The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
14-10817 - Distribution on termination; release of trustee
14-10817. Distribution on termination; release of trustee
A. On termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within thirty days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection.
B. On the occurrence of an event terminating or partially terminating a trust, the trustee, within a reasonable time, shall distribute the trust property to the persons entitled to it subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses and taxes.
C. A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent:
1. It was induced by improper conduct of the trustee.
2. The beneficiary, at the time of the release, did not know of the beneficiary's rights or of the material facts relating to the breach.