Uniform Trust Code, Non-Judical Settlement Agreements and Reformations
In 2013, Massachusetts adopted the Massachusetts Uniform Trust code (MUTC). This law is based upon a Uniform act initially created in 2000 by the Uniform law Commission with a stated objective of providing the States with a precise, comprehensive and accessible guidance on trust law questions.
The Uniform Trust Code allows interested parties an avenue to bring an action in Probate Court to appoint or remove a trustee, to approve a resignation of a trustee, to review and settle accounts of a trustee or concerning any other matter relating to the administration of a Trust.
Furthermore, the Trust code creates a framework which allows for settlement to be made both in court and out of court through a non-judicial settlement agreement.
One key consideration in trusts actions through using the Uniform Trust Code is that the moving party is required to give notice to all interested parties. The question of who interested parties are and whether a non-judicial settlement agreement is a complex question that requires legal review of the facts and circumstances of any particular case is a key consideration.
The Trust code, in some circumstances allows for representation by persons having a substantially similar interest or by fiduciaries and parents to the extent there is no conflict of interest in the mutual representation.
The Commonwealth of Massachusetts has plentiful law in the Area of Trust. The Trust Code allows interested parties an excellent avenue to pursue actions with more certainty and clarity than available in prior years.
The Attorneys at Blake Law are here to assist beneficiaries, Trustees and interested parties pursue the rights they are entitled to. Contact us to discuss.