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 […]
72-39-210. Protection of charitable interest
72-39-210. Protection of charitable interest. (1) In this section: (a) ”Determinable charitable interest” means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event, or after the passage of a specified time and which is unconditional or will be held solely for charitable purposes. (b) ”Unconditional” means not […]
72-39-211. Trust limitation on decanting
72-39-211. Trust limitation on decanting. (1) An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohibits exercise of: (a) the decanting power; or (b) a power granted by state law to the fiduciary to distribute part or all of the principal of the trust to another trust or to modify the […]
72-39-212. Change in compensation
72-39-212. Change in compensation. (1) If a first-trust instrument specifies an authorized fiduciary’s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation above the specified compensation unless: (a) all qualified beneficiaries of the second trust consent to the increase in a signed record; or (b) the increase is approved by the court. (2) If […]
72-39-104. Application — governing law
72-39-104. Application — governing law. This chapter applies to a trust created before, on, or after October 1, 2021 that: (1) has its principal place of administration in this state, including a trust whose principal place of administration has been changed to this state; or (2) provides by its trust instrument that is governed by the law of […]
72-39-201. Fiduciary duty
72-39-201. Fiduciary duty. (1) In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust. (2) This chapter does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of […]
72-39-202. Reasonable reliance
72-39-202. Reasonable reliance. A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to another trust, or a modification of a trust, under this chapter, law of this state other than this chapter, or the law of another jurisdiction is not liable […]