| The bill proposes to amend the State's trust laws by |
| revising the Uniform Trust Code, as adopted by the National |
| Conference of Commissioners on Uniform State Laws and approved |
| by the American Bar Association, the ABA Real Property, |
| Probate and Trust Law Section and the AARP, to conform to |
| existing Maine practices and procedures where applicable. The |
| Uniform Trust Code provides a comprehensive model for |
| codifying the law on trusts. While there are numerous uniform |
| acts related to trusts, such as the Uniform Prudent Investor |
| Act, the Uniform Principal and Income Act, the Uniform |
| Trustees' Powers Act, the Uniform Custodial Trust Act and |
| parts of the Uniform Probate Code, none is comprehensive. The |
| Uniform Trust Code will enable the State to specify rules on |
| trusts with precision and will provide individuals with a |
| readily available source for determining this State's law on |
| trusts. |
