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MS SB2211
Bill
AI Summary
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Clarifies that beneficiary surrogates, trust protectors, and trust advisors can be designated to receive notices and represent beneficiaries under Mississippi's Uniform Trust Code.
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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.
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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.
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Expands powers of trust protectors and trust advisors to include receiving notices, representing beneficiaries, and designating beneficiary representatives, coordinating with trust representation provisions.
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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