Uniform Trust Code: Difference between revisions

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==Background==
The increased use of [[Trust (law)|trust]]s in [[estate planning]] during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice [[Maurice A. Hartnett III]] of the [[Delaware Supreme Court]]. This committee's task was to assess the necessity and feasibility of developing a comprehensive and standardized model uniform trust code. Following the committee's recommendation in 1994, the ULC established a drafting committee, again led by Justice Hartnett. This committee aimed for broad representation and included legal experts from various organizations, such as the [[American Bar Association]] (ABA) and its Section of Real Property, Probate and Trust Law, the [[American College of Trust and Estate Counsel]] (ACTEC), the [[American Bankers Association]], and state bar associations from California and Colorado.<ref name="English 2002">{{cite journal |last1=English |first1=David |title=The Uniform Trust Code (2000): Significant Provisions and Policy Issues |journal=Missouri Law Review |date=2002 |volume=67 |issue=2 |pages=143–212 |url=https://scholarship.law.missouri.edu/mlr/vol67/iss2/2/ |access-date=July 3, 2024}}</ref>
 
The UTC's development did not occur in isolation. It drew upon existing legal resources, such as the Restatement of Trusts and the Restatement of Property. Additionally, the UTC incorporated provisions from smaller, more specific uniform acts related to trusts while also superseding some outdated ones (including Article VII of the [[Uniform Probate Code]], the [[Uniform Prudent Investor Act]] of 1994, the Uniform Trustee and Powers Act of 1964, and the Uniform Trusts Act of 1937).<ref name="English 2002"/>