§ 2-3-907 — Valuations

(a) The fair market value of a trust subject to this act
shall be determined, at least annually, using a valuation date
or dates or averages of valuation dates as are deemed
appropriate except that:
(i) The trustee shall not include in the fair market
value the value of any residential property or any tangible
personal property that the income beneficiary has the right to
occupy or use;
(ii) The trustee shall not limit or restrict any
right of the beneficiary to use the excluded property in
accordance with the governing instrument; and
(iii) Where the terms of the trust do not provide
contrary direction, the trustee shall include in the fair market
value the value of:
(A) The portion of any private or commercial
annuity from which the trustee is receiving distributions as a
designated beneficiary of the annuity; and
(B) The portion of any individual retirement
account and pension, profit-sharing, stock bonus or stock
ownership plan retirement account from which the trustee is
receiving distributions as a designated beneficiary of the
account.
(b) Assets for which a fair market value cannot be readily
ascertained shall be valued using valuation methods as are
deemed reasonable and appropriate as determined in the sole
discretion of the trustee. The assets may be excluded from
valuation in the sole discretion of the trustee, provided all
income received with respect to the assets is distributed to the
extent distributable in accordance with the terms of the
governing instrument.