2016 Kentucky Revised Statutes CHAPTER 386 - ADMINISTRATION OF TRUSTS -- LEGAL INVESTMENTS -- UNIFORM PRINCIPAL AND INCOME ACT .360 Trust instruments -- How amended.
Download as PDF
386.360 Trust instruments -- How amended.
(1)
(2)
In order to assist charitable trust interests in maintaining various tax benefits
extended to them, the governing instrument of a trust may be amended to permit the
trust to conform to the requirements of, or to obtain benefits available under,
applicable provisions of the Internal Revenue Code. Such amendment may be made
by the trustee with the approval of the Attorney General of this state, of the trustor
and, if one (1) or more beneficiaries are named in the governing instrument of such
trust, of each named beneficiary. If the trustor is not then living or is not then
competent to give such approval, such amendment may be made by the trustee with
the approval of the Attorney General and, if one (1) or more beneficiaries are named
in the governing instrument of such trust, of each named beneficiary. If one (1) or
more of said required approvals is not obtained, the trustee may apply to the court
having jurisdiction over such trust for approval of such amendment. Said governing
instrument may also be amended in any respect and by any method set forth in such
instrument or as otherwise provided by law.
Nothing in this section shall impair the rights and powers of the courts or the
Attorney General with respect to any trust.
History: Created 1972 Ky. Acts ch. 344, sec. 3.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
