(1) In administering a unitrust under this part, a fiduciary shall follow a unitrust policy:

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Terms Used In Utah Code 75A-5-305

  • Applicable value: means the amount of the net fair market value of a trust taken into account under Section 75A-5-307. See Utah Code 75A-5-301
  • 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
  • Unitrust: includes an express unitrust. See Utah Code 75A-5-301
  • Unitrust policy: means a policy described in Sections 75A-5-305 through 75A-5-309 and adopted under Section 75A-5-303. See Utah Code 75A-5-301
  • Unitrust rate: means the rate used to compute the unitrust amount under Subsection (6) for a unitrust administered under a unitrust policy. See Utah Code 75A-5-301
     (1)(a) adopted under Subsection 75A-5-303(1)(a) or (b); or
     (1)(b) amended or replaced under Subsection 75A-5-303(1)(b).
(2) A unitrust policy shall provide:

     (2)(a) the unitrust rate or the method for determining the unitrust rate under Section 75A-5-306;
     (2)(b) the method for determining the applicable value under Section 75A-5-307; and
     (2)(c) the rules described in Sections 75A-5-306 through 75A-5-309 that apply in the administration of the unitrust, regardless of whether the rules are:

          (2)(c)(i) mandatory, as provided in Subsections 75A-5-307(1) and 75A-5-308(1); or
          (2)(c)(ii) optional, as provided in Section 75A-5-306 and Subsections 75A-5-307(2), 75A-5-308(2), and 75A-5-309(1), to the extent the fiduciary elects to adopt those rules.
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