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Uniform Trust Code
The Uniform Trust Code is a model law in the United States, which although not binding, is influential in the states, and used by many as a model law. As of January 1, 2020, 34 States have enacted a version of the Uniform Trust Code (Alabama, Arizona, Arkansas, Colorado, Connecticut, Florida, Illinois, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Vermont, Virginia, West Virginia, Wisconsin, and Wyoming). Legislation has currently been proposed in New York to adopt the UTC. Background 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. Contents The Uniform Trust Code consists of eleven articles: # General Provisions and Definitions # Jud ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Model Act
A model act, also called a model law or a piece of model legislation, is a suggested example for a law, drafted centrally to be disseminated and suggested for enactment in multiple independent legislatures. The motivation classically has been the hope of fostering more legal uniformity among jurisdictions, and better practice in legislative wording, than would otherwise occur; another motivation sometimes has been lobbying disguised under such ideals. Model laws can be intended to be enacted verbatim, to be enacted after minor modification, or to serve more as general guides for the legislatures. Model laws are especially prevalent in federations because the federal subjects (for example, states, provinces, or other subjects) are autonomous or semi-autonomous but nonetheless can benefit from a substantial degree of uniformity of laws among jurisdictions. For example, in the United States, because the country consists of 50 semi-autonomous states, each with its own legislature an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Trusts 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 July 2012, 25 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. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Trusts Law
English trust law concerns the protection of assets, usually when they are held by one party for another's benefit. Trusts were a creation of the English law of property and obligations, and share a subsequent history with countries across the Commonwealth and the United States. Trusts developed when claimants in property disputes were dissatisfied with the common law courts and petitioned the King for a just and equitable result. On the King's behalf, the Lord Chancellor developed a parallel justice system in the Court of Chancery, commonly referred as equity. Historically, trusts have mostly been used where people have left money in a will, or created family settlements, charities, or some types of business venture. After the Judicature Act 1873, England's courts of equity and common law were merged, and equitable principles took precedence. Today, trusts play an important role in financial investment, especially in unit trusts and in pension trusts (where trustees and fun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Probate Code
The Uniform Probate Code ( commonly abbreviated UPC) is a uniform act drafted by National Conference of Commissioners on Uniform State Laws (NCCUSL) governing inheritance and the decedents' estates in the United States. The primary purposes of the act were to streamline the probate process and to standardize and modernize the various state laws governing wills, trusts, and intestacy. History Drafting of the Uniform Probate Code began in 1964. The final version of the original UPC was promulgated in 1969 as a joint project between NCCUSL and the Real Property, Probate and Trust Law Section of the American Bar Association. Richard V. Wellman served as Chief Reporter on the project. The UPC has been revised several times, most recently in 2008. Adoption by the states Although the UPC was intended for adoption by all 50 states, the original 1969 version of the code was adopted in its entirety by only fifteen states: Alaska, Arizona, Colorado, Hawaii, Idaho, Maine, Michigan, Minn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Power Of Attorney Act
The Uniform Power of Attorney Act (2006) (UPOAA) was a law proposed by the National Conference of Commissioners on Uniform State Laws (ULC) to create a uniform framework for power of attorney provisions throughout the United States. History Historically, issues surrounding powers of attorney were based on the common law concept of agency. However, as states began enacting varying statutes to create a statutory framework for the durable powers of attorney, variations from state to state prompted support for a uniform law. In 1969, the ULC promulgated the Uniform Probate Code, which created a basis for a national framework for powers of attorney. However, since a normal power of attorney ends once its purpose has been fulfilled or the principle is incapacitated, states made a distinction between this normal power of attorney and a ''durable'' power of attorney, which "remains in effect even when the principal becomes incapacitated." This prompted to ULC to create a uniform law re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Trusts Law
United States trust law is the body of law regulating the legal instrument for holding wealth known as a Trust (law), 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 July 2012, 25 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 f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wills And Trusts
Wills may refer to: * Will (law), a legal document Places Australia * Wills, Queensland, a locality in the Shire of Boulia * Division of Wills, an Australian electoral division in Victoria United States * Wills Township, LaPorte County, Indiana * Wills Township, Guernsey County, Ohio * Wills, Wisconsin, an unincorporated community * Wills Creek (Ohio), a tributary of the Muskingum River * Wills Creek (North Branch Potomac River), in Pennsylvania and Maryland People * Wills (surname), a surname * William, Prince of Wales (born 1982), nicknamed "Wills" Other uses * Wills baronets, of Northmoor, a former title in the Peerage of the United Kingdom - see Baron Dulverton * Wills Hall, a student residence of the University of Bristol * Wills Navy Cut or simply Wills, a popular cigarette brand in India See also * Will (other) Will may refer to: Common meanings * Will and testament, instructions for the disposition of one's property after death * Will (philosophy), or willpo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
