United States Trust Law

United States trust law is the body of law regulating the legal instrument for holding wealth known as a trust.

Most law regulating the creation and administration of trusts in the United States is now statutory at the state level. In August 2004, the National Conference of Commissioners on Uniform State Laws created the first attempt to codify generally accepted common law principles in Anglo-American law regarding trusts into a uniform statutory code for the fifty states, called the Uniform Trust Code (UTC). As of October 2009, 24 states have adopted some substantive form of the UTC with three others having introduced it into the legislature for adoption. 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.

Despite the uniform law, however, differences remain, as states still harbor rich differences in fiduciary law. It has been a common practice of American lawyers for the past 150 years or so to choose the law of Massachusetts to govern the disposition of property conveyed in trust. In the absence of a nationally uniform law, their justification was that the courts of Massachusetts ruled on trust questions with far greater experience and authority than any other State (much like choosing corporate law in Delaware for a new company). Each state adopting the UTC has incorporated changes to their version of the Code, reflecting certain peculiar or long-standing exceptions in their own state's law that legislators intend to preserve.

Read more about United States Trust LawOverview, The "three Characters" in The Play, Purposes of A Trust, Creation of A Trust, Termination / Reformation of A Trust, Income Tax Implications, See Also

Other articles related to "united states, united states trust law, united, states, laws":

United Nations Framework Convention On Climate Change - Conferences of The Parties - 2001: COP 6, Bonn, Germany
... Bush had become the President of the United States and had rejected the Kyoto Protocol in March 2001 as a result the United States delegation to this meeting declined to participate in the negotiations ... Flexible Mechanisms The "flexibility" mechanisms which the United States had strongly favored when the Protocol was initially put together ...
United States Trust Law - See Also
... Uniform Gifts to Minors Act English trusts law. ...
30th United States Congress
... The Thirtieth United States Congress was a meeting of the legislative branch of the United States federal government, consisting of the United States Senate and the United ... of seats in the House of Representatives was based on the Sixth Census of the United States in 1840 ...
Creationism Internationally - Americas - United States
... See also Intelligent Design and Creation science In the United States some religious communities have refused to accept naturalistic explanations and tried to counter ... states passed laws against the teaching of evolution in public schools, as upheld in the Scopes Trial ... omitted entirely from school textbooks in most of the United States until the 1960s ...
January 3 - Births
1960) 1879 – Grace Coolidge, First Lady of the United States (d. 1960) 1883 – Clement Attlee, Prime Minister of the United Kingdom (d ... Blumenthal, American businessman, civil servant, and 64th United States Secretary of the Treasury 1926 – George Martin, British record producer 1929 ...

Famous quotes containing the words united states, law, trust, united and/or states:

    The United States have a coffle of four millions of slaves. They are determined to keep them in this condition; and Massachusetts is one of the confederated overseers to prevent their escape.
    Henry David Thoreau (1817–1862)

    “If the law supposes that,” said Mr. Bumble, squeezing his hat emphatically in both hands, “the law is a ass—a idiot. If that’s the eye of the law, the law is a bachelor; and the worst I wish the law is, that his eye may be opened by experience—by experience.”
    Charles Dickens (1812–1870)

    Morality is always the product of terror; its chains and strait-waistcoats are fashioned by those who dare not trust others, because they dare not trust themselves, to walk in liberty.
    Aldous Huxley (1894–1963)

    The United States have a coffle of four millions of slaves. They are determined to keep them in this condition; and Massachusetts is one of the confederated overseers to prevent their escape.
    Henry David Thoreau (1817–1862)

    If the Union is now dissolved it does not prove that the experiment of popular government is a failure.... But the experiment of uniting free states and slaveholding states in one nation is, perhaps, a failure.... There probably is an “irrepressible conflict” between freedom and slavery. It may as well be admitted, and our new relations may as be formed with that as an admitted fact.
    Rutherford Birchard Hayes (1822–1893)