Trustees throughout the United States have a continuing statutory and/or common law duty to administer their trusts in appropriate jurisdictions. Some practitioners assert that the factors that trustees must consider in fulfilling that duty don’t include a consideration of state income taxes. For the reasons set forth in this article, we disagree with that assertion and contend that trustees that don’t attempt to minimize the state income taxes paid by the trusts that they administer ignore that analysis at their peril.
UTC Section 108(b)Section 108(b) of the Uniform Trust Code (UTC) specifies that:
A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries.1
Of the 36 states2 that have adopted the UTC, 23 of them—Arizona, Arkansas, Colorado, Connecticut, District of Columbia, Hawaii, Illinois, Kentucky, Maine, Maryland, Michigan, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, South Carolina, Tennessee, Utah and Vermont—enacted Section 108(b) verbatim.3 Six states have modified versions. Florida omits the requirement that trustees consider “the interests of the beneficiaries;”4 Wyoming adds “unless otherwise provided in subsection (a) of this section or changed as provided in subsection (c) of this section” at the end of its version.5
Alabama adds this italicized language:
A trustee shall administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries; provided, however, a trustee shall not be required to transfer the trust’s principal place of administration to another state or to a jurisdiction outside of the United States.6
The Alabama drafters rationalize the change by stating:
Alabama amends the language of subsections (b) and (c) in the UTC by giving the trustee the authority, but without imposing an affirmative duty, to transfer the trust’s principal place of administration where appropriate. The original UTC language seemed to impose an affirmative duty upon the trustee to seek best place of administration for the trust. The original language could be interpreted to require the trustee to continually “forum shop” for, among other things, the best tax situs for the trust and the best tax situs for the beneficiaries. Transferring the trust’s principal place of administration is costly and time consuming, and should not be undertaken lightly and without considering all of the relevant factors: the trust’s purposes, the trust’s interests and the interests of the beneficiaries.7
Mississippi adds comparable language italicized below:
(c) A trustee shall administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries; however, a trustee shall not be required, in the absence of a court order, to transfer the trust’s principal place of administration to another state or to a jurisdiction outside the United States even though such other state or jurisdiction outside the United States could also be appropriate to its purposes, its administration, and the interests of the beneficiaries.8
Although trustees in Alabama and Mississippi might not be “required” to maintain trusts in appropriate jurisdictions, they aren’t prohibited from doing so.
Kansas adds the gloss italicized below:
(b) A trustee is under a duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries. In determining the appropriate place for the administration of the trust, consideration shall be given to the designation of the settlor, the purposes of the trust, the interests of the beneficiaries and the manner and costs of trust administration.9
Finally, Oregon adds the guidelines italicized below:
(2) A trustee is under a continuing duty to administer the trust at a place appropriate to the trust’s purposes, the trust’s administration and the interests of the beneficiaries. Absent a substantial change of circumstances, the trustee may assume that the original place of administration is also the appropriate place of administration. The duty to administer the trust at an appropriate place may prevent a trustee from moving the place of administration.10
Seven states—Massachusetts, Missouri, North Carolina, Pennsylvania, Virginia, West Virginia and Wisconsin—omit Section 108(b) altogether from their versions of the UTC.11 The North Carolina drafters justify the omission by stating:
Subsection (b) of the Uniform Trust Code, which provided that a trustee is under a continuing duty to administer the trust at a place appropriate to its purpose, its administration and the interest of the beneficiaries, was omitted because it would have imposed an affirmative duty on a trustee to continually monitor the place of the administration of a trust. Such a duty has not been previously recognized in North Carolina. The drafters concluded that the burden of complying with such a duty outweighed any advantage in imposing it.12
The Pennsylvania drafters also justify the omission:
UTC § 108(b) is omitted to avoid the implication of a duty that the trustee consider the laws of all conceivable jurisdictions to which the situs of a trust may be moved and establish and re-establish situs accordingly.13
At least on this issue, trustees must consider the laws of as few as two jurisdictions—North Carolina or Pennsylvania (and the circumstances, if any, in which the state will tax a resident trust as a nonresident trust) and a state that won’t tax the trust’s income. It’s generally known that Alaska, Florida, Nevada, South Dakota, Texas and Wyoming don’t have state income taxes and that trustees of Delaware trusts created by nonresidents don’t have to file Delaware returns or pay Delaware income tax if there are no Delaware resident beneficiaries.14
The drafters of UTC Section 108 clearly had state income taxation in mind. Thus, Section 108’s Comment observes:
