reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 91-8-401 — 91-8-417) › Section 91-8-408 - Trust for care of animal

(a)
A trust may be created to provide for the care of an animal alive during the settlor's lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one (1) animal alive during the settlor's lifetime, upon the death of the last surviving animal.
(b)
A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court. In addition, a person having a demonstrated interest in the welfare of the animal may request the court to appoint a person to enforce the trust or to remove a person appointed.
(c)
Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor's successors in interest.
Added by Laws, 2014, ch. 421, SB 2727, 30, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 91-8-401 — 91-8-417) › Section 91-8-409 - Noncharitable trust without ascertainable beneficiary

Except as otherwise provided in Section
91-8-408
, Section
41-43-51
or by another statute, the following rules apply:
(1)
A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The trust may not be enforced for more than twenty-one (21) years;
(2)
A trust authorized by this section may be enforced by a person appointed under the terms of the trust, or if no person is so appointed, by a person appointed by the court.
(3)
Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor's successors in interest.
Amended by Laws, 2016, ch. 396, SB 2211, 6, eff. 7/1/2014.
Added by Laws, 2014, ch. 421, SB 2727, 31, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 91-8-401 — 91-8-417) › Section 91-8-410 - Modification or termination of trust; proceedings for approval or disapproval

(a)
In addition to the methods of termination prescribed by Sections
91-8-411
through
91-8-414
, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful or impossible to achieve.
(b)
A proceeding to approve or disapprove a proposed modification or termination under Sections
91-8-411
through
91-8-416
, or trust combination or division under Section
91-8-417
, may be commenced by a trustee or beneficiary. The settlor of a charitable trust may maintain a proceeding to modify the trust under Section
91-8-413
.
(c)
Nothing in this section or this chapter is intended to create or imply a duty for a trustee to make or seek approval of a modification, termination, combination or division, and a trustee is not liable for not making or seeking approval of a modification, termination, combination or division.
Added by Laws, 2014, ch. 421, SB 2727, 32, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 91-8-401 — 91-8-417) › Section 91-8-411 - Modification or termination of noncharitable irrevocable trust by consent

(a)
During the settlor's lifetime, a noncharitable irrevocable trust may be modified or terminated by the trustee upon consent of all qualified beneficiaries, even if the modification or termination is inconsistent with a material purpose of the trust if the settlor does not object to the proposed modification or termination. The trustee shall notify the settlor of the proposed modification or termination not less than sixty (60) days before initiating the modification or termination. The notice of modification or termination must include:
(1)
An explanation of the reasons for the proposed modification or termination;
(2)
The date on which the proposed modification or termination is anticipated to occur; and
(3)
The date, not less than sixty (60) days after the giving of notice, by which the settlor must notify the trustee of an objection to the proposed modification or termination.
(b)
Following the settlor's death, a noncharitable irrevocable trust may be terminated upon consent of all of the qualified beneficiaries if the court concludes that continuance of the trust is not necessary to achieve any material purpose of the trust. A noncharitable irrevocable trust may be modified upon consent of all of the qualified beneficiaries if the court concludes that modification is not inconsistent with a material purpose of the trust.
(c)
Upon termination of a trust under subsection (a) or (b), the trustee shall distribute the trust property as agreed by the qualified beneficiaries.
(d)
If not all of the qualified beneficiaries consent to a proposed modification or termination of the trust under subsection (a) or (b), the modification or termination may be approved by the court if the court is satisfied that:
(1)
If all of the qualified beneficiaries had consented, the trust could have been modified or terminated under this section; and
(2)
The interests of a qualified beneficiary who does not consent will be adequately protected.
(e)
Solely for purposes of this section, the term "noncharitable irrevocable trust" refers to a trust that is not revocable by the settlor with respect to which:
(1)
No federal or state income, gift, estate or inheritance tax charitable deduction was allowed upon transfers to the trust; and
(2)
The value of all interests in the trust owned by charitable organizations does not exceed five percent (5%) of the value of the trust.
(f)
Notwithstanding subsection (a), the trustee may seek court approval of a modification or termination.
Amended by Laws, 2016, ch. 396, SB 2211, 7, eff. 7/1/2014.
Added by Laws, 2014, ch. 421, SB 2727, 33, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 91-8-401 — 91-8-417) › Section 91-8-412 - Modification or termination because of unanticipated circumstances or inability to administer trust effectively

