Kentucky Statutes 386B.8-150 – General powers of trustee
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(1) A trustee, without authorization by the court, may exercise: (a) Powers conferred by the terms of the trust; and
(b) Except as limited by the terms of the trust:
1. All powers over the trust property which an unmarried competent owner has over individually owned property;
2. Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and
3. Any other powers conferred by this chapter.
(2) The exercise of a power is subject to the fiduciary duties prescribed by this subchapter.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 74, effective July 15, 2014.
(b) Except as limited by the terms of the trust:
Terms Used In Kentucky Statutes 386B.8-150
- Fiduciary: A trustee, executor, or administrator.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- 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
1. All powers over the trust property which an unmarried competent owner has over individually owned property;
2. Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and
3. Any other powers conferred by this chapter.
(2) The exercise of a power is subject to the fiduciary duties prescribed by this subchapter.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 74, effective July 15, 2014.