2015 Kentucky Revised Statutes
CHAPTER 386 - ADMINISTRATION OF TRUSTS -- LEGAL INVESTMENTS -- UNIFORM PRINCIPAL AND INCOME ACT
386.490 Disbursements from income.

Download as PDF 386.490 Disbursements from income. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which KRS 386.456(2)(b) or (2)(c) applies: (1) One-half (1/2) of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee; (2) One-half (1/2) of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests; (3) All of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; and (4) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset. Effective: July 15, 2008 History: Amended 2008 Ky. Acts ch. 130, sec. 1, effective July 15, 2008. -- Created 2004 Ky. Acts ch. 158, sec. 21, effective January 1, 2005.