New Massachusetts Uniform Trust Code Enacted
The Massachusetts Uniform Trust Code (MUTC) 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 some of the changes. In many cases, the new law applies to all trusts whenever created. Some of the inportant changes include:
Trustees have a duty to reasonably inform certian 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).
Trusts enacted 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.
Law Office of Sarah H. Raymond
Estate Planning, Probate, Family and Elder Law
Dover and Lexington, Massachusetts