Title 11 — Title 11 PROBATE AND TRUST LAW

This chapter modifies, limits, or supersedes the electronic signatures in global and national commerce act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede section 101(c) of that act (15 U.S.C. Sec. 7001(c)) or authorize electronic delivery of any of the not…

This act takes effect January 1, 2021.[ 2020 c 303 s 20.]

This title shall take effect and be in force on and after the first day of July, 1967; except that sections 11.44.055, 11.44.065, 11.44.070 and 11.44.080 shall take effect on July 1, 1965, and the repeal of the following acts or parts of acts as listed in section 11.99.015 shall …

Title headings, chapter headings, and section or subsection headings, as used in this title do not constitute any part of the law.[ 1965 c 145 s 11.99.013.]

See 1965 c 145 s 11.99.015.

No act done in any proceeding commenced before this title takes effect and no accrued right shall be impaired by its provisions. When a right is acquired, extinguished or barred upon the expiration of a prescribed period of time which has commenced to run by the provisions of any…

Any corporation, association, or person handling or investing trust funds as a fiduciary shall be governed in the handling and investment of such funds as in this chapter specified. A fiduciary who invests and manages trust assets owes a duty to the beneficiaries of the trust to …

In addition to other fiduciaries, a guardian of any estate is a fiduciary within the meaning of this chapter; and in addition to other trusts, a guardianship of any estate is a trust within the meaning of this chapter; and in addition to other trust funds, guardianship funds are …

(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 t…

Subject to the standards of RCW 11.100.020, a fiduciary is authorized to invest in new, unproven, untried, or other enterprises with a potential for significant growth whether producing a current return, either by investing directly therein or by investing as a limited partner or…

Notwithstanding RCW 11.98.070(21)(a), 11.100.060, or any other statutory provisions to the contrary, with respect to trusts which require by their own terms or by operation of law that all income be paid at least annually to the spouse or domestic partner of the trust's creator, …

A corporation doing a trust business may invest trust funds in savings accounts with itself to the extent that deposits are insured by an agency of the federal government. Additional trust funds may be so invested by the corporation only if it first sets aside under the control o…

(1) Within the standards of judgment and care established by law, and subject to any express provisions or limitations contained in any particular trust instrument, guardians, trustees, and other fiduciaries, whether individual or corporate, are authorized to acquire and retain s…

Funds held by a bank or trust company in a fiduciary capacity awaiting investment or distribution shall not be held uninvested or undistributed any longer than is reasonable for the proper management of the account. These funds, including managing agency accounts, may, unless pro…

Nothing contained in this chapter shall be construed as restricting the power of a court of proper jurisdiction to permit a fiduciary to deviate from the terms of any will, agreement, or other instrument relating to the acquisition, investment, reinvestment, exchange, retention, …

A fiduciary shall invest and manage the trust assets solely in the interests of the trust beneficiaries. If a trust has two or more beneficiaries, the fiduciary shall act impartially in investing and managing the trust assets, taking into account any differing interests of the be…

Subject to the provisions of RCW 11.100.060 and any express provisions in the trust instrument to the contrary, a fiduciary shall diversify the investments of the trust unless the fiduciary reasonably determines that, because of special circumstances, the purposes of the trust ar…

(1) The provisions of this chapter govern fiduciaries acting under wills, agreements, court orders, and other instruments effective before or after January 1, 1985.(2) To the extent that this chapter is in conflict with RCW 11.68.090, RCW 11.68.090 prevails.[ 2021 c 140 s 4024; 1…

Subject to express provisions to the contrary in the trust instrument, any fiduciary may hold and retain any real or personal property received into or acquired by the trust from any source. Except as to trust property acquired for consideration, a fiduciary may hold and retain a…

The terms "legal investment" or "authorized investment" or words of similar import, as used in any such instrument, shall be taken to mean any investment which is permitted by the terms of RCW 11.100.020.[ 1985 c 30 s 74. Prior: 1984 c 149 s 110; 1955 c 33 s 30.24.070; prior: 194…

Unless the instrument creating the trust expressly provides to the contrary and except as authorized in RCW 11.98.078, any fiduciary in carrying out the obligations of the trust, may not buy or sell investments from or to himself, herself, or itself or any affiliated or subsidiar…

Subject to the standards of RCW 11.100.020, a fiduciary is authorized to use trust funds to acquire life insurance upon the life of any beneficiary or upon the life of another in whose life such beneficiary has an insurable interest.[ 1985 c 30 s 76. Prior: 1984 c 149 s 112; 1973…

Whenever power or authority to direct or control the acts of a fiduciary or the investments of a trust is conferred directly or indirectly upon any person other than the designated trustee of the trust, such person shall be deemed to be a fiduciary and shall be liable to the bene…

(1) A trustee shall not enter into a significant nonroutine transaction in the absence of a compelling circumstance without:(a) Providing the written notice called for by subsection (4) of this section; and(b) If the significant nonroutine transaction is of the type described in …

