Title 28 — — Appendix Administrative Order Number 12 — Official Probate Forms

(a) After an opportunity for a hearing under state guardianship law, the court may grant a guardian of the estate access to the digital assets of a ward. (b) Unless otherwise ordered by the court or directed by the user, a custodian shall disclose to a guardian of the estate the …

(a) The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including:(1) the duty of care;(2) the duty of loyalty; and(3) the duty of confidentiality. (1) the duty of care; (2) the duty of loyalty; and (3) the du…

(a) Not later than 30 days after receipt of the information required under §§ 28-75-107 — 28-75-115, a custodian shall comply with a request under this chapter from a fiduciary or designated recipient to disclose digital assets or terminate an account. If the custodian fails to c…

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. § 7001(c), or authorize electronic delivery of any of the notices d…

This chapter may be cited as the “Uniform Directed Trust Act”.

(1) As used in this chapter:(1) “Breach of trust” includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or law of this state other than this chapter pertaining to trusts.(2) “Directed trust” mean…

(a) This chapter applies to a trust, whenever created, that has its principal place of administration in this state, subject to the following rules:(1) If the trust was created before January 1, 2020, this chapter applies only to a decision or action occurring on or after January…

The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or law of this state other than this chapter.

(a) In this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. (b) This chapter does not apply to a:(1) power of appointmen…

(a) Subject to § 28-76-107, the terms of a trust may grant a power of direction to a trust director. (b) Unless the terms of a trust provide otherwise:(1) a trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted to…

(1) A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under § 28-76-106(b)(1) regarding:(1) a payback provision in the terms of a trust necessary to…

(a) Subject to subsection (b), with respect to a power of direction or further power under § 28-76-106(b)(1):(1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:(A) if the power is held individually, as a sole trustee in a li…

(a) A directed trustee shall take reasonable action to comply with a trust director's direction given to the directed trustee by a trust director acting within the scope of the powers expressly granted to the trust director in the trust instrument, and except as otherwise provide…

(a) Subject to § 28-76-111, a trustee shall provide information to a trust director to the extent the information is reasonably related both to:(1) the powers or duties of the trustee; and(2) the powers or duties of the director. (1) the powers or duties of the trustee; and (2) t…

(a) Unless the terms of a trust provide otherwise:(1) a trustee does not have a duty to:(A) monitor a trust director; or(B) inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than th…

The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee's exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a …

(a) An action against a trust director for breach of trust must be commenced within the same limitation period as under § 28-73-1005 for an action for breach of trust against a trustee in a like position and under similar circumstances. (b) A report or accounting has the same eff…

In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee.

(a) By accepting appointment as a trust director of a trust subject to this chapter, the director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of the director. (b) This section does not preclude other methods of obta…

(1) Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters:(1) acceptance under § 28-73-701;(2) giving of bond to secure performance under § 28-73-702;(3) reasonable compensation under § 28-73-708…

In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. Section 7001(c), or authorize electronic delivery of any of t…

This chapter may be cited as the “Uniform Fiduciary Income and Principal Act”.

(1) In this chapter:(1) “Accounting period” means a calendar year, unless a fiduciary selects another period of 12 calendar months or approximately 12 calendar months. The term includes a part of a calendar year or another period of 12 calendar months or approximately 12 calendar…

This chapter applies to a trust or estate.

Except as otherwise provided in the terms of a trust or this chapter, this chapter applies when this state is the principal place of administration of a trust or estate. By accepting the trusteeship of a trust having its principal place of administration in this state or by movin…

(a) In making an allocation or determination or exercising discretion under this chapter, a fiduciary shall:(1) act in good faith, based on what is fair and reasonable to all beneficiaries;(2) administer a trust or estate impartially, except to the extent the terms of the trust m…

(a) In this section, “fiduciary decision” means:(1) a fiduciary's allocation between income and principal or other determination regarding income and principal required or authorized by the terms of the trust or this chapter;(2) the fiduciary's exercise or nonexercise of a discre…

(a) Except as otherwise provided in the terms of a trust or this section, a fiduciary, in a record, without court approval, may adjust between income and principal if the fiduciary determines the exercise of the power to adjust will assist the fiduciary to administer the trust or…

