(1) If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor‘s spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent the trust assets otherwise do not provide the spouse with sufficient income from or use of the trust assets to qualify for the deduction, to:

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Terms Used In Utah Code 75A-5-413

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Utah Code 75A-5-102
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset to the extent provided in Part 4, Allocation of Receipts. See Utah Code 75A-5-102
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Settlor: means the same as that term is defined in Section 75-7-103. See Utah Code 75A-5-102
  • Trust: includes :
              (23)(a)(i) an express trust, private or charitable, with additions to the trust, wherever and however created; and
              (23)(a)(ii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75A-5-102
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: includes an original, additional, or successor trustee, whether appointed or confirmed by a court. See Utah Code 75A-5-102
     (1)(a) make property productive of income;
     (1)(b) convert property to property productive of income within a reasonable time; or
     (1)(c) exercise the power to adjust under Section 75A-5-203.
(2) The trustee may decide which action or combination of actions in Subsection (1) to take.

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