394.065 Validity of trust, devise or legacy not affected by specified provisions.

209 words·~1 min read·/ky/chapter-394/394-065

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

(1)No writing declaring and creating a trust, including a life insurance trust, when

otherwise valid, shall be an invalid trust or a testamentary disposition of property

because the grantor of the trust reserves to himself:

(a)the income of the trust estate

for his life, or any other period, or the right to receive the income of the trust estate

or have it used for his benefit for his life, or any other period, whether at the

grantor's direction or in the trustee's discretion; and/or

(b)the right to receive

amounts of the trust principal or have such amounts used for his benefit whether at

the grantor's direction or in the discretion of the trustee; and/or

(c)the right, at any

time during his lifetime, to modify, alter, amend or revoke the trust instrument, in

whole or in part; and/or

(d)the right, at any time during his lifetime, to make

recommendations to or direct the trustee as to any or all investments of the trustee

and any or all administrative or other functions of the trustee.

(2)Subsection

(1)above shall be applicable to all writings executed after its enactment

and to all writings previously executed if the grantor is living at the time of its

enactment.