Locating a trust’s principal place of administration will ordinarily determine which court has primary if not exclusive jurisdiction over the trust. It may also be important for other matters, such as payment of state income tax or determining the jurisdiction whose laws will govern the trust.15
The Comment continues:
Subsections (c)-(f) provide a procedure for changing the principal place of administration to another state or country. Such changes are often beneficial. A change may be desirable to secure a lower state income tax rate, or because of relocation of the trustee or beneficiaries, the appointment of a new trustee, or a change in the location of the trust investments.16
In a recent Illinois General Information Letter (GIL),17 a trustee sought clarification of a trust’s residency status following the Illinois Appellate Court’s 2013 decision in Linn v. Department of Revenue, which held that Illinois taxation of a trust would violate the due process clause.18 The GIL gave the following guidance:
The Lewis Linn case does not apply to the situation that you have described because there are sufficient contacts between TRUSTEE Revocable Living Trust and the State of Illinois to satisfy the Due Process Clause of the U.S. Constitution given the location of trust assets in Illinois. In Lewis Linn v. Department of Revenue, the court distinguished that the focus on the due process analysis was on the tax year in question, so historic events had no influence on determining the residency of the trust.
Even if the TRUSTEE Revocable Living Trust could be considered a nonresident under the holding of the Lewis Linn case, the trust still was required to file an Illinois income tax return for tax years 2019-2022 because the trust’s income-producing assets were located here.19
The GIL notes that the trustee was cognizant of the continuing duty to administer the trust in an appropriate jurisdiction under 760 ILCS 3/108(b), Illinois’s version of UTC Section 108(b).
Other UTC Duties
UTC Section 108(b) shouldn’t be viewed in isolation because several other UTC provisions require trustees to focus on “the interests of the beneficiaries,” which UTC Section 103(8) defines as “the beneficial interests provided in the terms of the trust.”20 Thirty-five of the 36 UTC states have comparable definitions.21 Florida defines the term as “the beneficial interests intended by the settlor as provided in the terms of a trust.”22
Section 404: Trust purposes. Section 404 of the UTC provides:
A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms must be for the benefit of its beneficiaries.23
Whereas 30 states—Alabama, Arizona, Arkansas, Colorado, District of Columbia, Hawaii, Kansas, Kentucky, Maine, Maryland, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Carolina, Tennessee, Utah, Vermont, Virginia, West Virginia, Wisconsin and Wyoming—require trusts to be for the benefit of their beneficiaries,24 six states—Connecticut, Florida, Illinois, Massachusetts, Michigan and Pennsylvania—omit this requirement from their versions of Section 404.25
Section 801: Duty to administer trust. Similarly, UTC Section 801 imposes the following duty on trustees:
Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this [Code].26
Illinois and North Dakota don’t specifically include a duty to administer trusts for the benefit of the beneficiaries in their versions of Section 801.27 The other 34 UTC states do.28
Section 802: Duty of loyalty. UTC Section 802(a) specifies that “[a] trustee shall administer the trust solely in the interests of the beneficiaries.”29 All 36 UTC states, except Illinois,30 impose this duty.31
Section 814: Discretionary powers; tax savings. Finally, UTC Section 814(a) stipulates:
Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as ‘absolute’, ‘sole’, or ‘uncontrolled’, the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries.32
Although 28 states have the interest-of-the-beneficiaries requirement,33 eight states exclude this requirement from their versions.34
Non-UTC Statutes
Section 7-305 of the Uniform Probate Code (UPC),35 which is in effect in at least two states,36 provides:
A trustee is under a continuing duty to administer the trust at a place appropriate to the purposes of the trust and to its sound, efficient management. If the principal place of administration becomes inappropriate for any reason, the Court may enter any order furthering efficient administration and the interests of beneficiaries, including, if appropriate, release of registration, removal of the trustee and appointment of a trustee in another state. Trust provisions relating to the place of administration and to changes in the place of administration or of trustee control unless compliance would be contrary to efficient administration or the purposes of the trust. Views of adult beneficiaries shall be given weight in determining the suitability of the trustee and the place of administration.37
In addition, Indiana imposes a comparable duty.38
Common Law Duty
Trustees in the six UTC states that limit the applicability of UTC Section 108(b)—Alabama, Florida, Kansas, Mississippi, Oregon and Wyoming; the seven UTC states that don’t have a version of UTC Section 108(b)—Massachusetts, Missouri, North Carolina, Pennsylvania, Virginia, West Virginia and Wisconsin; and the 12 states that don’t have UTC Section 108(b), UPC Section 7-305 or another applicable statute—California, Delaware, Georgia, Iowa, Louisiana, Nevada, New York, Oklahoma, Rhode Island, South Dakota, Texas and Washington —shouldn’t relax because, under the duty to administer the trust in accordance with its terms and applicable law, Section 76 of the Restatement (Third) of Trusts39 offers the following comment:
A trustee’s duty to administer a trust includes an initial and continuing duty to administer it at a location that is reasonably suitable to the purposes of the trust, its sound and efficient administration, and the interests of its beneficiaries . . .
