KRS 386B.1-030: Default and mandatory rules.

(1) Except as otherwise provided in the terms of the trust, this chapter governs the

duties and powers of a trustee, relations among trustees, and the rights and interests

of a beneficiary.

(2) The terms of a trust prevail over any provision of this chapter, except:

(a) The requirements for creating a trust;

(b) Subject to KRS 386B.12 -080, 386B.12-100, and 386B.12 -110, the duty of a

trustee to act in good faith and in the interests of the beneficiaries;

(c) The requirement that a trust and its terms be for the benefit of its

beneficiaries, and that the trust have a purpose that is lawful, not contrary to

public policy, and possible to achieve;

(d) The power of the court to change or terminate a trust under Subchapter 4 of

this chapter;

(e) The effect of a spend thrift provision and the rights of certain creditors and

assignees to reach a trust as provided in Subchapter 5 of this chapter;

(f) The power of the court under KRS 386B.7 -020 to require, dispense with, or

modify or terminate a bond;

(g) The power of the court under KRS 386B.7 -080(2) to adjust a trustee's

compensation as specified in the terms of the trust which is unreasonably low

or high;

(h) The duty to notify and report under KRS 386B.8-130(2);

(i) The effect of an exculpatory term under KRS 386B.10-080;

(j) The rights under KRS 386B.10 -100, 386B.10 -110, and 386B.10 -120 of a

person other than a trustee or beneficiary;

(k) Periods of limitation for commencing a judicial proceeding;

(l) The power of th e court to take such action and exercise such jurisdiction as

may be necessary in the interests of justice; and

(m) The subject -matter jurisdiction of the court and venue for commencing a

proceeding as provided in KRS 386B.2-030 and 386B.2-040.