(a)
The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the modification must be made in accordance with the settlor's probable intention.
(b)
The court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or wasteful or impair the trust's administration.
(c)
Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
Added by Laws, 2014, ch. 421, SB 2727, 34, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 91-8-401 — 91-8-417) › Section 91-8-413 - Cy pres

(a)
Except as otherwise provided in subsection (b), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, obsolete or ineffective:
(1)
The trust does not fail, in whole or in part;
(2)
The trust property does not revert to the settlor or the settlor's successors in interest; and
(3)
The court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner that fulfills as nearly as possible the settlor's charitable intent and purposes.
(b)
A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection (a) to apply cy pres to modify or terminate the trust only if, when the provision takes effect:
(1)
The trust property is to revert to the settlor and the settlor is still living; or
(2)
Fewer than twenty-one (21) years have elapsed since the date of the trust's creation.
Added by Laws, 2014, ch. 421, SB 2727, 35, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 91-8-401 — 91-8-417) › Section 91-8-414 - Modification or termination of uneconomic trust

(a)
After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than One Hundred Fifty Thousand Dollars ($150,000.00) may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
(b)
The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
(c)
Upon termination of a trust under this section, the trustee shall distribute the trust property to or for the benefit of the beneficiaries, in such shares as the trustee, or the court in a court proceeding, determines, after taking into account the interests of income and remainder beneficiaries so as to conform as nearly as possible to the intention of the settlor, but a trust that qualified for the marital deduction for tax purposes shall only be distributed to the spouse of the settlor for whom the trust was created.
(d)
This section does not apply to an easement for conservation or preservation.
(e)
This section shall not limit the right of a trustee, acting alone, to terminate a trust in accordance with applicable provisions of the governing instrument.
Added by Laws, 2014, ch. 421, SB 2727, 36, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 91-8-401 — 91-8-417) › Section 91-8-415 - Reformation to correct mistakes

The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence what the settlor's intention was and that the terms of the trust were affected by a mistake of fact or law, whether in expression or inducement.
Added by Laws, 2014, ch. 421, SB 2727, 37, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 91-8-401 — 91-8-417) › Section 91-8-416 - Modification to achieve settlor's tax objectives

To achieve the settlor's tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect.
Added by Laws, 2014, ch. 421, SB 2727, 38, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 5 - CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 91-8-501 — 91-8-508) › Section 91-8-501 - Application of Article 5; rights of beneficiary's creditor or assignee

This Article 5 applies to a creditor's or assignee's claims and ability to reach mandatory, support and discretionary interests regardless of whether such interests are subject to a spendthrift provision. To the extent not otherwise prohibited by this Article 5, the court may authorize a creditor or assignee of the beneficiary to reach the beneficiary's distribution interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The court may limit the award to such relief as is appropriate under the circumstances.
Added by Laws, 2020, ch. 406, SB 2851,§ 59, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 5 - CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 91-8-501 — 91-8-508) › Section 91-8-502 - Spendthrift provision