Under some circumstances the trustee may have a duty to change or to permit (e.g., by resignation) a change in the place of administration. Changes in the place of administration by a trustee, or even the relocation of beneficiaries or other developments, may result in costs or geographic inconvenience serious enough to justify removal of the trustee.40
The Reporter’s Notes for Section 76 cite the first portion of the Comment under UTC Section 108 quoted above.
Practical Considerations
In our view, trustees in most, if not all, states have a continuing legal duty to minimize state income taxes.
There are practical considerations as well. On the one hand, reducing state income tax is a win-win proposition for beneficiaries and trustees. If $100,000 of California or New York City income tax is saved on $1 million long-term capital gains, then an additional $100,000 (and future income produced by it) will be available for the beneficiaries, and an additional $100,000 (and future income produced by it) will be there to enhance the trustee’s performance. On the other hand, failing to save $100,000 of state income tax offers vengeful beneficiaries a measurable amount in a surcharge action.
A practitioner one of the authors spoke with recently at a conference told him that her clients’ preferences for local advisors outweigh their interest in saving state income taxes. Yet, both goals can be achieved in some states, Louisiana being a prime example. In this regard, a Louisiana statute provides:
(b) A trust other than a trust described in Subparagraph (3)(a) shall be considered a resident trust if the trust instrument provides that the trust shall be governed by the laws of the state of Louisiana. If the trust instrument provides that the trust is governed by the laws of any state other than the state of Louisiana, then the trust shall not be considered a resident trust. If the trust instrument is silent with regard to the designation of the governing law, then the trust shall be considered a resident trust only if the trust is administered in this state.41
By designating the law of another state to govern their inter vivos trusts, her clients may retain local advisors and escape Louisiana income tax, except on Louisiana source income, if any.
A Moral Duty
When carrying out the continuing requirement to administer trusts in appropriate jurisdictions, trustees have legal and practical duties to reduce the state income taxes paid by the trusts under their supervision. There’s a moral duty as well. Trustees’ fiduciary duties extend to trust beneficiaries not to state taxing authorities. When all is said and done, minimizing state income taxes on trusts at the outset and throughout trust administration is the right thing to do.
Endnotes
1. Uniform Trust Code (UTC) Section 108(b). The text of the UTC and a list of jurisdictions that have enacted it may be viewed at www.uniformlaws.org.
2. For convenience, “state” includes the District of Columbia.
3. Ariz. Rev. Stat. Ann. Section 14-10108(B); Ark. Code Ann. Section 28-73-108(b); Colo. Rev. Stat. Section 15-5-108(3); Conn. Gen Stat. Section 45a-499h(b); D.C. Code Section 19-1301.08(b);
Haw. Rev. Stat. Section 554D-108(b); 760 Ill. Comp. Stat. 3/108(b); Ky. Rev. Stat. Ann. Section 386B.1-060(2); Me. Rev. Stat. Ann. tit. 18-B, Section 108(2); Md. Code Ann., Est. & Trusts
Section 14.5-108(b); Mich. Comp. Laws Section 700.7108(2); Minn. Stat. Section 501C.0108(b); Mont. Code Ann. Section 72-38-108(2);Neb. Rev. Stat. Section 30-3808(b); N.H. Rev. Stat. Ann.
