Uniform_Trust_Code

Uniform Trust Code

Uniform Trust Code

Model law

The Uniform Trust Code is a model law in the United States created by the Uniform Law Commission, which, although not binding, is influential in the states and used by many as a model law. As of October 2022, 36 states and jurisdictions have enacted a version of the Uniform Trust Code (Alabama, Arizona, Arkansas, Colorado, Connecticut, District of Columbia, Florida, Hawaii, Illinois, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Vermont, Virginia, West Virginia, Wisconsin, and Wyoming). As of October 2022, legislation has been proposed in New York to adopt the UTC.[1]

Background

The goal of the uniform law is to standardize the law of trusts to a greater extent, given their increased use as a substitute for the "last will and testament" as the primary estate planning mechanism.

Contents

The Uniform Trust Code consists of eleven articles:[2]

  1. General Provisions and Definitions
  2. Judicial Proceedings
  3. Representation
  4. Creation, Validity, Modification and Termination of a Trust
  5. Creditor's Claim, Spendthrift and Discretionary Trusts
  6. Revocable Trusts
  7. Office of Trustee
  8. Duties and Powers of the Trustee
  9. Uniform Prudent Investor Act
  10. Liability of Trustees and Rights of Persons Dealing with the Trustee
  11. Miscellaneous Provisions

See also

Notes

  1. [1]
    Gary, Susan (18 November 2022). "Oregon Uniform Trust Code (UTC): Getting Started" (PDF). Oregon State Bar. Archived (PDF) from the original on 6 April 2024. Retrieved 6 April 2024.
  2. [2]
    Maurice A. Hartnett, III; Frank W. Daykin; E. Edwin Eck, II; John H. Langbein; Glee S. Smith; Nathaniel Sterling; Richard V. Wellman; David M. English; Fred H. Miller; Rex Blackburn; Joseph Kartiganer; William H. Henning; William J. Pierce (2010). "Uniform Trust Code" (PDF). Uniform Law Commission. Trust Code (193ff839-7955-4846-8f3c-ce74ac23938d). 111 N. Wabash Ave., Suite 1010, Chicago, IL 60602: The National Conference of Commissioners on Uniform State Laws (NCCUSL) (published 27 Sep 2022). Archived from the original on 18 Dec 2022.{{cite web}}: CS1 maint: location (link)
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