(1) In this subchapter:(1) “Applicable value” means the amount of the net fair market value of a trust taken into account under § 28-77-307.(2) “Express unitrust” means a trust for which, under the terms of the trust without regard to this subchapter, income or net income must or…

(a) Except as otherwise provided in subsection (b), this subchapter applies to:(1) an income trust, unless the terms of the trust expressly prohibit use of this subchapter by a specific reference to this subchapter or an explicit expression of intent that net income not be calcul…

(a) A fiduciary, without court approval, by complying with subsections (b) and (f), may:(1) convert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust providing:(A) that in administering the trust the net income of the trust will be …

(a) A notice required by § 28-77-303(b)(2) must be sent in a manner authorized under § 28-73-109 to:(1) the qualified beneficiaries determined under § 28-73-103, other than the Attorney General; and(2) each person acting as trust director of the trust under the Uniform Directed T…

(a) In administering a unitrust under this subchapter, a fiduciary shall follow a unitrust policy adopted under § 28-77-303(a)(1) or § 28-77-303(a)(2) or amended or replaced under § 28-77-303(a)(2). (b) A unitrust policy must provide:(1) the unitrust rate or the method for determ…

(a) Except as otherwise provided in § 28-77-309(b)(1), a unitrust rate may be:(1) a fixed unitrust rate; or(2) a unitrust rate that is determined for each period using:(A) a market index or other published data; or(B) a mathematical blend of market indices or other published data…

(a) A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including:(1) the frequency of valuing the asset, which need not require a valuation in every period; and(2) the date for valuing th…

(a) A unitrust policy must provide the period used under §§ 28-77-306 and 28-77-307. Except as otherwise provided in § 28-77-309(b)(3), the period may be:(1) a calendar year;(2) a 12-month period other than a calendar year;(3) a calendar quarter;(4) a three-month period other tha…

(a) A unitrust policy may:(1) provide methods and standards for:(A) determining the timing of distributions;(B) making distributions in cash or in kind or partly in cash and partly in kind; or(C) correcting an underpayment or overpayment to a beneficiary based on the unitrust amo…

(a) In this section:(1) “Capital distribution” means an entity distribution of money which is a:(A) return of capital; or(B) distribution in total or partial liquidation of the entity.(2) “Entity”:(A) means a corporation, partnership, limited liability company, regulated investme…

A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under § 28-77-301 et seq., from a trust or estate in which the fiduciary has an interest, other than an interest the fiduciary purchased in a trust that is an in…

(a) This section applies to a business or other activity conducted by a fiduciary if the fiduciary determines that it is in the interests of the beneficiaries to account separately for the business or other activity instead of:(1) accounting for the business or other activity as …

(1) A fiduciary shall allocate to principal:(1) to the extent not allocated to income under this chapter, an asset received from:(A) an individual during the individual's lifetime;(B) an estate;(C) a trust on termination of an income interest; or(D) a payor under a contract namin…

(1) To the extent a fiduciary does not account for the management of rental property as a business under § 28-77-403, the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a leas…

(a) This section does not apply to an obligation to which § 28-77-409, § 28-77-410, § 28-77-411, § 28-77-412, § 28-77-414, § 28-77-415, or § 28-77-416 applies. (b) A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest …

(a) This section does not apply to a contract to which § 28-77-409 applies. (b) Except as otherwise provided in subsection (c), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a …

(a) If a fiduciary determines that an allocation between income and principal required by § 28-77-409, § 28-77-410, § 28-77-411, § 28-77-412, or § 28-77-415 is insubstantial, the fiduciary may allocate the entire amount to principal, unless § 28-77-203(e) applies to the allocatio…

(a) In this section:(1) “Internal income of a separate fund” means the amount determined under subsection (b).(2) “Marital trust” means a trust:(A) of which the settlor's surviving spouse is the only current income beneficiary and is entitled to a distribution of all the current …

(a) In this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of m…

(a) To the extent that a fiduciary accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the fiduciary shall allocate them as follows:(1) if received as nominal delay rental or nominal annual rent on a lease, a receipt must be all…