Title XXXIII, Administration of Trusts and Estates of Persons Under Disability

(1) A statutory trust shall amend its certificate of trust to add or change a provision that is required by this chapter to be included in the certificate of trust. A statutory trust may amend its certificate of trust to add, change, or delete a provision that is permitted to be …

Except with regard to matters otherwise provided for by statute: (1) The District Court and Circuit Court shall have concurrent jurisdiction of any proceedings in this Commonwealth brought by a trustee or beneficiary concerning any trust matter; and (2) If a proceeding is initial…

(1) A record delivered by a statutory trust to the Secretary of State for filing shall be executed as provided in KRS 14A.2-020. (2) It shall not be necessary that the person who as organizer executes the initial certificate of trust be a trustee.

(1) Venue for proceedings under this chapter involving registered trusts is in the place of registration. (2) Venue for proceedings under this chapter involving trusts not registered in this Commonwealth is in any place where the trust properly could have been registered, and oth…

and date. (1) A record authorized or required to be delivered to the Secretary of State for filing under KRS 386A.1-010 to 386A.10-040 shall satisfy the requirements of this chapter and KRS Chapter 14A. (2) A record delivered to the Secretary of State for filing under this chapte…

(1) The trustee of a trust having its principal place of administration in this Commonwealth shall register the trust in the District Court of this Commonwealth at the principal place of administration. Unless otherwise designated in the trust instrument, the principal place of a…

A record filed by the Secretary of State may be corrected as provided in KRS 14A.2-090.

The Secretary of State may, with respect to a statutory trust, issue a certificate of existence as provided in KRS 14A.2-130.

The name of a statutory trust must satisfy the requirements of KRS 14A.3-010.

A statutory trust shall designate and maintain in this Commonwealth a registered agent and registered office in compliance with KRS 14A.4-010.

A statutory trust shall file an annual report in compliance with KRS 14A.6-010.

(1) Notice to a person who may represent and bind another person under this subchapter has the same effect as if notice were given directly to the other person. (2) The consent of a person who may represent and bind another person under this subchapter is binding on the person re…

The laws of this Commonwealth govern the internal affairs of a statutory trust including: (1) The liability of a beneficial owner as beneficial owner and a trustee as trustee for a debt, obligation, or other liability of a statutory trust or a series thereof; (2) The enforceabili…

appointment. To the extent there is no conflict of interest between the holder of a general testamentary power of appointment and the persons represented with respect to the particular question or dispute, the holder may represent and bind persons whose interests, as permissible …

(1) A statutory trust is a legal entity distinct from its trustees and beneficial owners. (2) A statutory trust may hold or take title to property in its own name, or in the name of a trustee in the trustee's capacity as trustee, whether in an active, passive, or custodial capaci…

To the extent there is no conflict of interest between the representative and the person represented or among those being represented with respect to a particular question or dispute: (1) A conservator may represent and bind the estate that the conservator controls; (2) A guardia…

(1) Except as otherwise provided in subsection (2) of this section, a statutory trust may have any lawful purpose. (2) A statutory trust may not: (a) Have a predominantly donative purpose; or (b) Be organized for the purpose of rendering a professional service.

Unless otherwise represented, a minor, incapacitated, or unborn individual, or a person whose identity or location is unknown and not reasonably ascertainable, may be represented by and bound by another having a substantially identical interest with respect to the particular ques…

(1) A debt, obligation, or other liability of a statutory trust is solely a debt, obligation, or other liability of the trust. (2) A debt, obligation, or other liability incurred by or otherwise existing with respect to the property of or associated with a particular series of a …

(1) If the court determines that an interest is not represented under this subchapter, or that the otherwise available representation might be inadequate because of conflict or otherwise, the court may appoint a guardian ad litem to receive notice, give consent, and otherwise rep…

(1) A statutory trust has perpetual existence. (2) A statutory trust, or any series thereof, may not be terminated or revoked except in accordance with this chapter or the terms of the governing instrument. (3) A statutory trust does not terminate because the same person is the s…

(1) A statutory trust may sue and be sued in its own name. (2) A beneficial owner or a trustee of a statutory trust shall not be a proper party to a proceeding by or against a statutory trust solely by reason of being a beneficial owner or trustee of the statutory trust except if…

