The Uniform Trust Code (UTC) has been enacted in 21 states and the District of Columbia, and has recently been introduced in New Jersey. Notwithstanding that the goal of the UTC is uniformity of the law of trusts, there is an almost complete lack of uniformity among UTC enacting jurisdictions regarding the trustee’s duty to disclose information to trust beneficiaries. This lack of uniformity reflects deep policy disagreements concerning trustee disclosure, and creates risks for fiduciaries that administer trusts in multiple jurisdictions. This chart is intended to illustrate the significant differences among enacting jurisdictions, and aid fiduciaries in understanding and carrying out their fiduciary obligations.
McGuireWoods Fiduciary Advisory Services
Fiduciary Advisory Services advises financial institutions and other clients about planning, tax, and fiduciary matters. This includes advising executors and trustees in managing risks, avoiding litigation, and handling litigation when it does arise. For assistance with interpreting the UTC reporting requirements in your jurisdiction, please contact us.