(a)
Except as provided in Section
91-8-505
, if the trust instrument provides that a beneficiary's interest in a trust is not subject to voluntary or involuntary transfer, the beneficiary's interest in the trust may not be transferred and is not subject to the enforcement of a money judgment until paid to the beneficiary.
(b)
A term of a trust providing that the interest of a beneficiary is held subject to a "spendthrift trust," or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest.
(c)
A spendthrift provision applies to all beneficial interests, including distribution interests whether with respect to income or principal or both, and remainder interests.
(d)
A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision, and a creditor or assignee of the beneficiary may not reach the interest or a present, future or prospective distribution by the trustee before its receipt by the beneficiary. Similarly, a creditor or assignee of the beneficiary may not force a distribution from the trust. This subsection (d) remains applicable regardless of the beneficiary's potential right to force a distribution under Section
91-8-814
.
(e)
Notwithstanding any other provision of this section to the contrary or whether a beneficiary has an outstanding creditor, a trustee, cotrustee, or other fiduciary of a trust subject to a spendthrift provision may directly pay any expense on behalf of the beneficiary and may exhaust the income and principal of the trust for the benefit of the beneficiary. A trustee, cotrustee or other fiduciary is not liable to any creditor for paying the expenses of a beneficiary under a trust subject to a spendthrift provision. This subsection (e) remains applicable whether the beneficiary for whom the direct payment was made held a mandatory, support, discretionary or remainder interest.
Added by Laws, 2020, ch. 406, SB 2851,§ 60, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 5 - CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 91-8-501 — 91-8-508) › Section 91-8-503 - Discretionary interests; effect thereof

(a)
A discretionary interest is neither a property interest nor an enforceable right; it is a mere expectancy.
(b)
Relative to a discretionary interest, whether or not a trust contains a spendthrift provision:
(1)
A creditor or assignee cannot force or otherwise reach a distribution with regard to a discretionary interest;
(2)
A creditor or assignee cannot require a trustee, cotrustee or other fiduciary to exercise the trustee's, cotrustee's or other fiduciary's discretion to make a distribution with regard to a discretionary interest;
(3)
Whether or not a beneficiary has any outstanding creditors or assignees, a trustee, cotrustee or other fiduciary of a discretionary interest may directly pay any expense on behalf of the beneficiary and may exhaust the income and principal of the trust for the benefit of the beneficiary;
(4)
A trustee, cotrustee or other fiduciary is not liable to any creditor or assignee for paying the expenses of a beneficiary of a discretionary interest;
(5)
(A)
Whether or not a beneficiary holding a discretionary interest is also a trustee, cotrustee or other fiduciary, subsections (b)(1) through (4) remain applicable if:
(i)
The beneficiary-fiduciary does not have the discretion to make or participate in making distributions to such beneficiary-fiduciary;
(ii)
The beneficiary-fiduciary's discretion to make or participate in making distributions to such beneficiary-fiduciary is limited by an ascertainable standard; or
(iii)
The beneficiary-fiduciary's discretion to make or participate in making distributions to such beneficiary-fiduciary is exercisable only with the consent of a cotrustee or another person holding an adverse interest.
(B)
A creditor or assignee may compel or otherwise reach a distribution only to the extent the creditor or assignee may compel or otherwise reach a distribution if the beneficiary was not acting as a trustee, cotrustee or other fiduciary.
Added by Laws, 2020, ch. 406, SB 2851,§ 61, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 5 - CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 91-8-501 — 91-8-508) › Section 91-8-505 - Distributions relative to support, mandatory and certain remainder interests

