§ 11-A-1.3 Fiduciary duties; general principles

(a) In allocating receipts and disbursements to or between principal
and income, and with respect to any matter within the scope of parts 2
and 3, a fiduciary:

(1) shall administer a trust or estate in accordance with the terms of
the trust or the will, even if there is a different provision in this
article;

(2) may administer a trust or estate by the exercise of a
discretionary power of administration given to the fiduciary by the
terms of the trust or the will, even if the exercise of the power
produces a result different from a result required or permitted by this
article;

(3) shall administer a trust or estate in accordance with this article
if the terms of the trust or the will do not contain a different
provision or do not give the fiduciary a discretionary power of
administration; and

(4) shall add a receipt or charge a disbursement to principal to the
extent that the terms of the trust or the will and this article do not
provide a rule for allocating the receipt or disbursement to or between
principal and income.

(b) In exercising a discretionary power of administration regarding a
matter within the scope of this article, whether granted by the terms of
a trust, a will, or this article, a fiduciary shall administer a trust
or estate impartially, based on what is fair and reasonable to all of
the beneficiaries, except to the extent that the terms of the trust or
the will clearly manifest an intention that the fiduciary shall or may
favor one or more of the beneficiaries. A determination in accordance
with this article is presumed to be fair and reasonable to all of the
beneficiaries.