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The increased use of trusts 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 Hartnett of the Delaware ...
The UTC states that a trust is valid if, under the law of the jurisdiction in which it was created, it was properly created. [97] In most cases, this would be the law of the jurisdiction of the grantor's domicile. Trusts must also, under the Code, have a lawful purpose which is possible to achieve. [98]
The UPOAA was designed to correct shortcomings of both the Uniform Probate Code and the Durable Power of Attorney by superseding them both. It consisted of four distinct articles: [5] The general rules governing the "creation and use" of power of attorney; The definitions used by the UPOAA; An optional form for use in granting power of attorney
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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.
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
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