58-5003. Application; principal place of administration. (a) The Kansas uniform directed trust act applies to a trust, whenever created, that has its principal place of administration in this state, subject to the following rules:

(1) If the trust was created before July 1, 2022, this act applies only to a decision or action occurring on or after July 1, 2022.

(2) If the principal place of administration of the trust is changed to this state on or after July 1, 2022, this act applies only to a decision or action occurring on or after July 1, 2022.

(b) Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, terms of the trust which designate the principal place of administration of the trust are valid and controlling if:

(1) A trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction;

(2) a trust director's principal place of business is located in or a trust director is a resident of the designated jurisdiction; or

(3) all or part of the administration occurs in the designated jurisdiction.

History: L. 2022, ch. 16, § 3; July 1.