Kansas City Business Law Firm Reviews Uniform Trust Code In Kansas, Missouri And Florida

Many long time habitués of Kansas and Missouri also have homes in Florida and many of those individuals have also declared Florida to be their state of residence, primarily because Florida has no state income tax. Kansas, Missouri and Florida are among the twenty-nine states that have enacted the Uniform Trust Code. Effective January 1, 2003, Kansas became one of the first states in the Midwest to enact the Uniform Trust Code. The Kansas version of the Uniform Trust Code (KUTC) made big strides in codifying the laws of Kansas in the area of trusts – revocable, irrevocable, charitable and otherwise. This code gathers many of the areas of fiduciary, investment and some other statutory and case law into one code. It establishes some basic rules for the administration and interpretation of trusts. Many states have made their own unique modifications and Kansas has added some items specific to Kansas law such as homestead provisions. Missouri enacted the Missouri Uniform Trust Code (MUTC) in 2004, with its own idiosyncrasies that we deal with every day. Florida enacted its version of the Uniform Trust Code in 2010, at which point it became applicable to Florida residents. Like many states, Florida’s version of the Uniform Trust Code incorporated its own variations, including an execution requirement that its trusts be witnessed (not just notarized). Additionally, Florida’s ban on “in terrorem” clauses (no contest provisions) is also incorporated, making the “you contest you are out” provisions of a trust void. Finally, provisions for dealing with homesteads in Florida remain unique to its residents. With parents that are Florida residents, attorney Cheryl Boushka, was glad to be involved as part of the Kansas Judicial Council’s Probate Advisory Committee in the early study of these provisions as first responders to the Uniform Trust Code here in the Midwest. It made her subsequent review of the nuances of Florida’s endeavor much easier. To date, many other jurisdictions have enacted a version of the Uniform Trust Code making it almost a national code. This is helpful with more and more people moving frequently, so a good estate plan adopted in one state often travels well as a client progresses through life! Applicability of the UTC needs to be looked at individually for each situation. For example, California has adopted the UTC, but Arizona has rejected it.