Kansas Statutes 58-9a,302. Application; duties and remedies
Terms Used In Kansas Statutes 58-9a,302
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
(a) Except as otherwise provided in subsection (b), Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, apply to:
(1) An income trust, unless the terms of the trust expressly prohibit use Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, by a specific reference to Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, or an explicit expression of intent that net income not be calculated as a unitrust amount; and
(2) an express unitrust, except to the extent the terms of the trust explicitly:
(A) Prohibit use of Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, by a specific reference to Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto;
(B) prohibit conversion to an income trust; or
(C) limit changes to the method of calculating the unitrust amount.
(b) Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, do not apply to a trust described in section 170(f)(2)(B), 642(c)(5), 664(d), 2702(a)(3)(A)(ii) or (iii) or 2702(b) of the internal revenue code of 1986, 26 U.S.C. § 170(f)(2)(B), 642(c)(5), 664(d), 2702(a)(3)(A)(ii) or (iii) or 2702(b).
(c) An income trust to which Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, apply under subsection (a)(1) may be converted to a unitrust under Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, regardless of the terms of the trust concerning distributions. Conversion to a unitrust under Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, does not affect other terms of the trust concerning distributions of income or principal.
(d) Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, apply to an estate only to the extent a trust is a beneficiary of the estate. To the extent of the trust’s interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto.
(e) Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, do not create a duty to take or consider action under Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, or to inform a beneficiary about the applicability of Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto.
(f) A fiduciary that in good faith takes or fails to take an action under Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, is not liable to a person affected by the action or inaction.