(a)
Relative to a support interest, whether or not a trust contains a spendthrift provision:
(1)
Although a beneficiary of a support interest has enforceable rights under Section
91-8-814
, those rights do not raise the beneficiary's support interest to the level of a property interest;
(2)
No creditor or assignee shall reach that support interest until a distribution from the support interest is actually made to the beneficiary;
(3)
After all or a portion of a support interest is distributed to the beneficiary, no portion of the distribution made from the support interest shall be reached by a creditor or assignee of the beneficiary except to the extent that the distribution made from the support interest exceeds the amount necessary for the health, education, maintenance and support of the beneficiary who received the distribution made from the support interest;
(4)
In the case of a beneficiary who holds a support interest, the use or enjoyment of property belonging to the trust by that beneficiary shall not be transferred and shall not be reached by creditors or assignees of that beneficiary;
(5)
Regardless of whether a beneficiary has any outstanding creditors or assignees, a trustee or other fiduciary of a support interest may directly pay any expense on behalf of the beneficiary and may exhaust the income and principal of the trust for the benefit of the beneficiary; and
(6)
A trustee or other fiduciary is not liable to any creditor or assignee for paying the expenses of a beneficiary of a support interest.
(b)
Relative to a mandatory interest, whether or not a trust contains a spendthrift provision:
(1)
While a court may order a trustee or other fiduciary to distribute a past-due mandatory distribution to its beneficiary, no court shall order a trustee or other fiduciary to distribute such past-due mandatory distribution directly to a creditor or assignee;
(2)
Regardless of whether a beneficiary has any outstanding creditors or assignees, a trustee or other fiduciary of a mandatory interest may directly pay any expense on behalf of the beneficiary and may exhaust the income and principal of the trust for the benefit of the beneficiary;
(3)
A trustee or other fiduciary is not liable to any creditor or assignee for paying the expenses of a beneficiary of a mandatory interest.
(c)
Although a remainder interest may be an enforceable right, where it is not absolutely certain based on the language of the trust that the remainder interest will be distributed within one (1) year, it shall not be classified as a property interest. This subsection (c) does not affect eligibility for any public assistance program administered by the Department of Human Services.
Added by Laws, 2020, ch. 406, SB 2851,§ 63, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 5 - CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 91-8-501 — 91-8-508) › Section 91-8-506 - Personal obligations of trustee

Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.
Added by Laws, 2020, ch. 406, SB 2851,§ 64, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 5 - CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 91-8-501 — 91-8-508) › Section 91-8-507 - Removal or replacement power over trustee or other fiduciary not reachable by holder's creditors; interests of beneficiary who is also a trustee or other fiduciary not reachable

(a)
A creditor or assignee of a beneficiary does not have the power to reach an interest of a beneficiary or any other person who holds an unconditional or conditional removal or replacement power over a trustee or other fiduciary. Such power over a trustee or other fiduciary is personal to the holder and shall not be exercised by the holder's creditors. No court shall direct a holder to exercise the power.
(b)
Subject to Section
91-8-504(b)(3)
:
(1)
A creditor or assignee of a beneficiary may not reach an interest of a beneficiary who is also a trustee, cotrustee or other fiduciary, or otherwise compel a distribution because the beneficiary is then serving as a trustee, cotrustee or other fiduciary; and
(2)
A court may not foreclose against a beneficiary's interest described in subsection (a).
Added by Laws, 2020, ch. 406, SB 2851,§ 65, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 5 - CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 91-8-501 — 91-8-508) › Section 91-8-508 - Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited; certain reaches prohibited

Regardless of whether a trust contains a spendthrift provision:
(1)
No beneficial interest, power of appointment, or reserved power in a trust shall be judicially foreclosed.
(2)
Trust property subject to a power of appointment is not subject to the claims of the creditors of the holder of the power of appointment or to any permitted appointee unless and until such trust property is distributed pursuant to the exercise of such power of appointment and then only to the extent of the claims of the creditors of the appointee.
(3)
A creditor or an assignee of a beneficiary of a residuary interest in a trust has no interest in trust property until trust property is actually distributed to such assignee of the residuary interest and therefore trust property is not subject to claims of a creditor of the assignee.
(4)
A power of appointment is not a property interest.
Added by Laws, 2020, ch. 406, SB 2851,§ 66, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 6 - REVOCABLE TRUSTS (§§ 91-8-601 — 91-8-604) › Section 91-8-601 - Capacity of settlor of revocable trust

The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. To be effective as a post-death disposition of property transferred during the transferor's life or by the transferor's will to a trust of which the transferor is the settlor or deemed to be the settlor, neither a revocable nor an irrevocable trust existing on or executed after July 1, 2014, has to be executed with the formalities of a will.
Added by Laws, 2014, ch. 421, SB 2727, 40, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 6 - REVOCABLE TRUSTS (§§ 91-8-601 — 91-8-604) › Section 91-8-602 - Revocation or amendment of revocable trust

