Uniform Trust Code

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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 September 27, 2019, 34 States (the States that have enacted a version of the Uniform Trust Code are Alabama, Arizona, Arkansas, Colorado, Connecticut, Florida, Illinois (goes into effect on January 1, 2020), 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). Illinois becomes the 34th on January 1, 2020.[1]

Background[edit]

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[edit]

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[edit]

Notes[edit]

  1. ^ [1]
  2. ^ Trust Code Summary, Uniform Law Commission

External links[edit]