Section 564-B:1-108(b); N.J. Stat. Ann. Section 3B:31-8(b); N.M. Stat. Ann. Section 46A-1-108(B); N.D. Cent. Code Section 59-09-08(2); Ohio Rev. Code Ann. Section 5801.07(B); S.C. Code Ann.
Section 62-7-108(c); Tenn. Code Ann. Section 35-15-108(c); Utah Code Ann. Section 75-7-108(2); Vt. Stat. Ann. tit. 14A, Section 108(b).
4. Fla. Stat. Section 736.0108(4).
5. Wyo. Stat. Ann. Section 4-10-108(b).
6. Ala. Code Section 19-3B-108(b) (emphasis added).
7. Ibid., cmt.
8. Miss. Code Ann. Section 91-8-108(c) (emphasis added).
9. Kan. Stat. Ann. Section 58a-108(b) (emphasis added).
10. Or. Rev. Stat. Section 130.022(2) (emphasis added).
11. Mass. Gen. Laws ch. 203E, Section 108; Mo. Rev. Stat. Section 456.1-108; N.C. Gen Stat. Section 36C-1-108; 20 Pa. C.S. Section 7708; Va. Code Ann. Section 64.2-706; W. Va. Code
Section 44D-1-108; Wis. Stat. Section 701.0108.
12. N.C. Gen. Stat. Section 36C-1-108, N.C. cmt.
13. 20 Pa. C.S. Section 7708, Jt. St. Govt. Comm. cmt.
14. See 30 Del. Code Ann. tit. 30 Sections 1605(b), 1636.
15. UTC Section 108 cmt. (emphasis added). This part of the Comment is quoted in the Reporter’s Notes for Section 76 of the Restatement (Third) of Trusts.
16. UTC Section 108 cmt. (emphasis added).
17. Ill. Info. Ltr. IT 22-0012-GIL (Ill. Dep’t Rev. Dec. 6, 2022),www.tax.illinois.gov.
18. Linn v. Dep’t of Revenue, 2 N.E.3d 1203 (Ill. App. Ct. 2013).
19. Ill. Info. Ltr. IT-22-0012-GIL, at 4 (Ill. Dep’t Rev. Dec. 6, 2022),
www.tax.illinois.gov.
20. UTC Section 103(8).
21. Ala. Code Section 19-3B-103(8); Ariz. Rev. Stat. Ann. Section 14-10103(8); Ark. Code Ann. Section 28-73-103(9); Colo. Rev. Stat. Section 15-5-103(11); Conn. Gen Stat. Section 45a-499c(16);
D.C. Code Section 19-1301.03(8); Haw. Rev. Stat. Section 554D-103; 760 Ill. Comp. Stat. 3/103(19); Kan. Stat. Ann. Section 58a-103(7); Ky. Rev. Stat. Ann. Section 386B.1-010(8); Me. Rev. Stat. Ann. tit. 18-B,
Section 103(7); Md. Code Ann., Est. & Trusts Section 14.5-103(n); Mass. Gen. Laws ch. 203E, Section 103; Mich. Comp. Laws Section 700.7103(e); Minn. Stat. Section 501C.0103(h); Miss. Code Ann. Section 91-8-103(14); Mo. Rev. Stat. Section 456.1-103(12); Mont. Code Ann. Section 72-38-103(9); Neb. Rev. Stat. Section 30-3803(8); N.H. Rev. Stat. Ann. Section 564-B:1-103(7); N.J. Stat. Ann. Section 3B:31-3; N.M. Stat. Ann. Section 46A-1-103(H); N.C. Gen. Stat. Section 36C-1-103(9); N.D. Cent. Code Section 59-09-03(9); Ohio Rev. Code Ann. Section 5801.01(K); Or. Rev. Stat. Section 130.010(9); 20 Pa. C.S. Section 7703; S.C. Code Ann. Section 62-7-103(7); Tenn. Code Ann. Section 35-15-103(17); Utah Code Ann. Section 75-7-103(e); Vt. Stat. Ann. tit. 14A, Section 103(8); Va. Code Ann. Section 64.2-701; W. Va. Code Section 44D-1-103(l); Wis. Stat. Section 701.0103(14); Wyo. Stat. Section 4-10-103(a)(x).
