Appendix B. Uniform Principal and Income Act

• Author: Seymour Goldberg
• Profession: Senior partner in the law firm of Goldberg & Goldberg, P.C., in Woodbury, New York
• Pages: 159-160

APPENDIX B

UNIFORM PRINCIPAL

AND INCOME ACT

159

Most states have adopted a version of the Uniform Principal and Income

Act (UPAIA) promulgated by the National Conference of Commissioners

in 1997 and amended in 2008. These rules for the most part cover trust

accounting income and principles that apply to trusts.

A sample state that has adopted a version of the UPAIA has been

selected to show the extent of the average UPAIA. Please be aware that

Florida’s version of the UPAIA is not the same as New York’s version of

the UPAIA, for example. The sample state is Florida, and the categories

of coverage are shown below.

2013 FLORIDA STATUTES, CHAPTER 738

Principal and Income

738.101 Short title

738.102 Denitions

738.103 Fiduciary duties; general principles

738.104 Trustee’s power to adjust

738.1041 Total return unitrust

738.105 Judicial control of discretionary powers

738.201 Determination and distribution of net income

738.202 Distribution to residuary and remainder beneciaries

738.301 When right to income begins and ends