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11.98.107 | Trustee exculpation. | (1) An exculpatory term which was inserted as the result of an abuse of a fiduciary or confidential relationship between the trustor and the trustee is unenforceable. (2) An exculpatory term drafted or caused to be drafted by the trustee is invalid as an abuse of a fiduciary or confidential relationship unless the trus... |
11.98.108 | Nonliability of trustee—Beneficiary's consent, release, or ratification. | A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless: (1) The consent, release, or ratification of the beneficiary was induced by i... |
11.98.110 | Contract and tort liability. | As used in this section, a trust includes a probate estate, and a trustee includes a personal representative. The words "trustee" and "as trustee" mean "personal representative" and "as personal representative" where this section is being construed in regard to personal representatives. Actions on contracts which have ... |
11.98.130 | Rule against perpetuities. | No provision of an instrument creating a trust, including the provisions of any further trust created, and no other disposition of property made pursuant to exercise of a power of appointment granted in or created through authority under such instrument is invalid under the rule against perpetuities, or any similar sta... |
11.98.140 | Distribution and vesting of assets. | If, during the one hundred fifty years following the effective date of an instrument creating a trust, any of the trust assets should by the terms of the instrument or pursuant to any further trust or other disposition resulting from exercise of the power of appointment granted in or created through authority under suc... |
11.98.145 | Distribution upon termination. | (1) Upon termination or partial termination of a trust, the trustee may send, by personal service, certified mail with return receipt requested, or in an electronic transmission if there is a consent of the recipient to electronic transmission then in effect under the terms of RCW 11.96A.110 , to the beneficiaries a pr... |
11.98.150 | Distribution of assets after one hundred fifty-year period. | If, at the end of the one hundred fifty years following the effective date of an instrument creating a trust, any of the trust assets have not by the terms of the trust instrument become distributable or vested, then the assets shall be distributed as the superior court having jurisdiction directs, giving effect to the... |
11.98.160 | Effective date of irrevocable inter vivos trust—Effective date of revocable inter vivos or testamentary trust. | For the purposes of RCW 11.98.130 through 11.98.150 the effective date of an instrument purporting to create an irrevocable inter vivos trust is the date on which it is executed by the trustor, and the effective date of an instrument purporting to create either a revocable inter vivos trust or a testamentary trust is t... |
11.98.170 | Designation of trustee as beneficiary of life insurance policy or retirement plan—Determination of proper recipient of proceeds—Definitions—Beneficiary designations executed before January 1, 1985, not invalidated. | (1) Any life insurance policy or retirement plan payment provision may designate as beneficiary: (a) A trustee named or to be named by will, and immediately after the proving of the will, the proceeds of such insurance or of such plan designated as payable to that trustee, in part or in whole, shall be paid to the trus... |
11.98.200 | Beneficiary trustee—Limitations on power. | Due to the inherent conflict of interest that exists between a trustee and a beneficiary of a trust, unless the terms of a trust refer specifically to RCW 11.98.200 through 11.98.240 and provide expressly to the contrary, the powers conferred upon a trustee who is a beneficiary of the trust, other than the trustor as a... |
11.98.210 | Beneficiary trustee—Disregard of provision conferring absolute or similar power—Power of removal. | If a trustee is a beneficiary of the trust and the trust instrument confers the power to make distributions of principal or income for the trustee's health, education, support, or maintenance as described in section 2041 or 2514 of the Internal Revenue Code and the applicable regulations adopted under that section, the... |
11.98.220 | Beneficiary trustee—Inferences of law—Judicial review. | RCW 11.98.200 through 11.98.240 do not raise any inference that the law of this state prior to July 25, 1993, was different than under RCW 11.98.200 through 11.98.240 . Further, RCW 11.98.200 through 11.98.240 do not raise an inference that prior to July 25, 1993, a trustee's exercise or failure to exercise a power des... |
11.98.230 | Beneficiary trustee—Income under marital deduction—Spousal power of appointment. | Notwithstanding any provision of RCW 11.98.200 through 11.98.240 seemingly to the contrary, RCW 11.98.200 through 11.98.240 do not limit or restrict the distribution of income of a trust that qualifies or that otherwise could have qualified for the marital deduction under section 2056 or 2523 of the Internal Revenue Co... |
11.98.240 | Beneficiary trustee—Applicability—Exceptions—Election of exception—Cause of action. | (1)(a) RCW 11.98.200 and 11.98.210 respectively apply to: (i) A trust established under a will, codicil, trust agreement, declaration of trust, deed, or other instrument executed after July 25, 1993, unless the instrument's terms refer specifically to RCW 11.98.200 or 11.98.210 respectively and provide expressly to the... |
11.98.900 | Application of RCW11.98.130through11.98.160—RCW11.68.090prevails. | (1) The provisions of RCW 11.98.130 through 11.98.160 are applicable to any instrument purporting to create a trust regardless of the date such instrument bears, unless it has been previously adjudicated in the courts of this state. (2) To the extent that this chapter is in conflict with RCW 11.68.090 , RCW 11.68.090 p... |
11.98.920 | Short title. | This act shall be known as the "Washington Trust Act."
