Kentucky Statutes 386B.2-050 – Registration of trust
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(1) The trustee of a trust having its principal place of administration in this Commonwealth shall register the trust in the District Court of this Commonwealth at the principal place of administration. Unless otherwise designated in the trust instrument, the principal place of administration of a trust is the trustee‘s usual place of business where the records pertaining to the trust are kept, or at the trustee’s residence if he or she has no such place of business. In the case of cotrustees, the principal place of administration, if not otherwise designated in the trust instrument, is:
(a) 1. The usual place of business of the corporate trustee if there is but one (1)
corporate cotrustee; or
2. The usual place of business or residence of the individual trustee who is a professional fiduciary if there is but one (1) such person and no corporate cotrustee; and
(b) In all other cases, the usual place of business or residence of any of the cotrustees as agreed on by them.
The duty to register under this section shall not apply to the trustee of a trust if registration would be inconsistent with the retained jurisdiction of a foreign court from which the trustee cannot obtain release, nor does the duty to register under this section apply to any trust, whether testamentary or inter vivos, revocable or irrevocable, unless the settlor of the trust so directs.
(2) Registration shall be accomplished by filing a statement indicating the name and address of the trustee in which he or she acknowledges the trusteeship. The statement shall indicate whether the trust has been registered elsewhere. The statement shall identify the trust:
(a) In the case of a testamentary trust, by the name of the testator and the date and place of domiciliary probate;
(b) In the case of a written inter vivos trust, by the name of each settlor and the original trustee and the date of the trust instrument; or
(c) In the case of an oral trust, by information identifying the settlor or other source of funds and describing the time and manner of the trust’s creation and the terms of the trust, including the subject matter, beneficiaries, and time of performance.
If a trust has been registered elsewhere, registration in this Commonwealth is ineffective until the earlier registration is released by order of the court where prior registration occurred, or an instrument signed by the trustee and all beneficiaries is filed with the registration in this state.
(3) (a) By registering a trust, or accepting the trusteeship of a registered trust, the trustee submits personally to the jurisdiction of the court in any proceeding under this chapter relating to the trust that may be initiated by any interested person while the trust remains registered. Notice of any proceeding shall be given pursuant to KRS § 386B.1-070.
(b) To the extent of their interests in the trust, all beneficiaries of a trust properly
registered in this Commonwealth are subject to the jurisdiction of the court of registration for the purposes of proceedings under this chapter, provided notice is given pursuant to KRS § 386B.1-070.
(c) The court for good cause shown may provide for a different method or time of giving notice for any hearing.
(4) A trustee who fails to register a trust in a proper place pursuant to this chapter, for purposes of any proceedings initiated by a beneficiary of the trust prior to registration, is subject to the personal jurisdiction of any court in which the trust could have been registered.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 17, effective July 15, 2014.
(a) 1. The usual place of business of the corporate trustee if there is but one (1)
Terms Used In Kentucky Statutes 386B.2-050
- Fiduciary: A trustee, executor, or administrator.
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Inter vivos: Transfer of property from one living person to another living person.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means any individual or entity as defined in KRS §. See Kentucky Statutes 386B.1-010
- Probate: Proving a will
- Settlor: means a person, including a testator, who creates or contributes property to a trust. See Kentucky Statutes 386B.1-010
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Kentucky Statutes 386B.1-010
- Testator: A male person who leaves a will at death.
- Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
- Trust instrument: means an instrument signed by the settlor that contains terms of the trust, including any amendments thereto. See Kentucky Statutes 386B.1-010
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Kentucky Statutes 386B.1-010
corporate cotrustee; or
2. The usual place of business or residence of the individual trustee who is a professional fiduciary if there is but one (1) such person and no corporate cotrustee; and
(b) In all other cases, the usual place of business or residence of any of the cotrustees as agreed on by them.
The duty to register under this section shall not apply to the trustee of a trust if registration would be inconsistent with the retained jurisdiction of a foreign court from which the trustee cannot obtain release, nor does the duty to register under this section apply to any trust, whether testamentary or inter vivos, revocable or irrevocable, unless the settlor of the trust so directs.
(2) Registration shall be accomplished by filing a statement indicating the name and address of the trustee in which he or she acknowledges the trusteeship. The statement shall indicate whether the trust has been registered elsewhere. The statement shall identify the trust:
(a) In the case of a testamentary trust, by the name of the testator and the date and place of domiciliary probate;
(b) In the case of a written inter vivos trust, by the name of each settlor and the original trustee and the date of the trust instrument; or
(c) In the case of an oral trust, by information identifying the settlor or other source of funds and describing the time and manner of the trust’s creation and the terms of the trust, including the subject matter, beneficiaries, and time of performance.
If a trust has been registered elsewhere, registration in this Commonwealth is ineffective until the earlier registration is released by order of the court where prior registration occurred, or an instrument signed by the trustee and all beneficiaries is filed with the registration in this state.
(3) (a) By registering a trust, or accepting the trusteeship of a registered trust, the trustee submits personally to the jurisdiction of the court in any proceeding under this chapter relating to the trust that may be initiated by any interested person while the trust remains registered. Notice of any proceeding shall be given pursuant to KRS § 386B.1-070.
(b) To the extent of their interests in the trust, all beneficiaries of a trust properly
registered in this Commonwealth are subject to the jurisdiction of the court of registration for the purposes of proceedings under this chapter, provided notice is given pursuant to KRS § 386B.1-070.
(c) The court for good cause shown may provide for a different method or time of giving notice for any hearing.
(4) A trustee who fails to register a trust in a proper place pursuant to this chapter, for purposes of any proceedings initiated by a beneficiary of the trust prior to registration, is subject to the personal jurisdiction of any court in which the trust could have been registered.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 17, effective July 15, 2014.