(1) In this section, “fiduciary decision” means:

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Terms Used In Utah Code 75A-5-202

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: includes :
         (3)(a) for a trust:
              (3)(a)(i) a current beneficiary, including a current income beneficiary and a beneficiary that may receive only principal;
              (3)(a)(ii) a remainder beneficiary; and
              (3)(a)(iii) any other successor beneficiary;
         (3)(b) for an estate, an heir and devisee; and
         (3)(c) for a life estate or term interest, a person that holds a life estate, term interest, or remainder, or other interest following a life estate or term interest. See Utah Code 75A-5-102
  • Court: means a court in this state with jurisdiction over a trust or estate, or a life estate or other term interest described in Subsection 75A-5-103(2). See Utah Code 75A-5-102
  • Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, made under the terms of the trust, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust. See Utah Code 75A-5-102
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: includes :
         (8)(a) a trustee, trust director as defined in Section 75-12-102, personal representative, life tenant, holder of a term interest, and person acting under a delegation from a fiduciary;
         (8)(b) a person that holds property for a successor beneficiary whose interest may be affected by an allocation of receipts and expenditures between income and principal; and
         (8)(c) if there are two or more co-fiduciaries, all co-fiduciaries acting under the terms of the trust and applicable law. See Utah Code 75A-5-102
  • Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset to the extent provided in Part 4, Allocation of Receipts. See Utah Code 75A-5-102
  • Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Utah Code 75A-5-102
  • Trust: includes :
              (23)(a)(i) an express trust, private or charitable, with additions to the trust, wherever and however created; and
              (23)(a)(ii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75A-5-102
     (1)(a) a fiduciary‘s allocation between income and principal or other determination regarding income and principal required or authorized by the terms of the trust or this chapter;
     (1)(b) the fiduciary‘s exercise or nonexercise of a discretionary power regarding income and principal granted by the terms of the trust or this chapter, including the power to:

          (1)(b)(i) adjust under Section 75A-5-203;
          (1)(b)(ii) convert an income trust to a unitrust under Subsection 75A-5-303(1)(a);
          (1)(b)(iii) change the percentage or method used to calculate a unitrust amount under Subsection 75A-5-303(1)(b); or
          (1)(b)(iv) convert a unitrust to an income trust under Subsection 75A-5-303(1)(c); or
     (1)(c) the fiduciary’s implementation of a decision described in Subsection (1)(a) or (b).
(2) The court may not order a fiduciary to change a fiduciary decision, unless the court determines that the fiduciary decision was an abuse of the fiduciary’s discretion.
(3)

     (3)(a) If the court determines that a fiduciary decision was an abuse of the fiduciary’s discretion, the court may order a remedy authorized by law, including a remedy authorized in Section 75-7-1001.
     (3)(b) To place the beneficiaries in the positions that the beneficiaries would have occupied if there had not been an abuse of the fiduciary’s discretion, the court may order:

          (3)(b)(i) the fiduciary to exercise or refrain from exercising the power to adjust under Section 75A-5-203;
          (3)(b)(ii) the fiduciary to exercise or refrain from exercising the power to:

               (3)(b)(ii)(A) convert an income trust to a unitrust under Subsection 75A-5-303(1)(a);
               (3)(b)(ii)(B) change the percentage or method used to calculate a unitrust amount under Subsection 75A-5-303(1)(b); or
               (3)(b)(ii)(C) convert a unitrust to an income trust under Subsection 75A-5-303(1)(c);
          (3)(b)(iii) the fiduciary to distribute an amount to a beneficiary;
          (3)(b)(iv) a beneficiary to return some or all of a distribution; or
          (3)(b)(v) the fiduciary to withhold an amount from one or more future distributions to a beneficiary.
(4)

     (4)(a) On petition by a fiduciary for instruction, the court may determine whether a proposed fiduciary decision will result in an abuse of the fiduciary’s discretion.
     (4)(b) A beneficiary that opposes the proposed decision has the burden to establish that the proposed decision will result in an abuse of the fiduciary’s discretion if the petition:

          (4)(b)(i) describes the proposed decision;
          (4)(b)(ii) contains sufficient information to inform the beneficiary of the reasons for making the proposed decision and the facts on which the fiduciary relies; and
          (4)(b)(iii) explains how the beneficiary will be affected by the proposed decision.
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