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House Bill 78

Actions | Amendments
Last Action signed by Governor (Acts, ch. 25)
Title AN ACT relating to trusts and estates.
Bill Documents Bill
Bill Request Number 289
Sponsors T. Kerr, J. Crenshaw
Summary of Original Version Establish KRS Chapter 386B and create subchapters and sections thereof to enact the Kentucky Uniform Trust Code; provide for the creation, administration, modification, termination, and validity of trusts; address definitions, general provisions, venue, jurisdiction, and administration of trusts; establish method of sending notice and waiving notice; allow trust matter to be commenced in District or Circuit Court; provide uniformity regarding representation in transactions or proceedings related to a trust; allow a minor, incapacitated person, unborn individual, or person whose identity is unknown to be represented and legally bound by another having a substantially identical interest with respect to a particular question or dispute in a trust matter; require that most trusts to have a definite beneficiary and, alternatively, allow and legitimatize trusts for care of animals, charitable trusts, and trusts for a noncharitable purpose; allow the creation of a trust without a trust instrument; allow oral trusts; require clear and convincing evidence as the standard of proof for oral trusts; provide that courts may apply the doctrine of cy pres to a charitable trust when the charitable purpose is no longer obtainable and a comparable purpose may be selected; give express statutory direction for creditor’s claims and spendthrift and discretionary trusts; specify that a spendthrift provision in a trust restricts a beneficiary creditor from attaching the beneficiary’s interest in the trust until there is a distribution to the beneficiary; provide that a creditor shall not compel a trust to make a distribution to a beneficiary that is discretionary; forbid a beneficiary who owes child support, spousal maintenance, or a debt for services provided from relying on a trust’s spendthrift provisions to avoid attachment of that interest to the trust; recognize and define revocable trusts; require that a trust is revocable unless a trust instrument expressly provides that it is irrevocable; allow a settler, co-trustee, beneficiary or the court to request that a trustee be removed on the grounds of breach of trust; specify that a trustee is entitled to reasonable compensation and that a court may review and change a trustee’s compensation; enumerate the duties and powers of a trustee; require that an agent be held to a fiduciary standard of a trustee in accepting an appointment; set out provisions related to the liability of trustees and the rights of persons dealing with trustees; provide remedies for when there is a breach of an obligation by a trustee; provide that in certain situations a trustee is immune from personal liability when doing business with others on behalf of the trust; specify that a breach of duty to the beneficiary invokes a court’s equity powers to compel performances; require that the provisions of Chapter 386B be applied and construed so as to promote uniformity among states; conform to federal requirements related to electronic signatures and records; specify the applicability of Chapter 386B ; amend and repeal various sections of the Kentucky Revised Statutes to conform.
Index Headings of Original Version Courts - Uniform Trust Code, adoption of
Banks and Financial Institutions - Uniform Trust Code, adoption of
Fiduciaries - Uniform Trust Code, adoption of
Guardians - Uniform Trust Code, adoption of
Taxation, Inheritance and Estate - Uniform Trust Code, adoption of
Uniform Laws - Uniform Trust Code, adoption of
Charitable Organizations and Institutions - Uniform Trust Code, adoption of
Civil Actions - Uniform Trust Code, adoption of
Civil Procedure - Uniform Trust Code, adoption of
Wills and Estates - Uniform Trust Code, adoption of
Proposed Amendments House Committee Substitute 1
House Committee Substitute 2
Votes Vote History

Actions

Top | Amendments
12/13/13
  • Prefiled by the sponsor(s).
01/07/14
  • introduced in House
  • to Judiciary (H)
  • posting waived
01/08/14
  • reported favorably, 1st reading, to Consent Calendar with Committee Substitute
01/09/14
  • 2nd reading, to Rules
01/15/14
  • recommitted to Judiciary (H)
02/26/14
  • reported favorably, to Rules with Committee Substitute (2) as a Consent Bill
02/27/14
  • posted for passage in the Consent Orders of the Day for Tuesday, March 4, 2014
03/04/14
  • Committee Substitute (1) withdrawn
  • 3rd reading, passed 97-0 with Committee Substitute (2)
03/05/14
  • received in Senate
03/07/14
  • to Judiciary (S)
03/20/14
  • reported favorably, 1st reading, to Consent Calendar
03/21/14
  • 2nd reading, to Rules
03/24/14
  • posted for passage in the Consent Orders of the Day for Tuesday, March 25, 2014
03/25/14
  • 3rd reading, passed 38-0
03/26/14
  • received in House
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
04/07/14
  • signed by Governor (Acts, ch. 25)

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
Summary Retain original provisions; except correct citations and statutory references; delete definition of "prudent person"; include oral trusts within the scope of the bill.
Index Headings Courts - Uniform Trust Code, adoption of
Banks and Financial Institutions - Uniform Trust Code, adoption of
Fiduciaries - Uniform Trust Code, adoption of
Guardians - Uniform Trust Code, adoption of
Taxation, Inheritance and Estate - Uniform Trust Code, adoption of
Uniform Laws - Uniform Trust Code, adoption of
Charitable Organizations and Institutions - Uniform Trust Code, adoption of
Civil Actions - Uniform Trust Code, adoption of
Civil Procedure - Uniform Trust Code, adoption of
Wills and Estates - Uniform Trust Code, adoption of

Amendment House Committee Substitute 2
Summary Retain original provisions; except delete repeal of KRS 286.3-275 from Section 118; reinsert deleted phrase “Further, a fiduciary may divide a trust or estate into one (1) or more fractional shares if the division does not change the beneficial interests” from amendment to KRS 386.454 at Section 106; delete phrase “if KRS 286.3-277 applies by law” from Section 106(a); revise all instances of “serious breach of trust” to “breach of trust” and revise all instances of “financial-service institution” to “financial institution.”
Index Headings Courts - Uniform Trust Code, adoption of
Banks and Financial Institutions - Uniform Trust Code, adoption of
Fiduciaries - Uniform Trust Code, adoption of
Guardians - Uniform Trust Code, adoption of
Taxation, Inheritance and Estate - Uniform Trust Code, adoption of
Uniform Laws - Uniform Trust Code, adoption of
Charitable Organizations and Institutions - Uniform Trust Code, adoption of
Civil Actions - Uniform Trust Code, adoption of
Civil Procedure - Uniform Trust Code, adoption of
Wills and Estates - Uniform Trust Code, adoption of

Last updated: 8/27/2019 6:52 PM (EDT)