Uniform Principal And Income Act

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The Uniform Principal And Income Act (UPAIA) is one of the uniform acts that has been promulgated in attempts to harmonize the law in all fifty U.S. states. It was completed by the Uniform Law Commissioners in 1997, and amended in 2000.

The purpose of the UPAIA (sometimes referred to as the UPIA) is to provide procedures for trustees administering trusts and personal representatives administering estates in allocating assets to principal and income, to ensure that the intention of the trust creator is the guiding principle for trustees, and to govern their proper distribution to beneficiaries, heirs and devisees.

To be enacted into law, it must be adopted by the state legislature and enacted into law. To date, most states have adopted the Act (with modifications)[1].