[ 1985 c 30 s 62 . Prior: 1959 c 124 s 12 . Formerly RCW 30.99.910 .]
Short title — Application — Purpose — Severability — 1985 c 30: See RCW 11.02.900 through 11.02.903 . |
11.98.930 | Construction—Chapter applicable to state registered domestic partnerships—2009 c 521. | For the purposes of this chapter, the terms spouse, marriage, marital, husband, wife, widow, widower, next of kin, and family shall be interpreted as applying equally to state registered domestic partnerships or individuals in state registered domestic partnerships as well as to marital relationships and married person... |
11.98B.005 | Short title. | This chapter may be known and cited as the uniform directed trust act.
[ 2020 c 303 s 1 .] |
11.98B.010 | Definitions. | The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or law of this state other than this chapter perta... |
11.98B.020 | Applicability—Principal place of administration. | (1) This chapter applies to a trust, whenever created, that has its principal place of administration in this state, subject to the following rules: (a) If the trust was created before January 1, 2021, this chapter applies only to a decision or action occurring on or after January 1, 2021. (b) If the principal place of... |
11.98B.030 | Applicability—Exclusions—Power of appointment. | (1) In this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. (2) This chapter does not apply to a: (a) Power of appointment; (b) Power to appoint or remove a tru... |
11.98B.040 | Common law and principles of equity supplement. | The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or law of this state other than this chapter.
[ 2020 c 303 s 4 .] |
11.98B.050 | Trust director—Power of direction. | (1) Subject to RCW 11.98B.060 , the terms of a trust may grant a power of direction to a trust director. (2) Unless the terms of a trust provide otherwise: (a) A trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted to the director under subsection (1) ... |
11.98B.060 | Trust director—Power of direction—Limitations. | A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under RCW 11.98B.050 (2)(a) regarding: (1) A payback provision in the terms of a trust necessary to comply with the reimbursement requirem... |
11.98B.070 | Trust director—Duties and liability. | (1) Subject to subsection (2) of this section, with respect to a power of direction or further power under RCW 11.98B.050 (2)(a): (a) A trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (i) If the power is held individually, as a sole trustee in a like position and un... |
11.98B.080 | Directed trustee—Duties and liability. | (1) Subject to subsection (2) of this section, a directed trustee shall take reasonable action to comply with a trust director's exercise or nonexercise of a power of direction or further power under RCW 11.98B.050 (2)(a), and the trustee is not liable for the action. (2) A directed trustee must not comply with a trust... |
11.98B.090 | Duty to provide information to trust director or trustee. | (1) Subject to RCW 11.98B.100 , a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (a) The powers or duties of the trustee; and (b) The powers or duties of the director. (2) Subject to RCW 11.98B.100 , a trust director shall provide information to a trus... |
11.98B.100 | No duty to monitor, inform, or advise trust director or trustee. | (1) Unless the terms of a trust provide otherwise: (a) A trustee does not have a duty to: (i) Monitor a trust director; or (ii) Inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the director; and (b) By taking an act... |
11.98B.110 | Application to cotrustee. | The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee's exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a trust director's power of direction unde... |
11.98B.120 | Trust director—Action against—Limitation. | (1) An action against a trust director for breach of trust must be commenced within the same limitation period under RCW 11.96A.070 as for an action for breach of trust against a trustee in a like position and under similar circumstances. (2) A report or accounting has the same effect on the limitation period for an ac... |
11.98B.130 | Trust director—Action against—Defenses. | In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee.
