The UFIPA includes provisions concerning:
- Duties of fiduciaries;
- Judicial review of fiduciaries;
- Trusts in which the beneficiary receives a periodic payout of a percentage of the net value of trust assets, known as "unitrusts";
- Allocation of trust receipts and disbursements; and
- Procedures followed at the termination of a trust or an income interest in a trust.
The bill makes additional conforming amendments.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)