News & Analysis as of

Uniform Trust Code

Recent Cases of Interest to Fiduciaries

by McGuireWoods LLP on

In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following: ...more

Pa. Supreme Court Upholds Trustee Replacement Rules

by Barley Snyder on

A recent Pennsylvania Supreme Court case clarified the ability of the beneficiaries of a trust to remove a corporate trustee. In a highly anticipated case, the Court unanimously refused to permit the beneficiaries of an...more

Win One for the Fiduciary – The PA Supreme Court Clarifies the Interplay of UTA Provisions

As counsel to fiduciaries across our great Commonwealth, I was beginning to despair that changing one’s trustee was becoming as easy as changing the oil in one’s car. In the seminal case of Trust Under Agreement of Edward...more

Trustee Liability in a Multi-Participant Trust

In our firm's most recent white paper, Brad Kitlowski covered the topic of exculpatory clauses in trust agreements and whether these clauses are effective to protect trustees against claims of breach of fiduciary duty. In...more

Spotlight on Alabama: New Law Extends Creditor Protections for Certain Retirement Account Assets in Alabama

by Baker Donelson on

On May 18, Governor Kay Ivey signed Act 2017-317 (the "Act") into law. The Act amends the provisions of the Alabama Uniform Trust Code, which provide creditor protection for various types of tax-preferred retirement accounts...more

Florida Eliminates the Benefit-of-the-Beneficiary Rule

by Charles (Chuck) Rubin on

Historically, the settlor’s intent is the key item in guiding the administration of a trust. Further, a settlor has a pretty free hand in crafting how a trust will operate, subject to some public policy limitations and legal...more

Does an Exculpatory Clause Protect Trustees Against Claims of Breach of Fiduciary Duty?

The starting point for evaluating whether trustees have breached a fiduciary duty is the settlor's intent as provided in a trust instrument, and many trusts contain clauses known as "exculpatory" clauses. These clauses often...more

Trustee Removal Lawsuits: An Overview

by LeClairRyan on

How can a person remove a trustee of a trust? Depending on the language of the trust, there could be several ways. This blog post summarizes some of the options, and provides an overview of things to consider when a person...more

Maryland Allows Use of Nonjudicial Settlement Agreements in Trust Administration

by McGuireWoods LLP on

Maryland previously enacted a version of the Uniform Trust Code (UTC), which contains various provisions focused on permitting more efficient administration of trusts. However, Maryland’s version of the UTC initially omitted...more

Lessons to be Learned From the Power of Attorney

by Farrell Fritz, P.C. on

Powers of attorney and trust instruments have each been the subject of many an estate plan. They each have also been the subject of multiple estate litigations. In combination, the two have served as fodder for controversies...more

New Jersey Enacts Uniform Trust Code

On July 17, 2016, New Jersey’s version of the Uniform Trust Code became effective. The objective of the Uniform Trust Code, which has now been enacted in approximately 30 states, is to provide more certainty for...more

The Rise of Litigation Involving Trust Protectors

by LeClairRyan on

Disputes involving trust protectors are increasing in number and will likely only further increase in number in the coming years. This blog post discusses what a trust protector is, whether trust protectors owe fiduciary...more

4 Steps To Take If An Estate Dispute Is Brewing

by LeClairRyan on

If an estate dispute is brewing (but is not yet in litigation), there are several important steps that people can take to maximize their odds of success if the matter proceeds to litigation. In the vast majority of...more

The "New" New Jersey Uniform Trust Code: Creating Uniformity for Beneficiaries, Trustees and the Professionals that Advise Them

As an estate planning attorney, it is hard to contain my excitement that a version of the Uniform Trust Code (“NJUTC”) was enacted in New Jersey on January 19, 2016 with an effective date of July 17, 2016. With its passage,...more

Filing Trust Modification As Public Record Started Statute Of Limitations

by Bryan Cave on

Fiduciaries should always be thinking of ways to get the statute of limitations started. Why have a claim hanging over your head for many years, when you can take actions that shorten the time in which a claim may be brought...more

North Carolina Changes Trust Code and Permits “Living Probate”

by McGuireWoods LLP on

On August 11th, Governor McCrory signed North Carolina Senate Bill 336, Act to Amend the Law Governing Estate Planning and Fiduciaries (the “Act”). Notably, the Act adopts a procedure for living probate in North Carolina and...more

Minnesota Amends Trust Instruction Procedure Statute

by Dorsey & Whitney LLP on

The 2015 Minnesota Legislature adopted, and Governor Dayton signed into law, a revised Minnesota Trust Code, which will go into effect on January 1, 2016. The Minnesota Trust Code, Chapter 501C, is the first major revision of...more

The Estate Planner – July/August 2015

In This Issue: - Can a Broken Trust be Fixed? - Keep it in the Family: Use an intrafamily loan to cover estate taxes - Tax Court: Trust Can Materially Participate in a Business - Estate Planning...more

Trust Law’s Material Purpose Doctrine, the Traditional Protector of Settlor-Intent is Under Attack: The TEDRA Factor

by Charles E. Rounds, Jr. on

In recent years, reformers of trust law have been hard at work defanging the plain meaning rule, primarily by liberalizing the doctrines of reformation and deviation. The rule is discussed generally in §8.15.6 of Loring and...more

New Minnesota Trust Code in the Works

by Faegre Baker Daniels on

An overhaul of Minnesota trust law is in the works, as the Minnesota House and Senate consider a bill to enact the “Minnesota Trust Code.” Minnesota would join 30 other states that have adopted a version of the Uniform Trust...more

The Massachusetts Uniform Trust Code: Context, Content, and Critique

by Charles E. Rounds, Jr. on

The law review article "The Massachusetts Uniform Trust Code: Context, Content and Critique," 96 Mass. L. Rev. 27 (2014), co-authored by Courtney J. Maloney and Charles E. Rounds, Jr., contains a detailed discussion of the...more

Comparison of Maryland Trust Act to Current Maryland Law and the Uniform Trust Code

by Baker Donelson on

To incorporate the Maryland Trust Act (“MTA” or “Act”) into Maryland law, the Act is added as new Title 14.5 of the Estates and Trusts Article, with ten subtitles. Existing Title 14, Subtitle 1 of the Estates and Trusts...more

NOT SO FAST … The Lesson of Taylor: A trust cannot be modified to allow removal of the trustee without court approval.

by McNees Wallace & Nurick LLC on

In August 2014, the Philadelphia Court of Common Pleas ruled on an issue of first impression under the Uniform Trust Act – whether a trust could be amended under § 7740.1 to add a provision allowing for the removal of the...more

The enforceability of a trust accounting clause’s failure-to-object provision (the non-judicial settlement of trustees’ accounts)

by Charles E. Rounds, Jr. on

It is common for the accounting clause of an inter vivos trust instrument to contain a provision along the lines of the following: “The written approval of such an account by the person or persons thus entitled to such...more

The confusion being engendered by the Uniform Trust Code’s default trust-revocation methodologies (§ 602(c)).

by Charles E. Rounds, Jr. on

In the pre-Uniform Trust Code UTC), unless the terms of a revocable inter vivos trust provided otherwise, the trust could not have been revoked by the settlor’s will. A will speaks at the time of the testator’s death, an...more

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