[ 2020 c 303 s 14 .] |
11.98B.140 | Trust director—Personal jurisdiction. | (1) By accepting appointment as a trust director of a trust subject to this chapter, the director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of the director. (2) This section does not preclude other methods of obtaining jurisdiction over a trust director... |
11.98B.150 | Trust director—Rules applicable to trustees apply. | Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: (1) Acceptance; (2) Giving of bond to secure performance; (3) Reasonable compensation; (4) Resignation; (5) Removal; and (6) Vacancy and appointment of successor.
[ 2020 c 303 s 16... |
11.98B.900 | Uniformity of application and construction. | In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
[ 2020 c 303 s 17 .] |
11.98B.901 | Relation to electronic signatures in global and national commerce act. | This chapter modifies, limits, or supersedes the electronic signatures in global and national commerce act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede section 101(c) of that act (15 U.S.C. Sec. 7001(c)) or authorize electronic delivery of any of the notices described in section 103(b) of that... |
11.98B.902 | Effective date—2020 c 303. | This act takes effect January 1, 2021.
[ 2020 c 303 s 20 .] |
11.99.010 | Effective date of title. | This title shall take effect and be in force on and after the first day of July, 1967; except that sections 11.44.055, 11.44.065 , 11.44.070 and 11.44.080 shall take effect on July 1, 1965, and the repeal of the following acts or parts of acts as listed in section 11.99.015 shall also take effect on July 1, 1965, to wi... |
11.99.013 | Headings not part of law. | Title headings, chapter headings, and section or subsection headings, as used in this title do not constitute any part of the law.
[ 1965 c 145 s 11.99.013 .] |
11.99.015 | Repeal. | See 1965 c 145 s 11.99.015 . |
11.99.020 | Savings clause—Rights not affected. | No act done in any proceeding commenced before this title takes effect and no accrued right shall be impaired by its provisions. When a right is acquired, extinguished or barred upon the expiration of a prescribed period of time which has commenced to run by the provisions of any statute in force before this title take... |
11.100.010 | Provisions of chapter to control—Alteration by controlling instrument. | Any corporation, association, or person handling or investing trust funds as a fiduciary shall be governed in the handling and investment of such funds as in this chapter specified. A fiduciary who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with requirements of this chapter... |
11.100.015 | Guardians, guardianships and funds are subject to chapter. | In addition to other fiduciaries, a guardian of any estate is a fiduciary within the meaning of this chapter; and in addition to other trusts, a guardianship of any estate is a trust within the meaning of this chapter; and in addition to other trust funds, guardianship funds are trust funds within the meaning of this c... |
11.100.020 | Management of trust assets by fiduciary. | (1) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (2) A trustee's investment and management deci... |
11.100.023 | Authority of fiduciary to invest in certain enterprises. | Subject to the standards of RCW 11.100.020 , a fiduciary is authorized to invest in new, unproven, untried, or other enterprises with a potential for significant growth whether producing a current return, either by investing directly therein or by investing as a limited partner or otherwise in one or more commingled fu... |
11.100.025 | Spousal or domestic partnership deduction interests. | Notwithstanding RCW 11.98.070 (21)(a), 11.100.060 , or any other statutory provisions to the contrary, with respect to trusts which require by their own terms or by operation of law that all income be paid at least annually to the spouse or domestic partner of the trust's creator, which do not provide that on the termi... |
11.100.030 | Investment in savings accounts—Requirements. | A corporation doing a trust business may invest trust funds in savings accounts with itself to the extent that deposits are insured by an agency of the federal government. Additional trust funds may be so invested by the corporation only if it first sets aside under the control of its trust department as collateral sec... |
11.100.035 | Investments in securities of certain investment trusts. | (1) Within the standards of judgment and care established by law, and subject to any express provisions or limitations contained in any particular trust instrument, guardians, trustees, and other fiduciaries, whether individual or corporate, are authorized to acquire and retain securities of any open-end or closed-end ... |
11.100.037 | Investment or distribution of funds held in fiduciary capacity—Deposit in other departments authorized—Collateral security required, exception. | Funds held by a bank or trust company in a fiduciary capacity awaiting investment or distribution shall not be held uninvested or undistributed any longer than is reasonable for the proper management of the account. These funds, including managing agency accounts, may, unless prohibited by the instrument creating the t... |
11.100.040 | Court may permit deviation from terms of trust instrument. | Nothing contained in this chapter shall be construed as restricting the power of a court of proper jurisdiction to permit a fiduciary to deviate from the terms of any will, agreement, or other instrument relating to the acquisition, investment, reinvestment, exchange, retention, sale, or management of fiduciary propert... |
11.100.045 | Fiduciary—Duty to beneficiaries. | A fiduciary shall invest and manage the trust assets solely in the interests of the trust beneficiaries. If a trust has two or more beneficiaries, the fiduciary shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
[ 1995 c 307 s 4 .]