22. Fla. Stat. Section 736.0103(13).
23. UTC Section 404 (emphasis added).
24. Ala. Code Section 19-3B-404; Ariz. Rev. Stat. Ann. Section 14-10404; Ark. Code Ann. Section 28-73-404; Colo. Rev. Stat. Section 15-5-404; D.C. Code Section 19-1304.04; Haw. Rev. Stat. Section 554D-404; Kan. Stat. Ann. Section 58a-404; Ky. Rev. Stat. Ann. Section 386B.4-040; Me. Rev. Stat. Ann. tit. 18-B, Section 404; Md. Code Ann., Est. & Trusts Section 14.5-404; Minn. Stat. Section 501C.0404; Miss. Code Ann. Section 91-8-404; Mo. Rev. Stat. Section 456.4-404; Mont. Code Ann. Section 72-38-404; Neb. Rev. Stat. Section 30-3830; N.H. Rev. Stat. Ann. Section 564-B:4-404; N.J. Stat. Ann. Section 3B:31-21; N.M. Stat. Ann. Section 46A-4-404; N.C. Gen. Stat. Section 36C-4-404; N.D. Cent. Code Section 59-12-04; Ohio Rev. Code Ann. Section 5804.04; Or. Rev. Stat. Section 130.165; S.C. Code Ann. Section 62-7-404; Tenn. Code Ann. Section 35-15-404; Utah Code Ann. Section 75-7-404; Vt. Stat. Ann. tit. 14A, Section 404; Va. Code Ann. Section 64.2-722; W. Va. Code Section 44D-4-404; Wis. Stat. Section 701.0404; Wyo. Stat. Section 4-10-405.
25. Conn. Gen Stat. Section 45a-499y; Fla Stat. Section 736.0404; 760 Ill. Comp. Stat. 3/404; Mass. Gen. Laws ch. 203E, Section 404; Mich. Comp. Laws Section 700.7404; 20 Pa. C.S. Section 7734.
26. UTC Section 801 (emphasis added).
27. 760 Ill. Comp. Stat. 3/801; N.D. Cent. Code Section 59-16-01.
28. Ala. Code Section 19-3B-801; Ariz. Rev. Stat. Ann. Section 14-10801; Ark. Code Ann. Section 28-73-801; Colo. Rev. Stat. Section 15-5-801; Conn. Gen Stat. Section 45a-499aaa; D.C. Code Section 19-1308.01; Fla. Stat. Section 736.0801; Haw. Rev. Stat. Section 554D-801; Kan. Stat. Ann. Section 58a-801; Ky. Rev. Stat. Ann. Section 386B.8-010; Me. Rev. Stat. Ann. tit. 18-B, Section 801; Md. Code Ann., Est. & Trusts Section 14.5-801; Mass. Gen. Laws ch. 203E, Section 801; Mich. Comp. Laws Section 700.7801; Minn. Stat. Section 501C.0801; Miss. Code Ann. Section 91-8-801; Mo. Rev. Stat. Section 456.8-801; Mont. Code Ann. Section 72-38-801; Neb. Rev. Stat. Section 30-3866; N.H. Rev. Stat. Ann. Section 564-B:8-801; N.J. Stat. Ann. Section 3B:31-54; N.M. Stat. Ann. Section 46A-8-801; N.C. Gen. Stat. Section 36C-8-801; Ohio Rev. Code Ann. Section 5808.01; Or. Rev. Stat. Section 130.650; 20 Pa. C.S. Section 7771; S.C. Code Ann. Section 62-7-801; Tenn. Code Ann. Section 35-15-801; Utah Code Ann. Section 75-7-801; Vt. Stat. Ann. tit. 14A, Section 801; Va. Code Ann. Section 64.2-763; W. Va. Code Section 44D-8-801; Wis. Stat. Section 701.0801; Wyo. Stat. Section 4-10-801.
29. UTC Section 802(a) (emphasis added).
30. 760 Ill. Comp. Stat. 3/802.
