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The Trust Laws Study Group was created in the summer of 2009 by the Secretary of
State’s Office to consider needed changes to Mississippi’s trust laws. The Group
will be recommending the adoption of the Uniform Prudent Management of
Institutional Funds Act (UPMIFA) and the Uniform Principal and Income Act
(UPIA). In addition, it will be recommending updates to the state laws governing
with trustees’ powers; that virtual representation be authorized in trust
proceedings; and the authorization of so-called “dynasty trusts” by allowing
trustors to opt out of the traditional rule against perpetuities. Finally, the
Group will be recommending statutes validating self-settled spendthrift trusts
(often called asset-protection trusts or APTs), similar to laws that currently
exist in other states, such as Delaware, Alaska, and Tennessee.
The Study Group will continue to meet in 2009 and will make its formal
recommendations to the Mississippi Legislature later this year.