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Code · Kentucky · Chapter 391 — Descent and distribution

391.160 Authority of life tenant to invade corpus.

304 words·~1 min read·/ky/chapter-391/391-160

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)If
(a)A devise, bequest, or conveyance of real or personal property is made by
written instrument free of any trust; and
(b)By the express terms of the instrument or by rule of law the devise, bequest or
conveyance is made to a life tenant with power to consume principal or invade
corpus, with the remainder to another upon the death of the life tenant; and
(c)The instrument does not expressly state the purpose for or the extent to which
the life tenant may consume principal or invade corpus, then the provisions of
subsection
(2)shall apply.
(2)The life tenant's power to consume principal or invade corpus shall be limited to
such consumption or invasion as shall be necessary for his health, education
(including college and professional education), and support in his accustomed
manner of living.
(3)If
(a)A devise, bequest, or conveyance of real or personal property is made in trust
by written instrument; and
(b)By the express terms of the trust instrument or by rule of law the devise,
bequest or conveyance is made for the benefit of a tenant for life with power
in the trustee to consume principal or invade corpus for the benefit of the life
tenant, with remainder to another upon the death of the life tenant; and
(c)The instrument does not expressly state the purpose for or the extent to which
the trustee may consume principal or invade corpus for the benefit of the life
tenant, then the provisions of subsection
(4)shall apply.
(4)The trustee's power to consume principal or invade corpus for the benefit of the life
tenant shall be limited to such consumption or invasion as shall be necessary for his
health, education (including college and professional education), and support in his
accustomed manner of living.
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