32).
§ 35-50-124. Limited Power of Trustee — Beneficiary — Application
Due to the potential conflict of interest that exists between a trustee who is a beneficiary and other beneficiaries of the trust, any power conferred upon a trustee, other than the settlor of a revocable or amendable trust: To make discretionary distributions of either principal or income to or for the benefit of the trustee, […]
§ 35-50-127. Release of Personal Health Information to Determine Capacity
Where it is necessary, under the terms of a trust to determine the mental or physical incapacity of a patient, a healthcare provider may release personal health information to a licensed physician or licensed attorney at law if the physician or attorney at law signs and furnishes the healthcare provider with an affidavit that the […]
§ 35-50-110. Specifically Enumerated Fiduciary Powers That May Be Incorporated by Reference
Without diminution or restriction of the powers vested in the fiduciary by law, or elsewhere in the instrument, and subject to all other provisions of the instrument, the fiduciary, without the necessity of procuring any judicial authorization, or approval, shall be vested with, and in the application of the fiduciary’s best judgment and discretion in […]
§ 35-50-111. Fiduciary Bond on Interest
Whenever a fiduciary, as defined in § 35-2-102, is required by law to execute a bond for assets placed with a financial institution in the form of a bank, trust company or savings and loan association, and the fiduciary agrees with the institution not to withdraw the principal of the assets, the bond required of […]