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The final text of the Uniform Trust Code (UTC) was approved by the ULC commissioners in August 2000. The American Bar Association's House of Delegates officially endorsed the UTC in February 2001. The following months saw the finalization of detailed interpretive comments in April 2001 and minor clean-up revisions in August 2001. [ 2 ]
Strictly speaking, the Grantor of a trust is merely the person creating the trust, [12] usually by executing a trust agreement which details the terms and conditions of the trust. Such a trust can be revocable or irrevocable. A revocable trust is one in which the settlor retains the ability to alter, change or even revoke the trust at any time ...
A trust in the US may be subject to federal and state taxation. The trust is governed by the terms under which it was created. In most jurisdictions, this requires a contractual trust agreement or deed. It is possible for a single individual to assume the role of more than one of these parties, and for multiple individuals to share a single role.
Claflin doctrine is a U.S. law doctrine which states that a trust cannot be modified or terminated, even if all beneficiaries agree, if to do so would be contrary to a material purpose of the settlor. Material purposes include spendthrift, support, and discretionary trusts. The rule takes its name from the 1899 Massachusetts case Claflin v.
A trust generally will not be treated as a spendthrift trust unless the trust agreement contains language showing that the creator intended the trust to qualify as spendthrift. This is what is known as a spendthrift clause or spendthrift provision.
In 1910, the National Conference of Commissions on Uniform State Laws approved the Uniform Desertion and Non-Support Act.The act made it a punishable offense for a spouse to desert, willfully neglect, or refuse to provide for the support and maintenance of the other spouse in destitute or necessitous circumstances, or for a parent to fail in the same duty to their child less than 16 years of age.