HB370:

Uniform Fiduciary Income and Principal Act; replaces prior Act.

Bill Summary:

Uniform Fiduciary Income and Principal Act.
Codifies the Uniform Fiduciary Income and Principal Act, which replaces
the prior uniform act to reflect modern trust investment practices
in the allocation of principal and income. The bill provides procedures
for trustees administering estates and gives them additional flexibility
to administer discretionary trusts to ensure that the intention of
the creator of the trust is accomplished. The bill includes provisions
for converting a traditional trust into a "unitrust" to allow for
total-return investing.