Kentucky Statutes 386B.8-100 – Recordkeeping and identification of trust property
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(1) A trustee shall keep adequate records of the administration of the trust.
(2) A trustee shall keep trust property separate from the trustee’s own property.
(3) Except as otherwise provided in subsection (4) of this section, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.
(4) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two (2) or more separate trusts.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 69, effective July 15, 2014.
(2) A trustee shall keep trust property separate from the trustee’s own property.
Terms Used In Kentucky Statutes 386B.8-100
- Property: means anything that may be the subject of ownership, whether legal or equitable, or any interest therein. See Kentucky Statutes 386B.1-010
- 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
- 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
(3) Except as otherwise provided in subsection (4) of this section, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.
(4) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two (2) or more separate trusts.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 69, effective July 15, 2014.