Title 59, Trusts

The fair market value of the trust must be determined at least annually, using the valuation date, or dates, or averages of valuation dates as are deemed appropriate. Assets for which a fair market value cannot be readily ascertained must be valued using valuation methods that ar…

The unitrust amount is determined as follows: 1. For the first three accounting periods of the trust, the unitrust amount for a current valuation year of the trust may not be less than three percent, or more than five percent, by the election of the trustee, the disinterested per…

Following the conversion of an income trust to a total return unitrust, the trustee: 1. Shall treat the unitrust amount as net income of the trust for purposes of determining the amount available, from time to time, for distributions from the trust; 2. May allocate to trust incom…

The trustee, in administering a total return unitrust, may determine: 1. The effective date of the conversion; 2. The timing of distributions; 3. Whether distributions are to be made in cash, in kind, or partly in cash and partly in kind; 4. Which assets are to be excluded in det…

Conversion to a total return unitrust under this chapter does not affect any other provisions of the governing instrument, if any, regarding distributions of principal.

In the case of a trust for which a marital deduction has been taken for federal tax purpose under sections 2056 and 2523 of the Internal Revenue Code, the spouse otherwise entitled to receive the net income of the trust, by written instrument delivered to the trustee, may compel …

This chapter must be construed as pertaining to the administration of a trust and must be available to a trust that is administered in the state under state law unless: 1. The governing instrument reflects an intention that the current beneficiary or beneficiaries are to receive …

A trustee or disinterested person who in good faith takes or fails to take any action under this chapter is not liable to any person affected by that action or inaction, regardless of whether the person received written notice as provided in this chapter and regardless of whether…

This chapter does not create a duty to take action under this chapter, and a trustee is not liable for not considering whether to take action or for choosing not to take action.

This chapter does not apply to a charitable remainder unitrust as defined by section 664(d) of the Internal Revenue Code.