Download as PDF
386B.2-050 Registration of trust.
(1)
(2)
(3)
The trustee of a trust having its principal place of administration in this
Commonwealth shall register the trust in the District Court of this Commonwealth
at the principal place of administration. Unless otherwise designated in the trust
instrument, the principal place of administration of a trust is the trustee's usual place
of business where the records pertaining to the trust are kept, or at the trustee's
residence if he or she has no such place of business. In the case of cotrustees, the
principal place of administration, if not otherwise designated in the trust instrument,
is:
(a) 1.
The usual place of business of the corporate trustee if there is but one (1)
corporate cotrustee; or
2.
The usual place of business or residence of the individual trustee who is
a professional fiduciary if there is but one (1) such person and no
corporate cotrustee; and
(b) In all other cases, the usual place of business or residence of any of the
cotrustees as agreed on by them.
The duty to register under this section shall not apply to the trustee of a trust if
registration would be inconsistent with the retained jurisdiction of a foreign court
from which the trustee cannot obtain release, nor does the duty to register under this
section apply to any trust, whether testamentary or inter vivos, revocable or
irrevocable, unless the settlor of the trust so directs.
Registration shall be accomplished by filing a statement indicating the name and
address of the trustee in which he or she acknowledges the trusteeship. The
statement shall indicate whether the trust has been registered elsewhere. The
statement shall identify the trust:
(a) In the case of a testamentary trust, by the name of the testator and the date and
place of domiciliary probate;
(b) In the case of a written inter vivos trust, by the name of each settlor and the
original trustee and the date of the trust instrument; or
(c) In the case of an oral trust, by information identifying the settlor or other
source of funds and describing the time and manner of the trust's creation and
the terms of the trust, including the subject matter, beneficiaries, and time of
performance.
If a trust has been registered elsewhere, registration in this Commonwealth is
ineffective until the earlier registration is released by order of the court where prior
registration occurred, or an instrument signed by the trustee and all beneficiaries is
filed with the registration in this state.
(a) By registering a trust, or accepting the trusteeship of a registered trust, the
trustee submits personally to the jurisdiction of the court in any proceeding
under this chapter relating to the trust that may be initiated by any interested
person while the trust remains registered. Notice of any proceeding shall be
given pursuant to KRS 386B.1-070.
(b) To the extent of their interests in the trust, all beneficiaries of a trust properly
(4)
registered in this Commonwealth are subject to the jurisdiction of the court of
registration for the purposes of proceedings under this chapter, provided
notice is given pursuant to KRS 386B.1-070.
(c) The court for good cause shown may provide for a different method or time of
giving notice for any hearing.
A trustee who fails to register a trust in a proper place pursuant to this chapter, for
purposes of any proceedings initiated by a beneficiary of the trust prior to
registration, is subject to the personal jurisdiction of any court in which the trust
could have been registered.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 17, effective July 15, 2014.
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.