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, e xcept: (a) The requirements for creating a trust; (b) 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 pu rpose 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 spendthrift 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 compen sation as specified in the terms of the trust which is unreasonably low or high; (h) The duty to notify and report under KRS e power of the court under KRS 386B.7 -080(2) to adjust a trustee's compen sation 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 the 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. Effective: July 15, 2014 History: Created 2014 Ky. Acts ch. 25, sec. 3, effective July 15, 2014.
Kentucky Legal Code