§ 53-12-381. Definitions
As used in this article, the term: “Accounting period” means a calendar year unless another 12 month period is selected by a fiduciary. Such term includes a portion of a calendar year or other 12 month period that begins when an income interest begins or ends when an income interest ends. “Beneficiary” includes, in the […]
§ 53-12-390. Payment of Interest on Pecuniary Amount
If a beneficiary is to receive a pecuniary amount outright from a trust after an income interest ends, and no interest is provided for by the terms of the trust, the pecuniary amount usually bears interest at the legal rate after the expiration of 12 months from the date the income interest terminates. The general […]
§ 53-12-391. Payment of Expenses
Expenses incurred in connection with the settlement of a decedent’s estate or the winding up of a terminating income interest, including interest and penalties concerning taxes, fees of attorneys and personal representatives and trustees, and court costs, may be charged against the principal or income in the discretion of the personal representative or trustee. History. […]
§ 53-12-400. When the Right to Income Begins and Ends
An income beneficiary shall be entitled to net income from the date on which the income interest begins. An income interest shall begin on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest. An asset […]
§ 53-12-401. Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins
A trustee shall allocate an income receipt or disbursement to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest. A trustee shall allocate an income receipt or disbursement to income if its […]
§ 53-12-402. Apportionment When Income Interest Ends
As used in this Code section, the term “undistributed income” means net income received before the date on which an income interest ends. Such term shall not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under […]
§ 53-12-410. Character of Receipts
As used in this Code section, the term “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to which Code Section 53-12-411 applies, a business or activity to which […]
§ 53-12-411. Distribution From Trust or Estate
A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest and shall allocate to principal an amount received as a distribution of principal from such trust or estate. If a trustee purchases an […]
§ 53-12-412. Business and Other Activities Conducted by Trustee
If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust’s general accounting records, the trustee may maintain separate accounting records for its transactions, whether or […]
§ 53-12-345. Delegation
A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: Selecting an agent; Establishing the scope and terms of the delegation consistent with the purposes and provisions of the trust; and Reviewing periodically the […]