Applica... |
11.100.047 | Fiduciary—Duty to diversify. | Subject to the provisions of RCW 11.100.060 and any express provisions in the trust instrument to the contrary, a fiduciary shall diversify the investments of the trust unless the fiduciary reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
[ ... |
11.100.050 | Scope of chapter—RCW11.68.090prevails. | (1) The provisions of this chapter govern fiduciaries acting under wills, agreements, court orders, and other instruments effective before or after January 1, 1985. (2) To the extent that this chapter is in conflict with RCW 11.68.090 , RCW 11.68.090 prevails.
[ 2021 c 140 s 4024 ; 1985 c 30 s 72 . Prior: 1984 c 149 s ... |
11.100.060 | Fiduciary may hold and retain trust property—Investments—Liability. | Subject to express provisions to the contrary in the trust instrument, any fiduciary may hold and retain any real or personal property received into or acquired by the trust from any source. Except as to trust property acquired for consideration, a fiduciary may hold and retain any such property without need for divers... |
11.100.070 | Meaning of terms in trust instrument. | The terms "legal investment" or "authorized investment" or words of similar import, as used in any such instrument, shall be taken to mean any investment which is permitted by the terms of RCW 11.100.020 .
[ 1985 c 30 s 74 . Prior: 1984 c 149 s 110 ; 1955 c 33 s 30.24.070 ; prior: 1947 c 100 s 7 ; 1941 c 41 s 13 ; Rem.... |
11.100.090 | Dealings with self or affiliate. | Unless the instrument creating the trust expressly provides to the contrary and except as authorized in RCW 11.98.078 , any fiduciary in carrying out the obligations of the trust, may not buy or sell investments from or to himself, herself, or itself or any affiliated or subsidiary company or association. This section ... |
11.100.120 | Use of trust funds for life insurance. | Subject to the standards of RCW 11.100.020 , a fiduciary is authorized to use trust funds to acquire life insurance upon the life of any beneficiary or upon the life of another in whose life such beneficiary has an insurable interest.
[ 1985 c 30 s 76 . Prior: 1984 c 149 s 112 ; 1973 1st ex.s. c 89 s 1 . Formerly RCW 3... |
11.100.130 | Person to whom power or authority to direct or control acts of fiduciary or investments of a trust is conferred deemed a fiduciary—Liability. | Whenever power or authority to direct or control the acts of a fiduciary or the investments of a trust is conferred directly or indirectly upon any person other than the designated trustee of the trust, such person shall be deemed to be a fiduciary and shall be liable to the beneficiaries of the trust and to the design... |
11.100.140 | Notice and procedure for nonroutine transactions. | (1) A trustee shall not enter into a significant nonroutine transaction in the absence of a compelling circumstance without: (a) Providing the written notice called for by subsection (4) of this section; and (b) If the significant nonroutine transaction is of the type described in subsection (2)(a) of this section, obt... |
11.102.010 | Funds authorized—Investment—Rules and regulations—"Affiliated" defined. | Any bank or trust company qualified to act as fiduciary in this state, or in any other state if affiliated with a bank or trust company qualified to act as fiduciary in this state, may establish common trust funds for the purpose of furnishing investments to itself and its affiliated or related bank or trust company as... |
11.102.020 | Accounting. | Unless ordered by a court of competent jurisdiction the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such funds; but it may, by application to the superior court, secure approval of such an accounting on such conditions as the court may establish.
