New Jersey Law Journal, Volume 222
This fifth in a series of articles explores New Jersey's version of the Uniform Trust Code that takes effect on July 17. P.L. 2015, c. 276, section 4.
This segment explores Trust Code provisions relating to litigation or disputed administration of trusts. These provisions should be considered by those administering trusts, as their proper application could protect trustees in the event litigation arises.
As noted in prior segments, the Trust Code is delived from the model Uniform Trust Code (UTC) promulgated by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 2000 (also known as the Uniform Law Commission). The NCCUSL website contains the model UTC with extensive commentary. See www.uniformlaws.org/shared/docs/trust_code/utc_final_rev2010.pdf. The new Trust Code has been engrafted upon our existing Probate Code, which is codified in Title 3B of the New Jersey Statutes. The Trust Code is codified as N.J.S.A. 3B:31-1 et seq.
The terms of a trust ordinruily prevail over Trust Code provisions, see N.J.S.A.3B:31-5(a), except for certain mandatory requirements of3B:31-5(b)(1) to (11).