(a)
Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection (a) does not apply to a trust created under an instrument executed before July 1, 2014.
(b)
If a revocable trust is created or funded by more than one (1) settlor:
(1)
To the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses;
(2)
To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution;
(3)
At the death of one (1) settlor, each surviving settlor shall have the right to revoke the trust as to the surviving settlor's portion of the trust as determined by the type of property in accordance with subsection (b)(1) or (2); and
(4)
Upon the revocation or amendment of the trust by fewer than all of the settlors or upon the death of one (1) of the settlors, the trustee shall promptly notify the other settlors of the revocation, amendment or death.
(c)
The settlor may revoke or amend a revocable trust:
(1)
By substantial compliance with a method provided in the terms of the trust; or
(2)
If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by:
(A)
A later will or codicil that expressly refers to the trust or specifically devises property that would otherwise have passed according to the terms of the trust; or
(B)
Any other method manifesting clear and convincing evidence of the settlor's intent; however, a written revocable trust may only be amended and revoked by a later written instrument delivered to the trustee.
(d)
Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs. However, with respect to community property under subsection (b)(1), the trustee shall deliver the property one-half (1/2) to each spouse unless the trust instrument specifically states otherwise.
(e)
A settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power.
(f)
A conservator or guardian of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only with the approval of the court supervising the conservatorship or guardianship.
(g)
A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked.
Added by Laws, 2014, ch. 421, SB 2727, 41, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 6 - REVOCABLE TRUSTS (§§ 91-8-601 — 91-8-604) › Section 91-8-603 - Settlor's powers; powers of withdrawal

(a)
While a trust is revocable rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.
(b)
If a revocable trust has more than one (1) settlor, the duties of the trustee are owed to all of the settlors having capacity to revoke the trust.
(c)
During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
Added by Laws, 2014, ch. 421, SB 2727, 42, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 6 - REVOCABLE TRUSTS (§§ 91-8-601 — 91-8-604) › Section 91-8-604 - Limitation on action contesting validity of revocable trust; distribution of trust property

(a)
A person may commence a judicial proceeding to contest the validity of all or part of the terms of a trust that was revocable at the settlor's death within the earlier of:
(1)
Two (2) years after the settlor's death; or
(2)
One hundred and twenty (120) days after the trustee sent the person a copy of the trust instrument and a notice informing the person of the trust's existence, of the trustee's name and address, and of the time allowed for commencing a proceeding.
(b)
Upon the death of the settlor of a trust that was revocable at the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is subject to liability for doing so only if:
(1)
The trustee knows of a pending judicial proceeding contesting the validity of all or part of the terms of the trust; or
(2)
A potential contestant has notified the trustee of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within sixty (60) days after the contestant sent the notification.
(c)
A beneficiary of a trust that is determined by a court proceeding to be invalid, in whole or in part, is liable to return to the court any distribution received for proper distribution to the extent that the invalidity applies to the distribution. If the beneficiary refuses to return the distribution after being ordered by the court, the beneficiary shall be liable for all costs incurred for recovery of the distribution.
Added by Laws, 2014, ch. 421, SB 2727, 43, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-701 - Accepting or declining trusteeship

(a)
Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:
(1)
By substantially complying with a method of acceptance provided in the terms of the trust; or
(2)
If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.
(b)
A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.
(c)
A person designated as trustee, without accepting the trusteeship, may:
(1)
Act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; and
(2)
Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
Added by Laws, 2014, ch. 421, SB 2727, 44, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-702 - Trustee's bond

(a)
A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
(b)
The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.
(c)
A state or national bank, savings institution, or trust company authorized to exercise fiduciary powers and regulated by the Office of the Comptroller of the Currency, Office of Thrift Supervision, the Mississippi Department of Banking and Consumer Finance, or equivalent state banking supervisors need not give bond, even if required by the terms of the trust.
Added by Laws, 2014, ch. 421, SB 2727, 45, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-703 - Cotrustees

