What are the rules for revocable trust in Kansas?
58a-601 Capacity of settlor of revocable trust. 58a-602 Revocation or amendment of revocable trust. 58a-603 Settlor’s powers; powers of withdrawal; incapacitation of settlor; hearing. 58a-604 Limitation on action contesting validity of revocable trust; distribution of trust property. 58a-701 Accepting or declining trusteeship.
What makes a trust a fiduciary trust in Kansas?
Fiduciary. A resident trust is any trust which is administered by the trustee in Kansas. A trust being administered outside of Kansas shall not be considered a resident trust merely because the governing instrument or a law required that the laws of Kansas be followed with respect to interpretation or administration of the trust.
What kind of estate is a resident trust in Kansas?
All other estates are nonresident estates. A resident trust is any trust which is administered by the trustee in Kansas.
Is the Uniform Trust Code sec.101 relevant to Kansas?
Therefore, any reference to Uniform Trust Code Sec. 101 may be relevant to K.S.A. 58a-101. K.S.A. 58a-418 was not a part of the Uniform Trust Code.
Who are the beneficiaries of a revocable trust account?
A revocable trust account is a testamentary deposit account owned by one or more people expressing the intent that upon the death of the owner(s), the deposited funds will pass to one or more named beneficiaries.
58a-601 Capacity of settlor of revocable trust. 58a-602 Revocation or amendment of revocable trust. 58a-603 Settlor’s powers; powers of withdrawal; incapacitation of settlor; hearing. 58a-604 Limitation on action contesting validity of revocable trust; distribution of trust property. 58a-701 Accepting or declining trusteeship.
What is chapter 58A of the Kansas Trust Code?
58a-409 Noncharitable trust without ascertainable beneficiary. 58a-410 Modification or termination of trust; proceedings for approval or disapproval. 58a-411 Modification or termination of noncharitable irrevocable trust by consent.
What makes an IDI a revocable trust account?
For purposes of meeting this requirement, the term “title” includes the electronic deposit account records of the IDI. For informal revocable trusts, the FDIC will recognize an account as a revocable trust account if the IDI’s electronic deposit account records identify (through a code or otherwise) the account as a revocable trust account.