As used in KRS 386.355 and 386.360, unless the context requires otherwise: (1) "Internal Revenue Code" means the Internal Revenue Code of 1954, in effect on January 1, 1970, including all appropriate provisions of the Tax Reform Act of 1969 at the dates specified in that law, exc…

interest trusts -- Charitable trusts. (1) In the administration of any trust which is a "private foundation" as defined in Section 509 of the Internal Revenue Code, a trust for charitable purposes described in Section 4947(a)(1) of the Internal Revenue Code to the extent that it …

(1) In order to assist charitable trust interests in maintaining various tax benefits extended to them, the governing instrument of a trust may be amended to permit the trust to conform to the requirements of, or to obtain benefits available under, applicable provisions of the In…

trust -- Assets available for distribution defined. (1) Upon termination or dissolution of any trust or other entity (other than a corporation) which is or may become an exempt organization as described in Section 501(c)(3) of the Internal Revenue Code of 1954, as amended, or a c…

(1) Absent the showing of a compelling state interest, a state agency or state official shall not impose any filing or reporting requirements that are more burdensome than the requirements authorized by the Kentucky Revised Statutes on an organization that is determined to be a: …

(1) A business trust is an express trust created by a written declaration of trust whereby property is conveyed to one (1) or more trustees, who hold and manage same for the benefit and profit of such persons as may be or become, the holders of transferable certificates evidencin…

A business trust may be established by a declaration of trusts, duly executed by one (1) or more trustees, for any lawful purpose including, but not limited to, acquiring, managing, improving, leasing, dealing in, selling, or otherwise alienating, mortgaging, or otherwise encumbe…

The name of a business trust or foreign business trust qualified to transact business in this Commonwealth shall satisfy the requirements of KRS 14A.3-010.

Each domestic business trust and each foreign business trust authorized to transact business in the Commonwealth shall continuously maintain in this Commonwealth a registered office and a registered agent that comply with KRS 14A.4-010.

The trustees shall hold the legal title to all property at any time belonging to the business trust. They shall have control over such property as well as the control and management of the business and affairs of the business trust. Liability to third persons for any act, omissio…

Each business trust and each foreign business trust qualified to transact business in this Commonwealth is subject to KRS 14A.6-010.

(1) If a statutory trust complies with KRS 386A.4-020(2), a governing instrument may establish or provide for the establishment of one (1) or more designated series that: (a) Has separate rights, powers, or duties with respect to specified property or obligations or profits and l…

A trust may be created by: (1) Transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect on the settlor's death; (2) Declaration by the owner of property that the owner holds identifiable property as trustee; or …

(1) A trust is created only if: (a) The settlor has capacity to create a trust; (b) The settlor indicates an intention to create the trust; (c) The trust has a definite beneficiary or is: 1. A charitable trust; 2. A trust for the care of an animal under KRS 386B.4-080; or 3. A tr…

(1) Subject to subsection (2) of this section: (a) A debt, liability, obligation, and expense incurred, contracted for, or otherwise existing with respect to a series, whether in its name or as to the property of or associated therewith, shall be enforceable against the assets of…

A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation: (1) The settlor was domiciled, had a place of abode, or was a nat…

Assets of or associated with a series may be held directly or indirectly, including in the name of the series, in the name of the statutory trust, through a nominee, or otherwise.

(1) A person who ceases to be a beneficial owner of a statutory trust shall cease to be associated, as a beneficial owner, with any series thereof. (2) A trustee who ceases to be a trustee of a statutory trust shall cease to be associated, as a trustee, with any series thereof. (…

A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms shall be for the benefit of its beneficiaries.

(1) A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community. (2) Except as otherwise provided in K…

(1) A series may be dissolved and its activities and affairs may be wound up without causing the dissolution of the statutory trust. (2) The dissolution and winding up of a series does not abate, suspend, or otherwise affect the application of KRS 386A.3-040. (3) The dissolution …

(1) A series shall be dissolved, and it shall commence to wind up its activities and affairs, upon the first to occur of the following: (a) The dissolution of the statutory trust; (b) An event or circumstance that the governing instrument states causes dissolution of the series; …

A trust is void to the extent its creation was induced by fraud, duress, or undue influence.

Except as required by a statute other than those in this chapter, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence.