(1) A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including:
(a) The frequency of valuing the asset, which need not require a valuation in every period; and
(b) The date for valuing the asset in each period in which the asset is valued.
(2) Except as otherwise provided in RCW 11.104B.180(2)(b), a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including:
(a) Obtaining an appraisal of an asset for which fair market value is not readily available;
(b) Exclusion of specific assets or groups or types of assets;
(c) Other exceptions or modifications of the treatment of specific assets or groups or types of assets;
(d) Identification and treatment of cash or property held for distribution;
(e) Use of:
(i) An average of fair market values over a stated number of preceding periods; or
(ii) Another mathematical blend of fair market values over a stated number of preceding periods;
(f) A limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over:
(i) The corresponding applicable value for the preceding period; or
(ii) A mathematical blend of applicable values over a stated number of preceding periods;
(g) A limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below:
(i) The corresponding applicable value for the preceding period; or
(ii) A mathematical blend of applicable values over a stated number of preceding periods;
(h) The treatment of accrued income and other features of an asset which affect value; and
(i) Determining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under (a) through (h) of this subsection (2).
[ 2021 c 140 § 2307.]