Title 72, Title 72

(1) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances. (2) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the…

(1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: (a) expenses that were properly incurred in the administration of the trust; and (b) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not …

Upon acceptance of a trusteeship, the trustee shall administer the trust expeditiously and in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.

(1) A trustee shall administer the trust solely in the interests of the beneficiaries. (2) Subject to the rights of persons dealing with or assisting the trustee as provided in 72-38-1012, a sale, encumbrance, or other transaction involving the investment or management of trust p…

If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.

A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.

In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.

A trustee who has special skills or expertise or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise shall use those special skills or expertise.

(1) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: (a) selecting an agent; (b) establishing the scope and terms of the delegat…

A trustee shall take reasonable steps to take control of and protect the trust property.

(1) A trustee shall keep adequate records of the administration of the trust. (2) A trustee shall keep trust property separate from the trustee's own property. (3) Except as otherwise provided in subsection (4), a trustee shall designate the trust property so that the interest of…

A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.

A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and to redress a breach of trust known to the trustee to have been committed by a former trustee.

A trustee shall comply with the following provisions unless the trust instrument specifically limits or waives any of these requirements: (1) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the materia…

(1) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as "absolute", "sole", or "uncontrolled", the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of …

(1) A trustee, without authorization by the court, may exercise: (a) powers conferred by the terms of the trust; and (b) except as limited by the terms of the trust: (i) all powers over the trust property that an unmarried competent owner has over individually owned property; (ii…

Without limiting the authority conferred by 72-38-815, a trustee may: (1) collect trust property and accept or reject additions to the trust property from a settlor or any other person; (2) acquire or sell property, for cash or on credit, at public or private sale; (3) exchange, …

(1) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 d…

As used in 72-38-820 through 72-38-826, the following definitions apply: (1) "Charitable trust" means a charitable trust as described in section 4947(a)(1) of the Internal Revenue Code. (2) "Private foundation" means a private foundation as defined in section 509 of the Internal …

During any period when a trust is considered to be a charitable trust or a private foundation, the trustee shall distribute its income for each taxable year (and principal if necessary) at a time and in a manner that will not subject the property of the trust to tax under section…

During any period when a trust is considered to be a charitable trust, a private foundation, or a split-interest trust, the trustee may not do any of the following: (1) engage in any act of self-dealing as defined in section 4941(d) of the Internal Revenue Code; (2) retain any ex…

(1) Subsections (2) and (3) of 72-38-822 do not apply to any trust described in section 4947(b)(3) of the Internal Revenue Code. (2) Section 72-38-822 does not apply with respect to any of the following: (a) any amounts payable under the terms of a trust to income beneficiaries u…

The provisions of 72-38-821 through 72-38-823 and 72-38-826 must be considered to be contained in the terms of the trust to which 72-38-820 through 72-38-826 apply. Any term of the trust inconsistent with or contrary to 72-38-820 through 72-38-826 is without effect unless that te…

(1) A proceeding contemplated by section 101(l)(3) of the federal Tax Reform Act of 1969 (Public Law 91-172) may be commenced pursuant to 72-38-213 by the organization involved. All specifically named beneficiaries of the organization and the attorney general must be parties to t…

At the termination of a charitable trust, private foundation organized as a trust, or any other trust described in section 501(c)(3) of the Internal Revenue Code, the trust property must be distributed for one or more exempt purposes or to organizations that are organized and ope…

(1) Except as provided in subsection (2), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule. (2) The settlor may expand or restrict the prudent investor rule by express provisions in the trust ins…

(1) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (2) A …

(1) Subject to subsection (2), in making and implementing investment decisions, the trustee has a duty to diversify the investments of the trust unless, under the circumstances, it is not prudent to do so. (2) If trust assets include farm or ranch property, a closely held family …

Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, t…

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, must be construed as authorizing any investment or strategy permitted under this part: "investments permissible by law for investment of trust funds", "legal investments…

This chapter may be cited as the "Uniform Trust Decanting Act".

In this chapter: (1) "Appointive property" has the meaning in 72-7-102(2). (2) "Ascertainable standard" means a standard relating to an individual's health, education, support, or maintenance within the meaning of 26 U.S.C. 2041(b)(1)(A), as amended, or 26 U.S.C. 2514(c)(1), as a…

(1) Except as provided in subsections (2) and (3), this chapter applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest. (2) This chapter does not apply to a trust held solely for cha…

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 i…

(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 i…

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 li…

(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…

(1) Notice to a person with authority to represent and bind another person under a first-trust instrument or Title 72, chapter 38, part 3, has the same effect as notice given directly to the person represented. (2) Consent of or waiver by a person with authority to represent and …

(1) On application of an authorized fiduciary, a person entitled to notice under 72-39-203(3), a beneficiary, or with respect to a charitable interest the attorney general or other person that has standing to enforce the charitable interest, the court may: (a) provide instruction…

An exercise of the decanting power must be made in a record signed by an authorized fiduciary. The signed record must, directly or by reference to the notice required by 72-39-203, identify the first trust and the second trust or trusts and state the property of the first trust b…

(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 p…

(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 …

(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 w…

(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…

(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 anot…