Full Statute Name:  Baldwin's Kentucky Revised Statutes Annotated - Title XXXIII. Administration of Trusts and Estates of Persons Under Disability - Chapter 386B. Uniform Trust Code - Subchapter 4. Creation, Validity, Modification, and Termination of Trust

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Primary Citation:  KRS § 386B.4-080 Country of Origin:  United States Last Checked:  February, 2018 Alternate Citation:  KY ST § 386B.4-080 Date Adopted:  2014
Summary: A trust may be created to provide for the care of an animal alive during the settlor's lifetime. The trust terminates on the death of the animal or, if the trust was created to provide for the care of more than one (1) animal alive during the settlor's lifetime, on the death of the last surviving animal.

 

386B.4-020 Requirements for creation

(1) A trust is created only if:

(a) The settlor has capacity to create a trust;

(b) The settlor indicates an intention to create the trust;

(c) The trust has a definite beneficiary or is:

1. A charitable trust;

2. A trust for the care of an animal under KRS 386B.4-080; or

3. A trust for a noncharitable purpose under KRS 386B.4-090;

(d) The trustee has duties to perform; and

(e) The same person is not the sole trustee and sole beneficiary.

(2) A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.

Credits

HISTORY: 2014 c 25, § 24, eff. 7-15-14

 

386B.4-080 Trust for care of animal
 
(1) A trust may be created to provide for the care of an animal alive during the settlor's lifetime. The trust terminates on the death of the animal or, if the trust was created to provide for the care of more than one (1) animal alive during the settlor's lifetime, on the death of the last surviving animal.
 
(2) A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court. A person having an interest in the welfare of the animal may request the court to appoint a person to enforce the trust or to remove a person appointed.
 
(3) Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use shall be distributed to the settlor, if then living, otherwise to the settlor's successors in interest.
 
Credits
 
HISTORY: 2014 c 25, § 30, eff. 7-15-14
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