Title 91, Trusts and Estates

(a) Instead of furnishing a copy of the trust instrument to any person to evidence the existence and validity of the trust, the trustee may furnish to the person a certification of trust, signed by the trustee or trustees having signature authority as identified in paragraph (6) …

(a) For the purposes of this section, “no-contest provision” includes a “no-contest provision,” “in terrorem provision” or “forfeiture provision” of a trust instrument. A “no-contest provision” means a provision that, if given effect, would reduce or eliminate the interest of any…

In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

The provisions of this chapter governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of Section 102 of the Electronic Sig…

If any provision of this chapter or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisio…

(a) Except as otherwise provided in this chapter:(1) This chapter applies to all trusts created before, on, or after July 1, 2014;(2) This chapter applies to all judicial proceedings concerning trusts commenced on or after July 1, 2014;(3) This chapter applies to judicial proceed…

(a) Absent clear and convincing evidence, no settlor of an irrevocable trust may be deemed to be the alter ego of a trustee of such trust. (b) None of the following factors, by themselves or in combination, may be considered sufficient evidence for a court to conclude that the se…

(1) In the event a person challenges a settlor’s or a beneficiary’s influence over a trust, none of the following factors, alone or in combination, shall enter into a determination that dominion and control over a trust exists:(1) The settlor or a beneficiary is serving as a trus…

Notwithstanding the provisions of this chapter that may otherwise be applicable to a trust, no provision thereof shall apply to any special needs trust, supplemental needs trust, or other similar trust established for a person with a disability as a beneficiary, including, withou…

(a) A trust protector or trust advisor is any person, and may be a committee of more than one (1) person, other than a trustee, who under the terms of the trust has a power or duty with respect to a trust, including, but not limited to, one or more of the following powers:(1) The…

(a) A trust advisor or trust protector, other than a beneficiary, is a fiduciary with respect to each power granted to the trust advisor or trust protector. In exercising any power or refraining from exercising any power, a trust advisor or trust protector shall act in good faith…

By accepting appointment to serve as a trust advisor or trust protector, the trust advisor or the trust protector submits personally to the jurisdiction of the courts of this state even if investment advisory agreements or other related agreements provide otherwise, and the trust…

(a) Whenever, pursuant to the terms of a trust, an excluded fiduciary is to follow the direction of a trustee, trust advisor, or trust protector with respect to investment decisions, distribution decisions, or other decisions of the nonexcluded fiduciary, then, except to the exte…

(1) An excluded fiduciary is not liable, either individually or as a fiduciary, for:(1) Any loss resulting from compliance with a direction of a trustee, trust advisor, or trust protector, including, but not limited to, any loss from the trustee, trust advisor, or trust protector…

(a) A beneficiary may not commence a proceeding against a trust advisor or trust protector for breach of trust more than one (1) year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed facts indicating the existence o…

(a) In the administration of any trust which is a “private foundation,” as defined in Section 509 of the United States Internal Revenue Code, a “charitable trust,” as defined in Section 4947(a)(1) of the United States Internal Revenue Code, or a “split-interest trust,” as defined…

In the administration of any trust which is a “private foundation,” as defined in Section 509 of the United States Internal Revenue Code, or which is a “charitable trust,” as defined in Section 4947(a)(1) of the United States Internal Revenue Code, there shall be distributed, for…

The provisions of Sections 91-9-401 and 91-9-403 shall not apply to any trust to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the instrument governing such trust and that the same may not properly be cha…

The trustees of any trust which is a “private foundation” (as defined in Section 509 of the United States Internal Revenue Code), a “charitable trust” (as defined in Section 4947(a)(1) of the United States Internal Revenue Code) or a “split-interest trust” (as defined in Section …

Nothing in Sections 91-9-401 through 91-9-411 shall impair the rights and powers of the courts or the attorney general of this state with respect to any trust.

All references to sections of the United States Internal Revenue Code shall be to such law as it exists as of April 28, 1972.

(a) Except as otherwise provided in subsection (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this article. (b) The prudent investor rule, a default rule, may be expanded, res…

(a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (b) A …

A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.

Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, …

A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.

If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.

In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight.

(a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:(1) Selecting an agent;(2) Establishing the scope and term…

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this article: “Investments permissible by law for investment of trust funds,” “legal investments,” “authorized inve…

This article applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective date, this article governs only decisions or actions occurring after that date.

This article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this article among the states enacting it.

Sections 91-9-601 through 91-9-627 may be cited as the “Mississippi Uniform Prudent Investor Act.”

If any provision of this article or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this article which can be given effect without the invalid provision or application, and to this end the provision…

This article shall be known and may be cited as the Mississippi Qualified Disposition in Trust Act.

(a) As used in this article, unless the context otherwise requires:(a) “Claim” means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured…

(a) A qualified affidavit shall state that:(a) The transferor has full right, title, and authority to transfer the assets to the trust;(b) The transfer of the assets to the trust will not render the transferor insolvent;(c) The transferor does not intend to defraud a creditor by …

(a) Notwithstanding any law to the contrary, no action of any kind, including, but not limited to, an action to enforce a judgment entered by a court or other body having adjudicative authority, shall be brought at law or in equity for an attachment or other provisional remedy ag…

A transferor shall have only the powers and rights conferred by the qualified disposition trust. The powers and rights conferred by the qualified disposition trust upon the transferor are personal powers and rights that may not be exercised by a creditor or any other person, exce…

(a) A qualified disposition shall be avoided only to the extent necessary to satisfy the transferor’s debt to the creditor at whose instance the disposition had been avoided, together with costs, including attorneys’ fees, that the court may allow. (b) In the event any qualified …

A spendthrift provision as described in Section 91-9-703(n)(3) shall be deemed to be a restriction on the transfer of the transferor’s beneficial interest in the trust that is enforceable under applicable nonbankruptcy law within the meaning of Section 541(c)(2) of the Bankruptcy…

(a) For purposes of this article, neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in Section 91-…

A person may serve as an investment advisor notwithstanding that the person is the transferor of the qualified disposition, but the person may not otherwise serve as advisor to a trust that is a qualified disposition trust except with respect to the retention of the veto right pe…

If a qualified trustee of a qualified disposition trust ceases to meet the requirements of Section 91-9-703(k)(1), and there remains no trustee that meets the requirements, the qualified trustee shall be deemed to have resigned as of the time of that cessation, and thereupon the …

(a) A qualified disposition trust shall not be deemed revocable on account of its inclusion of one or more of the following:(a) A transferor’s power to veto a distribution from the trust;(b) A power of appointment, other than a power to appoint to the transferor, the transferor’s…