« Indiana Decisons - Three Today from 7th Circuit | Main | Indiana Decisions - Overview of Blakely in the 7th Circuit and in Indiana State Courts, Part I »
Thursday, July 29, 2004
Law - New Uniform Trust Code Causing Waves
The Wall Street Journal today (paid subscription required), on page D1, has a story headlined "As Trust Laws Get a Makeover, Concerns Arise: As Many States Move to Adopt Uniform Code, Critics Raise Concerns About Privacy Issues." According to the story, the new UTC has been enacted in 10 states since 2002. I checked, Indiana has not enacted the new UTC. The gist of the story (but buy the paper for the complete take): "The code has drawn flak, however, from critics who say it could make trusts less private, causing family squabbles, and possibly create estate-tax liabilities. As a result of such concerns, the law was repealed in Arizona last April, one year after it was enacted."
Sure enough, this July 13th story in the Arizona Republic reports:
Three months ago, for example, Arizona lawmakers repealed a set of laws passed just last year known as the Uniform Trust Code. The code's intent was to fill in gaps on various rules that apply to trusts and make them more similar to those of other states, but it also generated controversy.One unpopular provision would have required that people who set up or oversee trusts notify beneficiaries that a trust exists and provide a list of assets on request. Critics complained the rule would have made trusts less private.
Posted by Marcia Oddi on July 29, 2004 01:49 PM
Posted to General Law Related