MS HB1461

Amends Section 91-9-605 of the Mississippi Code to modify the Uniform Prudent Investor Act regarding trustee duties to diversify trust assets.

Allows trustees to retain non-diversified investments when special circumstances reasonably indicate that diversification would not serve the trust's purposes.

Permits trustees to retain farm or ranch property, closely held family businesses, timber interests, and oil, gas, or mineral interests without diversification unless a majority of adult beneficiaries direct otherwise.

Allows trustees to retain property received at trust inception or added later without requirement for diversification regardless of whether the property generates income.

Takes effect July 1, 2012.