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Trust Law Study Group

The Trust Law Reform Study Group was formed in 2013 to consider needed changes to Mississippi's trusts and estate administration laws. Several task forces are being organized to examine specific items in the law.

Mississippi Trust Reform Package Proposal


TRUST LAW REFORM STUDY GROUP TASK FORCES


Uniform Trust Code

Lynne Green, Co-Chair, Brunini Grantham Grower & Hewes, PLLC
William O. Brown, Jr., Co-Chair, Copeland, Cook, Taylor and Bush, PA

Will consider the need for the Uniform Trust Code in Mississippi. Adopted by the Uniform Law Commission in 2000, the Uniform Trust Code is the first national codification of the law of trusts. It has been adopted by 25 states and has been endorsed by the American Bar Association and the AARP.

More Information:
Tentative Report – Uniform Trust Code Task Force
Mississippi Uniform Trust Code Proposal
Trust Code [Uniform Laws Commission]
Final Uniform Trust Code Act (Last Revised 2010) [Uniform Law Commission]
Provisions of Note
Section by Section Summary
Sitkoff Response to Uniform Trust Code
Why States Should Adopt
2009 Study Group Virtual Representation Draft
2009 Study Group Virtual Representation Materials
Georgia Trust Code 2010 Major Revisions Summary
American College of Trust and Estate Counsel - Hot Button Issues under the Uniform Trust Code
Connecticut Uniform Trust Code Commentary
Connecticut Uniform Trust Code – Suzanne Walch Summary
Connecticut Uniform Trust Code – Terry Tuthill Comments
Uniform Trust Code Significant State Differences – Michigan, Vermont, North Dakota and Arizona
Uniform Trust Code Significant State Differences – Utah, Maine, Tennessee, New Hampshire and Missouri
Uniform Trust Code Significant State Differences – Kansas, Wyoming, New Mexico, Nebraska and D.C.
Uniform Principal and Income Act Subcommittee Report – Summary of Act
American College of Trust and Estate Counsel - Trustee's Duties
American College of Trust and Estate Counsel CLE outline on the Uniform Trust Code - David English
Connecticut Uniform Trust Code - John Langbein Testimony
Connecticut Working Copy of Uniform Trust Code
Proposed Pennsylvania Uniform Trust Code
American College of Trust and Estate Counsel - David English 2004
Uniform Trust Code Comparison Chart - Connecticut
Tennessee 2013 Amendments to UTC
Tennessee UTC (2012) Sections 101-305
Tennessee UTC (2012) Sections 401-604
Tennessee UTC (2012) Sections 701-1103
Uniform Trust Code Article 4 with recent Tennessee Amendments
Uniform Trust Code Article 5 with recent Tennessee Amendments
Uniform Trust Code Article 6 with recent Tennessee Amendments
Uniform Trust Code Article 7 with recent Tennessee Amendments
Mississippi Anti-Sligh Statutes
Alabama Uniform Trust Code


Uniform Power of Attorney Act

Pete Cajoleas, Chair, Regions Bank

Will consider the need for the Uniform Power of Attorney Act in Mississippi. Adopted by the Uniform Law Commission in 2006, the Uniform Power of Attorney Act updates the Uniform Durable Power of Attorney Act, on which Mississippi's existing law is based. The Uniform Power of Attorney Act has been adopted in 13 states and has been endorsed by the American Bar Association and AARP.

More Information:
Draft Report – Uniform Power of Attorney Act Task Force
HB 468 Committee Sub (2013)- Proposed Uniform Power of Attorney Act
Draft Alabama Uniform Power of Attorney Act With Comments
Uniform Power of Attorney [ULC]
Uniform Power of Attorney Act
Durable POA act and HB 468 Comparison
Alabama/Mississippi Comparison
Uniform Power Of Attorney Act and Financial Institutions by Linda Whitton
Louisiana RS 6:311.1


Directed Trusts

Anthony Sherman, Co-Chair, Trustmark Bank
Jamie Houston, Co-Chair, Watkins & Eager, PLLC


Will consider the need for a Directed Trusts statute. Directed trust statutes provide for an ability for the trustee to appoint an investment advisor to manage assets within the trust.

More Information:
Nenno, Richard, Directed Trusts: Making Them Work, Estates, Gifts and Trusts Journal


Rule Against Perpetuities

Barry Jones, Chair, Wyatt Tarrant & Combs & LLP


Will consider potential reform of common law rule against perpetuities. The task force follows up on the work done by the Dynasty Trusts/ Virtual Representation Subcommittee

More Information:
Trusts Study Group subcommittee recommendations -- October 1, 2009
August 21, 2009 Memo from Dynasty Trust/Virtual Representation Sub-Committee to Secretary of State Trust Laws Study Group re Status Report Concerning Examination of Rule Against Perpetuities and Virtual Representation
A Survey of State and DC Law
Tennessee Rule Against Perpetuities Statutes


Self-Settled Spendthrift Trusts

Paul Varner, Chair, Butler Snow O' Mara Stevens & Cannada, PLLC

Will consider the feasibility of self-settled spendthrift trusts. The committee follows up on the work done by the Trusts Law Study Group’s Asset Protection Subcommittee in 2009.

More Information:
Trusts Study Group subcommittee recommendations - October 1, 2009
ACTEC Comparison of Domestic Asset Protection Trusts
Tennessee Asset Protection Statutes


Trust Decanting

R. David Marchetti, Chair, Wells Marble & Hurst, PLLC

Will consider the feasibility of adding a statute allowing trust decanting, a non-judicial method of modifying an irrevocable trust.

More Information:
Tentative Report – Trust Decanting Task Force
Decanting: A Review of Recent Activity Across the US
State Decanting Statutes
Virginia Trust Decanting Statute
State Decanting Statutes of Note


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