Friday, June 20, 2014
Maryland has passed the Maryland Trust Act (MTA), which will enact the Uniform Trust Code, with some changes. One difference includes that the MTA differs from the UTC in which law governs. Additionally, unlike the UTC, the MTA will not allow for nonjudicial settlement agreements, and will require court approval for trust administration changes. The MTC will be in effect as of January 1, 2015.
See, Maryland Enacts New and Modified Trust Code, Mcguire Woods, June 17, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.