Kentucky Statutes 386B.4-170 – Combination and division of trusts
Current as of: 2024 | Check for updates
|
Other versions
(1) After notice to the qualified beneficiaries, a trustee may combine two (2) or more trusts into a single trust or divide a trust into two (2) or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust.
(2) Any division of a trust shall be made on a fractional basis, and may be funded by a non-pro rata distribution of assets to the separate trusts.
(3) The District Court shall have exclusive jurisdiction over matters under this section.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 39, effective July 15, 2014.
(2) Any division of a trust shall be made on a fractional basis, and may be funded by a non-pro rata distribution of assets to the separate trusts.
Terms Used In Kentucky Statutes 386B.4-170
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- 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
(3) The District Court shall have exclusive jurisdiction over matters under this section.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 39, effective July 15, 2014.