72-39-213. Relief from liability and indemnification
72-39-213. Relief from liability and indemnification. (1) Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument. (2) A second-trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting […]
72-39-214. Removal or replacement of authorized fiduciary
72-39-214. Removal or replacement of authorized fiduciary. An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless: (1) the person holding the power consents to the modification in a signed record and the modification applies only to the person; […]
72-39-215. Tax-related limitations
72-39-215. Tax-related limitations. (1) In this section: (a) ”Grantor trust” means a trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. 671 through 677, as amended, or 26 U.S.C. 679, as amended. (b) ”Internal Revenue Code” means the United States Internal Revenue Code of 1986, as amended. (c) ”Nongrantor trust” means […]
72-39-216. Duration of second trust
72-39-216. Duration of second trust. (1) Subject to subsection (2), a second trust may have a duration that is the same as or different from the duration of the first trust. (2) To the extent that property of a second trust is attributable to property of the first trust, the property of the second trust is subject […]
72-39-217. Need to distribute not required
72-39-217. Need to distribute not required. An authorized fiduciary may exercise the decanting power whether or not under the first trust’s discretionary distribution standard the fiduciary would have made or could have been compelled to make a discretionary distribution of principal at the time of the exercise. History: En. Sec. 21, Ch. 177, L. 2021.
72-39-218. Saving provision
72-39-218. Saving provision. (1) If exercise of the decanting power would be effective under this chapter except that the second-trust instrument in part does not comply with this chapter, the exercise of the power is effective and the following rules apply with respect to the principal of the second trust attributable to the exercise of the […]
72-39-219. Trust for care of animal
72-39-219. Trust for care of animal. (1) In this section: (a) ”Animal trust” means a trust or an interest in a trust created to provide for the care of one or more animals. (b) ”Protector” means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is […]
72-39-207. Decanting power under expanded distributive discretion
72-39-207. Decanting power under expanded distributive discretion. (1) In this section: (a) ”Noncontingent right” means a right that is not subject to the exercise of discretion or the occurrence of a specified event that is not certain to occur. The term does not include a right held by a beneficiary if any person has discretion to distribute […]
72-39-208. Decanting power under limited distributive discretion
72-39-208. Decanting power under limited distributive discretion. (1) In this section, “limited distributive discretion” means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard. (2) An authorized fiduciary that has limited distributive discretion over the principal of the first trust for benefit of one or more current beneficiaries may […]
72-39-209. Trust for beneficiary with disability
72-39-209. Trust for beneficiary with disability. (1) In this section: (a) ”Beneficiary with a disability” means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not the beneficiary currently receives those benefits or is an individual who has been adjudicated incapacitated. (b) ”Governmental benefits” means financial […]