[... |
11.102.030 | Applicability of chapter. | This chapter shall apply to fiduciary relationships in existence on June 11, 1943, or thereafter established.
[ 1985 c 30 s 81 . Prior: 1955 c 33 s 30.28.030 ; prior: 1943 c 55 s 7 ; Rem. Supp. 1943 s 3388-6. Formerly RCW 30.28.030 .]
Short title — Application — Purpose — Severability — 1985 c 30: See RCW 11.02.900 thr... |
11.102.040 | Interpretation of chapter. | This chapter shall be so interpreted and construed to effectuate its general purpose to make uniform the laws of those states which enact it.
[ 1985 c 30 s 82 . Prior: 1955 c 33 s 30.28.040 ; prior: 1943 c 55 s 3 ; Rem. Supp. 1943 s 3388-2. Formerly RCW 30.28.040 .]
Short title — Application — Purpose — Severability — ... |
11.102.050 | Short title. | This chapter may be cited as the uniform common trust fund act.
[ 1985 c 30 s 83 . Prior: 1955 c 33 s 30.28.050 ; prior: 1943 c 55 s 4 ; Rem. Supp. 1943 s 3388-3. Formerly RCW 30.28.050 .]
Short title — Application — Purpose — Severability — 1985 c 30: See RCW 11.02.900 through 11.02.903 . |
11.103.020 | Trustor capacity. | The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will.
[ 2011 c 327 s 35 .]
Application — 2011 c 327: "Except as otherwise provided in this act: (1) This act applies to all trusts cr... |
11.103.030 | Revocation or amendment. | (1) Unless the terms of a trust expressly provide that the trust is revocable, the trustor may not revoke or amend the trust. (2) If a revocable trust is created or funded by more than one trustor and unless the trust agreement provides otherwise: (a) To the extent the trust consists of community property, the trust ma... |
11.103.040 | Trustor's powers—Powers of withdrawal. | While the trustor of a revocable trust is living, the rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the trustor. If a revocable trust has more than one trustor, the duties of the trustee are owed to all of the living trustors having the right to revoke... |
11.103.050 | Limitation on action contesting validity of revocable trust—Distribution of trust property. | (1) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the trustor's death within the earlier of: (a) Twenty-four months after the trustor's death; or (b) Four months after the trustee sent to the person by personal service, mail, or in an electronic transmission if the... |
11.104B.001 | Short title. | This chapter may be known and cited as the uniform fiduciary income and principal act.
[ 2021 c 140 s 2101 .] |
11.104B.005 | Definitions. | The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1) "Accounting period" means a calendar year, unless a fiduciary selects another period of 12 calendar months or approximately 12 calendar months. The term includes a part of a calendar year or another period o... |
11.104B.010 | Scope. | Except as otherwise provided in the terms of a trust or this chapter, this chapter applies to a trust or estate.
