Idaho Code 15-1-109 – Satisfaction of Pecuniary Devises or Transfers by Distribution in Kind
Current as of: 2023 | Check for updates
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(1) Whenever a personal representative or a trustee satisfies a pecuniary devise or transfer in trust by a distribution in kind with assets at their value for federal estate tax purposes, such fiduciary, in order to implement such a devise or transfer in trust, must, unless the governing instrument provides otherwise, distribute assets, including cash, fairly representative of appreciation or depreciation in all of the property so available for distribution in satisfaction of such pecuniary devise or transfer.
[(2)](b) Subsection (1) of this section is not intended to imply that the present law of this state, relating to selection of assets by fiduciaries in the circumstances herein described, has been otherwise than as set forth herein, but is a statement of the fiduciary principles applicable to such fiduciaries.
Terms Used In Idaho Code 15-1-109
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Devise: To gift property by will.
- Fiduciary: A trustee, executor, or administrator.
- Property: includes both real and personal property. See Idaho Code 73-114
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
- Trustee: A person or institution holding and administering property in trust.