In a flurry of legislation approved in January, New Jersey enacted its version of the Uniform Trust Code on Jan. 19. P.L. 2015, c.276. It will take effect 180 days after enactment–July 17. The Trust Code is derived from the model Uniform Trust Code (UTC) promulgated by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 2000 (also known as the Uniform Law Commission). The UTC has now been enacted in over 30 states.
This is the first of a series of articles that will explore the effect of the Trust Code on New Jersey trust matters. This segment will identify the trusts to which the Trust Code applies. It also considers the interplay between the Trust Code and existing New Jersey law.