Form 1041. Stephen Brooks

19 Dukeminier, at 491.

       20 Restatement (Second) of Trusts Section 172.

       21 Restatement (Second) of Trusts Section 173.

       22 Restatement (Second) of Trusts Section 164.

       23 Restatement (Second) of Trusts Section 170(1).

       24 Restatement (Second) of Trusts Section 183.

       25 Restatement (Third) of Trusts Section 38.

       26 Restatement (Second) of Trusts Section 172.

       27 Restatement (Second) of Trusts Section 173.

       28 UTC Section 1001.

       29 Treas. Reg. Section 301.7701-4(a).

       30 Id.

       31 Treas. Reg. Section 301.7701-4(b).

       32 Treas. Reg. Section 301.7701-4(c)(1).

       33 Treas. Reg. Section 301.7701-4(d).

       34 Treas. Reg. Section 301.7701-4(e)(1).

       35 UTC Section 107.

       36 According to the Uniform Law Commission (ULC, also known as the National Conference of Commissioners on Uniform State Laws), The Uniform Principal and Income Act is abbreviated as UPIA. However, many publications and professionals will also use the acronym UPAIA when referring to this Act. The complete text of the Act is available on the ULC site, here: https://www.uniformlaws.org.

       37 UTC Section 202. Note this is a different question than which law applies. Here the question is which court will hear issues regarding a trust. In some cases, one state's law will govern the trust (because the document so provides) but another state's court will interpret and apply that law (because the trust has situs in that state).

       38 See, for example, 20 Pa.C.S.A. Section 7708(a).

       39 See, for example, 20 Pa.C.S.A. Section 7708(b).

       40 See UTC Section 602(a).

       41 See UTC Sections 410-416.

       42 See UTC Section 410(a).

       43 Treas. Reg. Section 1.641(b)-(3)(b).

       44 UTC Section 407.

       45 Black's Law Dictionary (9th ed. 2009).

       46 Id.

       47 Id.

       48 Id.

       49 Id.

       50 Ballentine's Law Dictionary (2010).

       51 Black's Law Dictionary (9th ed. 2009).

       52 Id.

       53 Id.

       54 Id.

       55 Id.

       56 Id.

       57 Joint property, which passes by right of survivorship, should be distinguished from property held by two or more owners as tenants in common. If the property is held by a husband and wife, the property is presumed to be held jointly with the right of survivorship even without that joint designation (that is, “joint with right of survivorship” or JTWOS). If the property is held by joint owners other than husband and wife without the right of survivorship designation, the property is presumed to be held as tenants in common. Property held as tenants in common is deemed to be owned one-half by each owner and will pass as a probate asset under their respective wills, or by Intestacy.

       58 See instructions to Form 1041 (2016), p. 9.

       59 Treas. Reg. Section 1.641(b)-3(a). Notwithstanding the aforementioned, if the estate has joined in making a valid election under Section 645 to treat a qualified revocable trust as defined under Section 645(b)(1), as part of the estate, the estate shall not terminate under this paragraph prior to the termination of the Section 645 election period. See Section 645 and the regulations thereunder for rules regarding the termination of the Section 645 election period.

       60 Black's Law Dictionary (9th ed. 2009).

       61 Id.

       62 Id.

       63 Id.

       64 Id.

       65 Id.

       66 Id.