(a)
Cotrustees who are unable to reach a unanimous decision after consultation among all the cotrustees may act by majority decision.
(b)
If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.
(c)
A cotrustee must participate in the performance of a trustee's function and consult with the other cotrustees unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity or the cotrustee has properly delegated the performance of the function to another trustee.
(d)
If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.
(e)
A trustee may delegate to a cotrustee the performance of a function other than a function that the terms of the trust instrument expressly require the trustees to perform jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.
(f)
Except as otherwise provided in subsection (g), a trustee who does not join in an action of another trustee is not liable for the action.
(g)
Each trustee shall exercise reasonable care to:
(1)
Prevent a cotrustee from committing a serious breach of trust; and
(2)
Compel a cotrustee to redress a serious breach of trust.
(h)
A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust.
(i)
A trustee, trust advisor and trust protector shall keep each cotrustee, trust advisor, trust protector and any other fiduciary reasonably informed about the administration of the trust, to the extent the trustee, trust advisor or trust protector has knowledge that each such cotrustee, trust advisor, trust protector or other fiduciary does not have knowledge of the trustee's, trust advisor's or trust protector's actions, or regarding other material information or the availability of such information, related to the administration of the trust that would be reasonably necessary for each cotrustee, trust advisor, trust protector or other fiduciary to perform his or her duties as a trustee, trust advisor, trust protector or other fiduciary of the trust.
Amended by Laws, 2016, ch. 396, SB 2211, 8, eff. 7/1/2014.
Added by Laws, 2014, ch. 421, SB 2727, 46, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-704 - Vacancy in trusteeship; appointment of successor

(a)
A vacancy in a trusteeship occurs if:
(1)
A person designated as trustee rejects the trusteeship;
(2)
A person designated as trustee cannot be identified or does not exist;
(3)
A trustee resigns;
(4)
A trustee is disqualified or removed;
(5)
A trustee dies; or
(6)
A conservator or guardian is appointed for an individual serving as trustee.
(b)
If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.
(c)
A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:
(1)
By a person designated in the terms of the trust to act as successor trustee;
(2)
By a person appointed by unanimous agreement of the qualified beneficiaries; or
(3)
By a person appointed by the court.
(d)
A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:
(1)
By a person designated in the terms of the trust to act as successor trustee;
(2)
By a person selected by the unanimous agreement of the charitable organizations expressly designated to receive distributions under the terms of the trust if the Attorney General does not affirmatively object within thirty (30) days of receipt of notice of the person selected; or
(3)
By a person appointed by the court.
(e)
Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.
Added by Laws, 2014, ch. 421, SB 2727, 47, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-705 - Resignation of trustee

(a)
A trustee may resign:
(1)
Upon at least thirty (30) days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or
(2)
With the approval of the court.
(b)
In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(c)
Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
Added by Laws, 2014, ch. 421, SB 2727, 48, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-706 - Removal of trustee

(a)
The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative.
(b)
The court may remove a trustee if:
(1)
The trustee has committed a serious breach of trust;
(2)
Lack of cooperation among cotrustees substantially impairs the administration of the trust;
(3)
Because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; or
(4)
There has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available.
(c)
Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under Section
91-8-1001(b)
as may be necessary to protect the trust property or the interests of the beneficiaries.
Added by Laws, 2014, ch. 421, SB 2727, 49, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-707 - Delivery of property by former trustee

(a)
Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.
(b)
A trustee who has resigned or been removed shall, within a reasonable time, deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it.
Added by Laws, 2014, ch. 421, SB 2727, 50, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-708 - Compensation of trustee, trust advisor and trust protector

