(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 calculating the unitrust amount; (b) specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or (c) provide other standards and rules the fiduciary determines serve the interests of the beneficiaries. (2) If a trust qualifies for a special tax benefit or a fiduciary is not an independent person: (a) the unitrust rate established under Section 75A-5-306 may not be less than 3% or more than 5%; (b) the only provisions of Section 75A-5-307 that apply are Subsections 75A-5-307(1) and (2)(a), (d), (e)(i), and (i); (c) the only period that may be used under Section 75A-5-308 is a calendar year under Subsection 75A-5-308(1); and (d) the only other provisions of Section 75A-5-308 that apply are Subsections 75A-5-308(2)(b)(i) and (c). Renumbered and Amended by Chapter 364, 2024 General Session
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