Supriya Ghosh (Editor)

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 July 2012, 25 states have adopted some substantive form of the UTC with three others having introduced it into the legislature for adoption.

Contents

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 for the affluent.

Contents

The Uniform Trust Code consists in eleven articles, of which eight substantive articles:

  • 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

    • References

    Uniform Trust Code Wikipedia
    (Text) CC BY-SA