North Carolina General Statutes § 37A-1-104.5 Matters in trustee's discretion

In administering a total return unitrust, the trustee may, in its sole discretion but subject to the provisions of the governing instrument, determine:

(1)        The effective date of the conversion;

(2)        The timing of distributions, including provisions for prorating a distribution for a short year in which a beneficiary's right to payments commences or ceases;

(3)        Whether distributions are to be made in cash or in kind or partly in cash and partly in kind;

(4)        If the trust is reconverted to an income trust, the effective date of the reconversion; and

(5)        Any other administrative issues as may be necessary or appropriate to carry out the purposes of this Part. (2003-232, s. 2.)

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Last modified: March 23, 2014