22-3-103 - Fiduciary duties -- General principles. - Utah Statutes

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22-3-103. Fiduciary duties -- General principles.
(1) In allocating receipts and disbursements to or between principal and income, and withrespect to any matter within the scope of Parts 2 and 3, a fiduciary:
(a) shall administer a trust or estate in accordance with the terms of the trust or the will,even if there is a different provision in this chapter;
(b) may administer a trust or estate by the exercise of a discretionary power ofadministration given to the fiduciary by the terms of the trust or the will, even if the exercise ofthe power produces a result different from a result required or permitted by this chapter;
(c) shall administer a trust or estate in accordance with this chapter if the terms of thetrust or the will do not contain a different provision or do not give the fiduciary a discretionarypower of administration; and
(d) shall add a receipt or charge a disbursement to principal to the extent that the terms ofthe trust and this chapter do not provide a rule for allocating the receipt or disbursement to orbetween principal and income.
(2) In exercising the power to adjust under Subsection 22-3-104(1) or a discretionarypower of administration regarding a matter within the scope of this chapter, whether granted bythe terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or estate impartially,based on what is fair and reasonable to all of the beneficiaries, except to the extent that the termsof the trust or the will clearly manifest an intention that the fiduciary shall or may favor one ormore of the beneficiaries. A determination in accordance with this chapter is presumed to be fairand reasonable to all of the beneficiaries.

Enacted by Chapter 285, 2004 General Session

State Codes and Statutes

Statutes > Utah > Title-22 > Chapter-03 > 22-3-103

22-3-103. Fiduciary duties -- General principles.
(1) In allocating receipts and disbursements to or between principal and income, and withrespect to any matter within the scope of Parts 2 and 3, a fiduciary:
(a) shall administer a trust or estate in accordance with the terms of the trust or the will,even if there is a different provision in this chapter;
(b) may administer a trust or estate by the exercise of a discretionary power ofadministration given to the fiduciary by the terms of the trust or the will, even if the exercise ofthe power produces a result different from a result required or permitted by this chapter;
(c) shall administer a trust or estate in accordance with this chapter if the terms of thetrust or the will do not contain a different provision or do not give the fiduciary a discretionarypower of administration; and
(d) shall add a receipt or charge a disbursement to principal to the extent that the terms ofthe trust and this chapter do not provide a rule for allocating the receipt or disbursement to orbetween principal and income.
(2) In exercising the power to adjust under Subsection 22-3-104(1) or a discretionarypower of administration regarding a matter within the scope of this chapter, whether granted bythe terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or estate impartially,based on what is fair and reasonable to all of the beneficiaries, except to the extent that the termsof the trust or the will clearly manifest an intention that the fiduciary shall or may favor one ormore of the beneficiaries. A determination in accordance with this chapter is presumed to be fairand reasonable to all of the beneficiaries.

Enacted by Chapter 285, 2004 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-22 > Chapter-03 > 22-3-103

22-3-103. Fiduciary duties -- General principles.
(1) In allocating receipts and disbursements to or between principal and income, and withrespect to any matter within the scope of Parts 2 and 3, a fiduciary:
(a) shall administer a trust or estate in accordance with the terms of the trust or the will,even if there is a different provision in this chapter;
(b) may administer a trust or estate by the exercise of a discretionary power ofadministration given to the fiduciary by the terms of the trust or the will, even if the exercise ofthe power produces a result different from a result required or permitted by this chapter;
(c) shall administer a trust or estate in accordance with this chapter if the terms of thetrust or the will do not contain a different provision or do not give the fiduciary a discretionarypower of administration; and
(d) shall add a receipt or charge a disbursement to principal to the extent that the terms ofthe trust and this chapter do not provide a rule for allocating the receipt or disbursement to orbetween principal and income.
(2) In exercising the power to adjust under Subsection 22-3-104(1) or a discretionarypower of administration regarding a matter within the scope of this chapter, whether granted bythe terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or estate impartially,based on what is fair and reasonable to all of the beneficiaries, except to the extent that the termsof the trust or the will clearly manifest an intention that the fiduciary shall or may favor one ormore of the beneficiaries. A determination in accordance with this chapter is presumed to be fairand reasonable to all of the beneficiaries.

Enacted by Chapter 285, 2004 General Session