Health & Fitness
New Massachusetts Uniform Trust Code Enacted
The Massachusetts Uniform Trust Code was enacted. If you are a trustee of a trust or in the finance industry, you may want to familiarize yourself with the new code.
The Massachusetts Uniform Trust Code was enacted on July 8, 2012. If you are a trustee of a trust or in the finance industry, you may want to familiarize yourself with the new code. Some of the changes include:
Trustees have a duty to reasonably inform certain beneficiaries of trust administration. Trustees must send current beneficiaries an annual account unless waived by the current beneficiary.
For trusts created after the enactment, trustees may now act by majority agreement instead of unanimous vote (unless the trust specifically states otherwise).
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Trusts created after the adoption of the law are presumed revocable unless the trust states that it is irrevocable. Under prior law, trusts were presumed irrevocable.
Section 408 allows for Pet Trusts for the care of animals.
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