58a-108. Principal place of administration.
58a-108
58a-108. Principal place ofadministration.(a) Withoutprecluding other means for establishing a sufficient connectionwith thedesignated jurisdiction, terms of a trust designating the principal place ofadministration are validand controlling if:
(1) A trustee's principal place of business is located in or a trustee is aresident of the designated jurisdiction; or
(2) all or part of the administration occurs in the designated jurisdiction.
(b) A trustee is under a duty to administer the trust at aplaceappropriate to itspurposes, its administration, and the interests of the beneficiaries.In determining the appropriate place for the administration of the trust,consideration shall be given to the designation of the settlor, the purposes ofthe trust, the interests of the beneficiaries and the manner and costs of trustadministration.
(c) Without precluding the right of the court to order, approve, ordisapprove a transfer, thetrustee, in furtherance of the duty prescribed by subsection (b), may transferthe trust's principalplace of administration to another state or to a jurisdiction outside of theUnited States.
(d) The trustee shall notify the qualified beneficiaries of a proposedtransfer of a trust'sprincipal place of administration not less than 60 days before initiating thetransfer. The notice ofproposed transfer must include:
(1) The name of the jurisdiction to which the principal place ofadministration is to betransferred;
(2) the address and telephone number at the new location at which the trusteecan becontacted;
(3) an explanation of the reasons for the proposed transfer;
(4) the date on which the proposed transfer is anticipated to occur; and
(5) the date, not less than 60 days after the giving of the notice, by whichthe qualifiedbeneficiary must notify the trustee of an objection to the proposed transfer.
(e) The authority of a trustee under this section to transfer a trust'sprincipal place ofadministration terminates if a qualified beneficiary notifies the trustee of anobjection to the proposedtransfer on or before the date specified in the notice.
(f) In connection with a transfer of the trust's principal place ofadministration, the trustee may transfer some or all of the trust property to asuccessor trustee designated in the termsof the trust orappointed pursuant toK.S.A. 58a-704, and amendments thereto.
History: L. 2002, ch. 133, § 8;L. 2006, ch. 23, § 3; July 1.