An Update to Mississippi’s Uniform Trust Code
For those who don’t know, Mississippi recently modernized its archaic trust code by adopting the Mississippi Uniform Trust Code. The Uniform Trust Code is a national codification of the law of trusts, and its adoption in Mississippi is welcome.
Why is this a step forward? It’s because there were several items in our old trust code that were ambiguous, so this provides more clarity and certainty for issues we weren’t sure how to handle before. It helps us better advise you.
Here are a few other things it does:
- It offers greater transparency to beneficiaries of trusts, including the obligations and role of trustees.
- It codifies the use of trust protectors and advisors.
- It codifies the use of a directed trustee (can share the role of trustee among various actors).
The majority of the United States uses some form of this uniform trust code. I welcome the Mississippi Uniform Trust Code and future changes that are likely to occur in the state’s trust and administration laws.
In fact, check back next week to find out about another law related to trusts that just went into effect: the Domestic Asset Protection Trust Statute.
~Ronald Morton
One Person has left comments on this post
Good afternoon. I am currently co-trustee to my parent’s family trust. My father and mother passed away in 2005 and 2014 respectively. Since my mother’s death I have retained the Roberts Law Firm in Hattiesburg, MS to represent me in settling the trust. However, my siblings have converted proceeds from trust rental property to their own private account and improperly deeded trust real property to themselves. Mr. Roberts and Mr. Nobles from the Roberts Law Firm have done a great deal of work on the case, but the goal has been settlement between trustees and beneficiaries rather than placing the matter in the hand of the Chancery Court in Forrest County. The offers for settlement have been unsatisfactory to date and negotiations have been weak. With all due respect to my current representation, I am looking for a second opinion and possibly changing counsel to a firm that has more experience in settling contested trusts. If this seems to be something your firm would be willing to consider, please feel free to contact me.