{"data":{"id":"us-ky/krs-286.3-219","jurisdiction":"us-ky","citation":"KRS 286.3-219","heading":"Continuation of trust by corporate trustee -- Limitations -- Application.","body":"(1) A corporate trustee administering a trust may continue the term of a portion of the\ntrust so long as the period of the continuation does not extend beyond the term\nallowable under KRS 381.224, 381.225, and 381.226 that is applicable to the trust.\n(2) Subject to KRS 381.224, 381.225, and 381.226, the portion of the trust continued\nby the corporate trustee shall continue for the life of the remainder beneficiary of\nthe trust, upon the same terms and conditions as provided in the trust, for the term\npreceding the life beneficiary's death. In addition, commencing with the death of the\nlife beneficiary, the remainder beneficiary may withdraw that portion of the trust\nthat has been continued by giving written notice to the corporate trustee. However,\neach year five percent (5%) of the remainder beneficiary's right of withdrawal shall\nlapse on December 31, and the lapses shall be cumulative.\n(3) The corporate trustee's authority granted in subsection (1) of this section shall not\napply to any portion of a trust which:\n(a) Continues by its terms after the death of the life beneficiary; or\n(b) Has been pledged to secure a debt.\n(4) This section shall apply to any trust that was irrevocable on January 1, 1976.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14560","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:10Z","sha256":"7c837464c58b9048d7d486e4f8ca1f8c2ac7047b7312ee5d7dfea3f8308f1a83","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-218","next":"us-ky/krs-286.3-220"},"notice":"GroundRules: Original legal text. Not legal advice."}