(a)
If the terms of a trust do not specify the trustee's, trust advisor's, or trust protector's compensation, and if the settlor, if living, or otherwise a majority of the qualified beneficiaries as defined in Section
91-8-103
, have not otherwise agreed with the trustee, trust advisor, or trust protector, a trustee, trust advisor, or trust protector is entitled to compensation that is reasonable under the circumstances.
(b)
If the terms of a trust specify the trustee's, trust advisor's, or trust protector's compensation, the trustee, trust advisor, or trust protector is entitled to be compensated as specified in the trust, but the court may allow more or less compensation if:
(1)
The duties of the trustee, trust advisor, or trust protector are substantially different from those contemplated when the trust was created; or
(2)
The compensation specified by the terms of the trust would be unreasonably low or high.
(c)
Factors for the court to consider in deciding upon a trustee's, trust advisor's, or trust protector's compensation shall include the size of the trust, the nature and number of the assets, the income produced, the time and responsibility required, the expertise required, any management or sale of real property or closely held business interests, any involvement in litigation to protect trust property, and other relevant factors.
(d)
Subject to the court's authority as provided in subsection (b), regardless of its form of entity, the fees set forth in the published fee schedule of a trustee, trust advisor, or trust protector that is regulated by the Mississippi Department of Banking and Consumer Finance, the equivalent regulatory agency of another state, the Office of the Comptroller of the Currency, or the Office of Thrift Supervision shall be presumed to be reasonable, unless otherwise provided by the terms of the trust.
Added by Laws, 2014, ch. 421, SB 2727, 51, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-709 - Reimbursement of expenses

(a)
A trustee, trust advisor, or trust protector is entitled to be reimbursed out of the trust property, with interest as appropriate, for:
(1)
Expenses that were properly incurred in the administration of the trust, including the defense or prosecution of any action, whether successful or not, unless the trustee is determined to have willfully or wantonly committed a material breach of trust; and
(2)
To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.
(b)
An advance by the trustee, trust advisor, or trust protector or by a person named in Section
91-8-701(c)(1)
of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
Added by Laws, 2014, ch. 421, SB 2727, 52, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-710 - Directed trusts

If the terms of the trust require a trustee, trust advisor, or trust protector to follow the direction of a trust advisor or trust protector, and the trustee, trust advisor, or trust protector acts in accordance with the direction, then the trustee, trust advisor, or trust protector so directed shall be treated as an excluded fiduciary.
Added by Laws, 2014, ch. 421, SB 2727, 53, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-711 - Directed trusts; accepting or declining fiduciary appointment

(a)
A trust advisor, trust protector, or other fiduciary other than a cotrustee, the cotrustee already being provided for in Section
91-8-701(a)
, may accept its appointment as the respective fiduciary in a like manner as provided for a trustee under Section
91-8-701(a)
.
(b)
A trust advisor, trust protector, or other fiduciary other than a cotrustee, the cotrustee already being provided for in Section
91-8-701(b)
, may reject its appointment as the respective fiduciary in a like manner as provided for a trustee under Section
91-8-701(b)
.
(c)
A trust advisor, trust protector, or other fiduciary other than a cotrustee, the cotrustee already being provided for in Section
91-8-701(c)
, may, without accepting its appointment as the respective fiduciary, carry out the appropriate activities relative to the respective fiduciary as are provided for a trustee under Section
91-8-701(c)
.
Added by Laws, 2014, ch. 421, SB 2727, 54, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 8 - MISSISSIPPI UNIFORM TRUST CODE (§§ 91-8-101 — 91-8-1206) › Article 7 - OFFICE OF TRUSTEE (§§ 91-8-701 — 91-8-715) › Section 91-8-712 - Directed trusts; fiduciary's bond

(a)
Section
91-8-702
applies to trust advisors, trust protectors, or other fiduciaries other than cotrustees, the cotrustees already being provided for in Section
91-8-702
.
(b)
When exercising its powers under this section, the court shall consider the powers, duties, and liabilities relative to the respective fiduciaries other than a cotrustee and whether any of the respective fiduciaries are excluded fiduciaries.
Added by Laws, 2014, ch. 421, SB 2727, 55, eff. 7/1/2014.