2011 Kentucky Revised Statutes CHAPTER 386 ADMINISTRATION OF TRUSTS -- LEGAL INVESTMENTS -- UNIFORM PRINCIPAL AND INCOME ACT 386.185 Distribution of trusts of $50,000 or less.
KY Rev Stat § 386.185 (1996 through Reg Sess) What's This?
386.185 Distribution of trusts of ,000 or less.
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If a trustee or personal representative holds and controls an amount, exclusive of
income, of fifty thousand dollars (,000) or less or the will directs that such an
amount be placed in a trust, the fiduciary may petition the District Court having
jurisdiction of the trust or estate, for an order authorizing the fiduciary to distribute
the amount held, plus income available, less fees chargeable, to the appropriate
beneficiary or beneficiaries, legal representatives thereof, or other appropriate
persons or institutions responsible for the object of the trust, who shall be under a
duty to use the funds for the purposes of the trust. Upon receipt of said petition by
the District Court, and accompanying affidavit and/or oral testimony, the court shall
order the amount distributed.
When an order to distribute the amount petitioned is granted and entered into the
court's records, no bond shall be required of the recipient of said distribution from
the trustee or personal representative.
A release of the trustee or personal representative shall be executed by the recipient
upon distribution of the amount held, declaring said fiduciary not liable thereafter.
The trustee or personal representative shall not be required to look into the
application of the amount so distributed.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 21, sec. 4, effective July 15, 2010. -- Amended
1990 Ky. Acts ch. 450, sec. 2, effective July 13, 1990. -- Amended 1982 Ky. Acts
ch. 277, sec. 2, effective July 15, 1982. -- Amended 1978 Ky. Acts ch. 366, sec. 1,
effective June 17, 1978. -- Amended 1976 (1st Extra. Sess.) Ky. Acts ch. 14,
sec. 327, effective January 2, 1978. -- Created 1974 Ky. Acts ch. 23, sec. 1.
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