Arizona § 14-7402 Fiduciary duties; general principles

Arizona Statutes

§ 14-7402 — Fiduciary duties; general principles

Arizona § 14-7402

Title 14Arizona Revised Statutes

Ch. 7TRUST ADMINISTRATION

Art. 4Revised Uniform Principal and Income Act

This text of Arizona § 14-7402 (Fiduciary duties; general principles) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 14-7402 (2026).

Text

A.In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 14-7405 through 14-7409, a fiduciary:

1.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 article.

2.May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this article.

3.Shall administer a trust or estate in accordance with this article if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of

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A. In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 14-7405 through 14-7409, a fiduciary:

1. 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 article.

2. May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this article.

3. Shall administer a trust or estate in accordance with this article if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration.

4. Shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this article do not provide a rule for allocating the receipt or disbursement to or between principal and income.

B. In exercising the power to adjust under section 14-7403, subsection A or a discretionary power of administration regarding a matter within the scope of this article, whether granted by the terms of a trust, a will or this article, 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 terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with this article is presumed to be fair and reasonable to all of the beneficiaries.