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 […]
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 […]
72-39-203. Notice — exercise of decanting power
72-39-203. Notice — exercise of decanting power. (1) In this section, a notice period begins on the day notice is given under subsection (3) and ends 60 days after the day notice is given. (2) Except as otherwise provided in this chapter, an authorized fiduciary may exercise the decanting power without the consent of any person and […]