Utah · statute · Utah Code tit. 75B · 147 active provisions
As used in this title: (1) "Agent" means the same as that term is defined in Section 75-1-201. (2) "Beneficiary" means a person that: (a) has a present or future beneficial interest in a trust, vested or contingent; or (b) in a capacity other than that of trustee, holds a power of appointment over trust property. (3) "…
If, at the time a trust or another legal document was executed, the document contained a correct citation to a provision in Title 22, Fiduciaries and Trusts, and Title 75, Utah Uniform Probate Code, that, after the execution of the document, was renumbered and amended for inclusion in this title, that citation is a val…
Upon the death of a sole or surviving trustee of an express trust: (1) the trust estate does not descend to the trustee's heirs or pass to the trustee's personal representatives; and (2) the trust estate immediately vests in the successor trustee upon the appointment and qualification of a successor trustee.
As used in this part, "retirement trust" means a trust: (1) created by an employer as part of a pension, stock bonus, disability, death benefit, profit sharing, retirement, or similar plan primarily for the benefit of an employee or the employee's family, appointee, or beneficiary; (2) to which contributions are made b…
(1) A retirement trust is not invalid as violating a rule against perpetuities, a rule against accumulations, a rule concerning the suspension of the power of alienation of title to property, or any other law restricting or limiting the duration of trusts. (2) A retirement trust may continue in perpetuity or for the ti…
The income arising from or earned by the property held in a retirement trust is permitted to accumulate, in accordance with the terms of the trust: (1) for the time period permitted by the instrument creating the trust; or (2) if the instrument creating the trust does not specify a time period, for the time period that…
As used in this part: (1) "Asset protection trust" means a trust: (a) that is irrevocable; (b) of which the settlor: (i) is a beneficiary; or (ii) may be made a beneficiary by the act or action of a person other than the settlor; and (c) meets the requirements of this part. (2) "Creditor" means: (a) a creditor or other…
(1) A creditor of a settlor of an asset protection trust may not: (a) satisfy a claim or liability of the settlor in either law or equity out of the settlor's transfer to the asset protection trust or the settlor's beneficial interest in the asset protection trust; (b) force or require the trustee to make a distributio…
(1) For the protections described in Subsection 75B-1-302(1) to apply to an asset protection trust, the asset protection trust shall comply with this section. (2) (a) The trust instrument shall: (i) provide that the trust is governed by Utah law and is established in accordance with this part; (ii) require that at all…
The protections described in Subsection 75B-1-302(1) may apply to an asset protection trust even if: (1) the settlor serves as a cotrustee or as an advisor to the trustee, except that the settlor may not determine whether a discretionary distribution will be made; (2) the settlor participates in a determination regardi…
An agreement or understanding, express or implied, between a settlor and a trustee of an asset protection trust is void if that agreement or understanding attempts to grant or permit the retention by the settlor of greater rights or authority than is stated in the trust instrument.
With respect to a transfer of assets to an asset protection trust, a settlor may sign a sworn affidavit stating that at the time of the transfer of the assets to the trust: (1) the settlor has full right, title, and authority to transfer the assets to the trust; (2) the transfer of the assets to the trust will not rend…
(1) (a) Except as provided in Subsection (1)(b), a cause of action or claim for relief under this part is not a cause of action or claim for relief under Title 25, Chapter 6, Uniform Voidable Transfers Act. (b) A cause of action or claim for relief under Subsections 75B-1-303(5)(a) and (6)(a) is a cause of action or cl…
(1) With respect to an asset protection trust, a claim brought by a creditor of a beneficiary who is not the settlor is subject to Title 75B, Chapter 2, Part 5, Spendthrift and Discretionary Trusts. (2) With respect to an irrevocable trust that is not subject to this part, a claim brought by a creditor of a beneficiary…
(1) If the settlor signs an affidavit described in Section 75B-1-306, a person, including a creditor, may not assert a cause of action or claim for relief against a trustee of the asset protection trust, or against a person that was involved in the counseling, drafting, preparation, execution, or funding of the asset p…
(1) If the settlor makes more than one transfer to an asset protection trust, a distribution by the trustee is considered to be made from the most recent transfer to the trust. (2) A trustee of an asset protection trust may convey property that is held in trust to a beneficiary of the trust, including the settlor, for…
Reserved.
This chapter applies to a trust.
As used in this chapter: (1) "Action," with respect to an act of a trustee, includes a failure to act. (2) "Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in Subsection 75B-2-405(1). (3) "Environmental law" means a federal, state, or local law, rule, regulation, or or…
(1) Subject to Subsection (2), a person has knowledge of a fact if the person: (a) has actual knowledge of the fact; (b) has received a notice or notification of the fact; or (c) from all the facts and circumstances known to the person at the time in question, has reason to know the fact. (2) (a) An organization that c…
(1) Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. (2) Except as specifically provided in this chapter, the terms of a trust prevail over any provision of this chapter except: (a) t…
The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or laws of this state.
(1) As used in this section: (a) "Foreign trust" means a trust that is created in another state or country and valid in the state or country in which the trust is created. (b) "State law provision" means a provision that the laws of a named state govern the validity, construction, and administration of a trust. (2) If…
(1) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, the terms of a trust designating the principal place of administration are valid and controlling if: (a) a trustee's principal place of business is located in or a trustee is a resident of the designated jurisd…
(1) (a) Notice to a person under this chapter or the sending of a document to a person under this chapter must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. (b) Permissible methods of notice or for sending a document include first-clas…