This text of Kansas § 58-9a-201 (Fiduciary duties; general principles) is published on Counsel Stack Legal Research, covering Kansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)In making an allocation or determination or exercising discretion under this act, a fiduciary shall:
(1)Act in good faith, based on what is fair and reasonable to all beneficiaries;
(2)administer a trust or estate impartially, except to the extent the terms of the trust manifest an intent that the fiduciary shall or may favor one or more beneficiaries;
(3)administer the trust or estate in accordance with the terms of the trust, even if there is a different provision in this act; and
(4)administer the trust or estate in accordance with this act, except to the extent the terms of the trust provide otherwise or authorize the fiduciary to determine otherwise.
(b)A fiduciary's allocation, determination or exercise of discretion under this act is presumed to be fair and reasonable to al
Free access — add to your briefcase to read the full text and ask questions with AI
(a) In making an allocation or determination or exercising discretion under this act, a fiduciary shall:
(1) Act in good faith, based on what is fair and reasonable to all beneficiaries;
(2) administer a trust or estate impartially, except to the extent the terms of the trust manifest an intent that the fiduciary shall or may favor one or more beneficiaries;
(3) administer the trust or estate in accordance with the terms of the trust, even if there is a different provision in this act; and
(4) administer the trust or estate in accordance with this act, except to the extent the terms of the trust provide otherwise or authorize the fiduciary to determine otherwise.
(b) A fiduciary's allocation, determination or exercise of discretion under this act is presumed to be fair and reasonable to all beneficiaries. A fiduciary may exercise a discretionary power of administration given to the fiduciary by the terms of the trust, and an exercise of the power that produces a result different from a result required or permitted by this act does not create an inference that the fiduciary abused the fiduciary's discretion.
(c) A fiduciary shall:
(1) Add a receipt to principal, to the extent neither the terms of the trust nor this act allocates the receipt between income and principal; and
(2) charge a disbursement to principal, to the extent neither the terms of the trust nor this act allocates the disbursement between income and principal.
(d) A fiduciary may exercise the power to adjust under K.S.A. 2024 Supp. 58-9a-203, and amendments thereto, convert an income trust to a unitrust under K.S.A. 2024 Supp. 58-9a-303(a)(1), and amendments thereto, change the percentage or method used to calculate a unitrust amount under K.S.A. 2024 Supp. 58-9a-303(a)(2), and amendments thereto, or convert a unitrust to an income trust under K.S.A. 2024 Supp. 58-9a-303(a)(3), and amendments thereto, if the fiduciary determines the exercise of the power will assist the fiduciary to administer the trust or estate impartially.
(e) Factors the fiduciary must consider in making the determination under subsection (d) include:
(1) The terms of the trust;
(2) the nature, distribution standards and expected duration of the trust;
(3) the effect of the allocation rules, including specific adjustments between income and principal, under K.S.A. 2024 Supp. 58-9a-401 through 58-9a-703, and amendments thereto;
(4) the desirability of liquidity and regularity of income;
(5) the desirability of the preservation and appreciation of principal;
(6) the extent to which an asset is used or may be used by a beneficiary;
(7) the increase or decrease in the value of principal assets, reasonably determined by the fiduciary;
(8) whether and to what extent the terms of the trust give the fiduciary power to accumulate income or invade principal or prohibit the fiduciary from accumulating income or invading principal;
(9) the extent to which the fiduciary has accumulated income or invaded principal in preceding accounting periods;
(10) the effect of current and reasonably expected economic conditions; and
(11) the reasonably expected tax consequences of the exercise of the power.