[ 2021 c 140 s 2103 .] |
11.104B.020 | Governing law. | (1) Except as otherwise provided in the terms of a trust or this chapter, this chapter applies when this state is the principal place of administration of a trust or estate, subject to the following rules: (a) If the trust was created before January 1, 2022, this chapter applies only to a decision or action occurring o... |
11.104B.050 | Fiduciary duties—General principles. | (1) In making an allocation or determination or exercising discretion under this chapter, a fiduciary shall: (a) Act in good faith, based on what is fair and reasonable to all beneficiaries; (b) Administer a trust or estate impartially, except to the extent the terms of the trust manifest an intent that the fiduciary s... |
11.104B.060 | Fiduciary duties—Judicial review of exercise of discretionary power—Request for instruction. | (1) In this section, "fiduciary decision" means: (a) A fiduciary's allocation between income and principal or other determination regarding income and principal required or authorized by the terms of the trust or this chapter; (b) The fiduciary's exercise or nonexercise of a discretionary power regarding income and pri... |
11.104B.070 | Fiduciary duties—Power to adjust. | (1) Except as otherwise provided in the terms of a trust or this section, a fiduciary, in a record, without court approval, may adjust between income and principal if the fiduciary determines the exercise of the power to adjust is necessary to administer the trust or estate in accordance with the requirements of RCW 11... |
11.104B.100 | Unitrusts—Definitions. | The definitions in this section apply throughout this article unless the context clearly requires otherwise. (1) "Applicable value" means the amount of the net fair market value of a trust taken into account under RCW 11.104B.160 . (2) "Express unitrust" means a trust for which, under the terms of the trust without reg... |
11.104B.110 | Unitrusts—Application—Duties and remedies. | (1) Except as otherwise provided in subsection (2) of this section, this article applies to: (a) An income trust, unless the terms of the trust expressly prohibit use of this article by a specific reference to this article or an explicit expression of intent that net income not be calculated as a unitrust amount; and (... |
11.104B.120 | Unitrusts—Authority of fiduciary. | (1) A fiduciary, without court approval, by complying with subsections (2) and (6) of this section, may: (a) Convert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust providing: (i) That in administering the trust the net income of the trust will be a unitrust amount rath... |
11.104B.130 | Unitrusts—Notice. | (1) A notice required by RCW 11.104B.120 (2)(b) must be sent to: (a) All beneficiaries that receive or are entitled to receive income from the trust or would be entitled to receive a distribution of principal if the trust were terminated at the time the notice is sent, assuming no power of appointment is exercised; and... |
11.104B.150 | Unitrusts—Unitrust rates. | (1) Except as otherwise provided in RCW 11.104B.180 (2)(a), a unitrust rate may be: (a) A fixed unitrust rate; or (b) A unitrust rate that is determined for each period using: (i) A market index or other published data; or (ii) A mathematical blend of market indices or other published data over a stated number of prece... |
11.104B.160 | Unitrusts—Applicable value. | (1) A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including: (a) The frequency of valuing the asset, which need not require a valuation in every period; and (b) The date for valuing the asset in each period in which the as... |
11.104B.170 | Unitrusts—Period. | (1) A unitrust policy must provide the period used under RCW 11.104B.150 and 11.104B.160 . Except as otherwise provided in RCW 11.104B.180 (2)(c), the period may be: (a) A calendar year; (b) A 12-month period other than a calendar year; (c) A calendar quarter; (d) A three-month period other than a calendar quarter; or ... |
11.104B.180 | Unitrust—Special tax benefits—Other rules. | (1) A unitrust policy may: (a) Provide methods and standards for: (i) Determining the timing of distributions; (ii) Making distributions in cash or in-kind or partly in cash and partly in-kind; or (iii) Correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calcu... |
11.104B.200 | Receipts from entities—Character. | (1) The definitions in this subsection apply throughout this section unless the context clearly requires otherwise. (a) "Capital distribution" means an entity distribution of money that is a: (i) Return of capital; or (ii) Distribution in total or partial liquidation of the entity. (b) "Entity": (i) Means a corporation... |
11.104B.210 | Receipts from entities—Distributions from trusts and estates. | A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under Article 3 of this chapter, from a trust or estate in which the fiduciary has an interest, other than an interest the fiduciary purchased in a trust that is an investment entity, and shall allocat... |
11.104B.220 | Receipts from entities—Businesses and other activities conducted by fiduciary. | (1) This section applies to a business or other activity conducted by a fiduciary if the fiduciary determines that it is in the interests of the beneficiaries to account separately for the business or other activity instead of: (a) Accounting for the business or other activity as part of the fiduciary's general account... |
