What is the Uniform Trust Code?

The Uniform Trust Code (UTC) is a set of laws designed to harmonize the many individual trust laws of each of the United States. Oregon, like all other states, has adopted the UTC. In Oregon, the UTC is found in the Oregon Revised Statues. The UTC provides guidance to both trustees and beneficiaries of a trust. It provides definitions for various types of trust instruments, such as revocable and irrevocable trusts, as well as rules governing the duties of a trustee, how to modify or terminate a trust, and how to settle disputes between trustees and beneficiaries. The UTC also outlines the duties of trustees and beneficiaries which must be followed. These duties include the duty of loyalty, duty of impartiality, duty of reasonable care, and duty to keep trust property segregated. The UTC also provides for the remedies and damages that a court may award in the event of a breach of duty. The UTC is an important tool for practitioners in trust and estates law to ensure predictable and consistent results in court. It is important that both trustees and beneficiaries read and understand the UTC so that they can ensure they are acting in accordance with the law.

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What is the Uniform Trust Code?

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