Any bank or trust company qualified to act as fiduciary in this state, or in any other state if affiliated with a bank or trust company qualified to act as fiduciary in this state, may establish common trust funds for the purpose of furnishing investments to itself and its affili…

Unless ordered by a court of competent jurisdiction the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such funds; but it may, by application to the superior court, secure approval of such an accounting on such …

This chapter shall apply to fiduciary relationships in existence on June 11, 1943, or thereafter established.[ 1985 c 30 s 81. Prior: 1955 c 33 s 30.28.030; prior: 1943 c 55 s 7; Rem. Supp. 1943 s 3388-6. Formerly RCW 30.28.030.]Notes:Short title—Application—Purpose—Severability—…

This chapter shall be so interpreted and construed to effectuate its general purpose to make uniform the laws of those states which enact it.[ 1985 c 30 s 82. Prior: 1955 c 33 s 30.28.040; prior: 1943 c 55 s 3; Rem. Supp. 1943 s 3388-2. Formerly RCW 30.28.040.]Notes:Short title—A…

This chapter may be cited as the uniform common trust fund act.[ 1985 c 30 s 83. Prior: 1955 c 33 s 30.28.050; prior: 1943 c 55 s 4; Rem. Supp. 1943 s 3388-3. Formerly RCW 30.28.050.]Notes:Short title—Application—Purpose—Severability—1985 c 30: See RCW 11.02.900 through 11.02.903…

The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will.[ 2011 c 327 s 35.]Notes:Application—2011 c 327: "Except as otherwise provided in this a…

(1) Unless the terms of a trust expressly provide that the trust is revocable, the trustor may not revoke or amend the trust.(2) If a revocable trust is created or funded by more than one trustor and unless the trust agreement provides otherwise:(a) To the extent the trust consis…

While the trustor of a revocable trust is living, the rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the trustor. If a revocable trust has more than one trustor, the duties of the trustee are owed to all of the li…

(1) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the trustor's death within the earlier of:(a) Twenty-four months after the trustor's death; or(b) Four months after the trustee sent to the person by personal service, mail, o…

This chapter may be known and cited as the uniform fiduciary income and principal act.[ 2021 c 140 s 2101.]

The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(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…

Except as otherwise provided in the terms of a trust or this chapter, this chapter applies to a trust or estate.[ 2021 c 140 s 2103.]

(1) 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, subject to the following rules:(a) If the trust was created before January 1, 2022, this chapter applies o…

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

(1) In this section, "fiduciary decision" means:(a) 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;(b) The fiduciary's exercise or nonexercise of a discre…

(1) 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 is necessary to administer the trust or estate in ac…

The definitions in this section apply throughout this article unless the context clearly requires otherwise.(1) "Applicable value" means the amount of the net fair market value of a trust taken into account under RCW 11.104B.160.(2) "Express unitrust" means a trust for which, und…

(1) Except as otherwise provided in subsection (2) of this section, this article applies to:(a) An income trust, unless the terms of the trust expressly prohibit use of this article by a specific reference to this article or an explicit expression of intent that net income not be…

(1) A fiduciary, without court approval, by complying with subsections (2) and (6) of this section, may:(a) Convert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust providing:(i) That in administering the trust the net income of th…

(1) A notice required by RCW 11.104B.120(2)(b) must be sent to:(a) All beneficiaries that receive or are entitled to receive income from the trust or would be entitled to receive a distribution of principal if the trust were terminated at the time the notice is sent, assuming no …

(1) In administering a unitrust under this article, a fiduciary shall follow a unitrust policy adopted under RCW 11.104B.120(1) (a) or (b) or amended or replaced under RCW 11.104B.120(1)(b).(2) A unitrust policy must provide:(a) The unitrust rate or the method for determining the…

(1) Except as otherwise provided in RCW 11.104B.180(2)(a), a unitrust rate may be:(a) A fixed unitrust rate; or(b) A unitrust rate that is determined for each period using:(i) A market index or other published data; or(ii) A mathematical blend of market indices or other published…

(1) 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:(a) The frequency of valuing the asset, which need not require a valuation in every period; and(b) The date for valuing th…

(1) A unitrust policy must provide the period used under RCW 11.104B.150 and 11.104B.160. Except as otherwise provided in RCW 11.104B.180(2)(c), the period may be:(a) A calendar year;(b) A 12-month period other than a calendar year;(c) A calendar quarter;(d) A three-month period …

(1) A unitrust policy may:(a) Provide methods and standards for:(i) Determining the timing of distributions;(ii) Making distributions in cash or in-kind or partly in cash and partly in-kind; or(iii) Correcting an underpayment or overpayment to a beneficiary based on the unitrust …

(1) The definitions in this subsection apply throughout this section unless the context clearly requires otherwise.(a) "Capital distribution" means an entity distribution of money that is a:(i) Return of capital; or(ii) Distribution in total or partial liquidation of the entity.(…