§ 28-69-701. Short title

This subchapter may be cited as the “Trustee Division of Trusts Act”.

§ 28-69-702. Definitions

As used in this subchapter: (1) “Trust” means any express trust, with additions thereto, wherever and however created, or any separate share of a trust and includes any arrangement other than an estate which, although not a trust, has substantially the same effect as a trust; and (2) “Trustee” means an original, additional, or successor […]

§ 28-69-703. Authority to divide trusts

Unless expressly prohibited by the terms of the governing instrument, when property is held or to be held in a trust, the trustee is authorized, but not required, to divide the trust into two (2) or more separate trusts of equal or unequal value if the trustee determines that division of the trust is in […]

§ 28-69-704. Exercise of authority by trustee

(a) A trustee may exercise the authority granted in this subchapter without procuring any judicial authorization or approval. (b) A trustee may exercise the authority granted in this subchapter to divide both funded and unfunded trusts, provided, however, that: (1) An unfunded testamentary trust may be divided only after the will establishing the trust has […]

§ 28-69-705. Effect of exercise of authority

If a trustee divides a trust into separate trusts under this subchapter, the terms of the separate trusts need not be identical but must provide for the same succession of interests and beneficiaries as are provided in the original trust. Differing tax elections may be made for each of the separate trusts.

§ 28-69-706. Applicability

This subchapter applies to all trustees regardless of whether the trust was created before, on, or after the date of enactment.