Trustee discretion to apply a minor's trust income for maintenance and advancement, subject to court permission for applying capital. Trustees for minors may at their discretion pay or apply the minor's income for maintenance, education, advancement in life, and reasonable religious, marriage or funeral expenses, paying guardians where applicable. Unapplied residue must be accumulated as compound interest by reinvestment in prescribed securities, though accumulations may be applied as current income. If income is insufficient, the trustee may apply capital for the minor's needs only with the permission of a principal Civil Court of original jurisdiction. Local laws concerning minors' persons and property remain unaffected.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Trustee discretion to apply a minor's trust income for maintenance and advancement, subject to court permission for applying capital.
Trustees for minors may at their discretion pay or apply the minor's income for maintenance, education, advancement in life, and reasonable religious, marriage or funeral expenses, paying guardians where applicable. Unapplied residue must be accumulated as compound interest by reinvestment in prescribed securities, though accumulations may be applied as current income. If income is insufficient, the trustee may apply capital for the minor's needs only with the permission of a principal Civil Court of original jurisdiction. Local laws concerning minors' persons and property remain unaffected.
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