11.104B.230 | Receipts not normally apportioned—Principal receipts. | A fiduciary shall allocate to principal: (1) To the extent not allocated to income under this chapter, an asset received from: (a) An individual during the individual's lifetime; (b) An estate; (c) A trust on termination of an income interest; or (d) A payor under a contract naming the fiduciary as beneficiary; (2) Exc... |
11.104B.240 | Receipts not normally apportioned—Rental property. | To the extent a fiduciary does not account for the management of rental property as a business under RCW 11.104B.220 , the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable d... |
11.104B.250 | Receipts not normally apportioned—Receipt on obligation to be paid in money. | (1) This section does not apply to an obligation to which RCW 11.104B.280 , 11.104B.290 , 11.104B.300 , 11.104B.310 , 11.104B.330 , 11.104B.340 , or 11.104B.350 applies. (2) A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money ... |
11.104B.260 | Receipts not normally apportioned—Insurance policies and contracts. | (1) This section does not apply to a contract to which RCW 11.104B.280 applies. (2) Except as otherwise provided in subsection (3) of this section, a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insure... |
11.104B.270 | Receipts normally apportioned—Insubstantial allocation not required. | (1) If a fiduciary determines that an allocation between income and principal required by RCW 11.104B.280 , 11.104B.290 , 11.104B.300 , 11.104B.310 , or 11.104B.340 is insubstantial, the fiduciary may allocate the entire amount to principal, unless RCW 11.104B.070 (5) applies to the allocation. (2) A fiduciary may pres... |
11.104B.280 | Receipts normally apportioned—Deferred compensation, annuities, and similar payments. | (1) The definitions in this subsection apply throughout this section unless the context clearly requires otherwise. (a) "Internal income of a separate fund" means the amount determined under subsection (2) of this section. (b) "Marital trust" means a trust: (i) Of which the settlor's surviving spouse is the only curren... |
11.104B.290 | Receipts normally apportioned—Liquidating assets. | (1) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement t... |
11.104B.300 | Receipts normally apportioned—Minerals, water, and other natural resources. | (1) To the extent a fiduciary accounts for a receipt from an interest in minerals, water, or other natural resources pursuant to this section, the fiduciary shall allocate the receipt: (a) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income; (b) If received from ... |
11.104B.310 | Receipts normally apportioned—Timber. | (1) To the extent a fiduciary does not account for receipts from the sale of timber and related products as a business under RCW 11.104B.220 , the fiduciary shall allocate the net receipts: (a) To income, to the extent the amount of timber cut from the land does not exceed the rate of growth of the timber; (b) To princ... |
11.104B.320 | Receipts normally apportioned—Marital deduction property not productive of income. | (1) If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor's spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent the trust assets otherwise do not provide the spouse with sufficient income from or use of the trust as... |
11.104B.330 | Receipts normally apportioned—Derivatives and options. | (1) In this section, "derivative" means a contract, instrument, other arrangement, or combination of contracts, instruments, or other arrangements, the value, rights, and obligations of which are, in whole or in part, dependent on or derived from an underlying tangible or intangible asset, group of tangible or intangib... |
11.104B.340 | Receipts normally apportioned—Asset-backed securities. | (1) If a fiduciary receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the fiduciary shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the paymen... |
11.104B.350 | Receipts normally apportioned—Other financial instruments and arrangements. | A fiduciary shall allocate receipts from or related to a financial instrument or arrangement not otherwise addressed by this chapter. The allocation must be consistent with RCW 11.104B.330 and 11.104B.340 .
[ 2021 c 140 s 2416 .] |
11.104B.400 | Disbursements—Disbursement from income. | Subject to RCW 11.104B.430 , and except as otherwise provided in RCW 11.104B.500 (3) (b) or (c), a fiduciary shall disburse from income: (1) One-half of: (a) The regular compensation of the fiduciary and any person providing investment advisory, custodial, or other services to the fiduciary, to the extent income is suf... |
11.104B.410 | Disbursements—Disbursement from principal. | (1) Subject to RCW 11.104B.440 , and except as otherwise provided in RCW 11.104B.500 (3)(b), a fiduciary shall disburse from principal: (a) The balance of the disbursements described in RCW 11.104B.400 (1) and (3) after application of RCW 11.104B.400 (2); (b) The fiduciary's compensation calculated on principal as a fe... |
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