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MS SB2211

Bill

Status

Passed

4/7/2016

Primary Sponsor

Sally Doty

Click for details

Origin

Senate

2016 Regular Session

AI Summary

  • Clarifies that beneficiary surrogates, trust protectors, and trust advisors can be designated to receive notices and represent beneficiaries under Mississippi's Uniform Trust Code.

  • Establishes three alternative methods to waive a trustee's duty to inform and report beneficiaries: during settlor's lifetime, by specifying different notification age, or by designating a beneficiary surrogate.

  • Permits trusts to be created by transfer in the trust name and clarifies that substantial compliance with memorandum of trust requirements constitutes constructive notice of trust existence.

  • Expands powers of trust protectors and trust advisors to include receiving notices, representing beneficiaries, and designating beneficiary representatives, coordinating with trust representation provisions.

  • Corrects typographical error in Section 91-8-1013 referencing paragraph (6) instead of paragraph (5) regarding trustee signature authority in trust certifications.

Legislative Description

Trust law; make technical corrections.

Last Action

Approved by Governor

4/7/2016

Committee Referrals

Judiciary A3/16/2016
Judiciary, Division A2/5/2016

Full Bill Text

No bill text available