31. Ala. Code Section 19-3B-802(a); Ariz. Rev. Stat. Ann. Section 14-10802(A); Ark. Code Ann. Section 28-73-802(a); Colo. Rev. Stat. Section 15-5-802(1); Conn. Gen Stat. Section 45a-499bbb(a); D.C. Code Section 19-1308.02(a); Fla. Stat. Section 736.0802(1); Haw. Rev. Stat. Section 554D-802(a); Kan. Stat. Ann. Section 58a-802(a); Ky. Rev. Stat. Ann. Section 386B.8-020(1); Me. Rev. Stat. Ann. tit. 18-B, Section 802(1); Md. Code Ann., Est. & Trusts Section 14.5-802(a); Mass. Gen. Laws ch. 203E, Section 802(a); Mich. Comp. Laws Section 700.7802(1); Minn. Stat. Section 501C.0802(a); Miss. Code Ann. Section 91-8-802(a); Mo. Rev. Stat. Section 456.8-802(1); Mont. Code Ann. Section 72-38-802(1); Neb. Rev. Stat. Section 30-3867(a); N.H. Rev. Stat. Ann. Section 564-B:8-802(a); N.J. Stat. Ann. Section 3B:31-55(a); N.M. Stat. Ann. Section 46A-8-802(A); N.C. Gen. Stat. Section 36C-8-802(a); N.D. Cent. Code Section 59-16-02(1); Ohio Rev. Code Ann. Section 5808.02(A); Or. Rev. Stat. Section 130.655(1); 20 Pa. C.S. Section 7772(a); S.C. Code Ann. Section 62-7-802(a); Tenn. Code Ann. Section 35-15-802(a); Utah Code Ann. Section 75-7-802(1); Vt. Stat. Ann. tit. 14A, Section 802(a); Va. Code Ann. Section 64.2-764(A); W. Va. Code Section 44D-8-802(a); Wis. Stat. Section 701.0802(1); Wyo. Stat. Section 4-10-802(a).
32. UTC Section 814(a) (emphasis added).
33. Ala. Code Section 19-3B-814(a); Ariz. Rev. Stat. Ann. Section 14-10814(A); Ark. Code Ann. Section 28-73-814(a); Colo. Rev. Stat. Section 15-5-814(1)(a); Conn. Gen Stat. Section 45a-499lll(a); D.C. Code Section 19-1308.14(a); Fla. Stat. Section 736.0814(1); Haw. Rev. Stat. Section 554D-814(a); Kan. Stat. Ann. Section 58a-814; Ky. Rev. Stat. Ann. Section 386B.8-140(1); Mass. Gen. Laws ch. 203E, Section 814(a); Minn. Stat. Section 501C.0814(a); Mo. Rev. Stat. Section 456.8-814(1); Mont. Code Ann. Section 72-38-814(1); Neb. Rev. Stat. Section 30-3879(a); N.H. Rev. Stat. Ann. Section 564-B:8-814(a); N.J. Stat. Ann. Section 3B:31-68; N.M. Stat. Ann. Section 46A-8-814(A); N.C. Gen. Stat. Section 36C-8-814(a); Ohio Rev. Code Ann. Section 5808.14(A); Or. Rev. Stat. Section 130.715(1); 20 Pa. C.S. Section 7780.4; S.C. Code Ann. Section 62-7-814(a); Utah Code Ann. Section 75-7-812(1); Vt. Stat. Ann. tit. 14A, Section 814(a); Va. Code Ann. Section 64.2-776(A); W. Va. Code Section 44D-8-814(a); Wis. Stat. Section 701.0814(1).
34. 760 Ill. Comp. Stat. 3/814; Me. Rev. Stat. Ann. tit. 18-B, Section 814; Md. Code Ann., Est. & Trusts Section 14.5-814; Mich. Comp. Laws Section 700.7815; Miss. Code Ann. Section 91-8-814; N.D. Cent. Code Section 59-16-14; Tenn. Code Ann. Section 35-15-814; Wyo. Stat. Section 4-10-814.
35. The text of the UPC may be viewed at www.uniformlaws.org.
36. See, e.g., Alaska Stat. Section 13.36.090; Idaho Code Section 15-7-305.
37. UPC Section 7-305 (emphasis added).
38. Ind. Code Section 30-4-6-3(c).
39. Restatement (Third) of Trusts Section 76 (2003).
40. Ibid., Section 76 cmt. b(2) (2003) (cross references omitted). Like other Restatement provisions, Section 76 is understood as “describing the law in a given area and guiding its development” (Black’s Law Dictionary 1570 (11th ed. 2019)).
41. La. Stat. Ann. Section 47:300.10(3)(b) (emphasis added).