Uniform Trust Code

The Uniform Trust Code is a model law in the United States, which although not binding, is influential in the states, and used by many as a model law. As of January 1, 2020, 34 States have enacted a version of the Uniform Trust Code (Alabama, Arizona, Arkansas, Colorado, Connecticut, Florida, Illinois, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Vermont, Virginia, West Virginia, Wisconsin, and Wyoming). Legislation has currently 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 in eleven articles, of which eight substantive articles:[2]

  • Article 2 – Judicial Proceedings
  • Article 3 – Representation
  • Article 4 – Creation, Validity, Modification and Termination of a Trust
  • Article 5 – Creditor's Claim, Spendthrift and Discretionary Trusts
  • Article 6 – Revocable Trusts
  • Article 7 – Office of Trustee
  • Article 8 – Duties and Powers of the Trustee
  • Article 10 – Liability of Trustees and Rights of Persons Dealing with the Trustee

See also

Notes
  1. Roth, Renee and LaPiana, William P.; "A New Trust Code for New York"; https://www.law.com/newyorklawjournal/2020/01/16/a-new-trust-code-for-new-york/?slreturn=20200928163020
  2. Trust Code Summary, Uniform Law Commission
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