Estates, Powers, and Trusts Law

• Author: Seymour Goldberg
• Profession: Senior partner in the law firm of Goldberg & Goldberg, PC in Woodbury, New York
• Pages: 11-15

ARTICLE 11-A

UNIFORM PRINCIPAL AND INCOME ACT

Article 11-A-1.3 Fiduciary duties, general principles

(a)

In allocating receipts and disbursements to or between principal

and income and with respect to any matter with the scope of Parts

2 and 3, a duciary:

(1) shall administer a trust or estate in accordance with the terms of

the trust or will, even if there is a different provision in this article;

(2)

may administer a trust or estate by the exercise of a discre-

tionary power of administration given to the duciary by the

terms of the trust or the will, even if the exercise of the power

produces a result different from a result required or permit-

ted by this article;

(3)

shall administer a trust or estate in accordance with this article

if the terms of the trust or the will do not contain a different

provision or do not give the duciary a discretionary power

of administration; and

(4)

shall add a receipt or charge a disbursement to principal to the

extent that the terms of the trust or the will and this Article do

not provide a rule for allocating the receipt or disbursement

to or between principal and income.

(b) In exercising a discretionary power of administration ... a duciary

shall administer a trust ... impartially, based on what is fair and rea-

sonable ... to all beneciaries....

11

ESTATES, POWERS,

AND TRUSTS LAW

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