A Few Facts About The...

UNIFORM PRINCIPAL AND INCOME ACT

PURPOSE:
This act revises the Uniform Principal and Income Act of 1931 and 1962, which has been adopted in 41 states. The purpose of the new act, like its predecessors, is to provide procedures for trustees administering an estate in separating principal from income, and to ensure that the intention of the trust creator is the guiding principle for trustees. A revision is necessary so that principal and income allocation rules can function with modern trust investment practices.

ORIGIN:
Completed by the Uniform Law Commissioners in 1997, and amended in 2000.

APPROVED BY:
American Bar Association