Michael J. Saile, Esq. helps draft the new Pennsylvania Uniform Trust Act
Jan 10th, 2007 | By Michael L. Saile, Jr., Esq. | Category: Blogs, Saile & Saile LLP NewsMichael J. Saile, Esq. is part of a select group of attorneys and judges known as the “Advisory Committee on Decedents’ Estates Laws” who volunteer their time to meet in Harrisburg several times a year to review and draft new Pennsylvania estate and trust law. This group drafted the Pennsylvania Uniform Trust Act (the “PUT”), which became effective on November 4, 2006.
The PUT became the first comprehensive uniform body of trust law in Pennsylvania. The PUT improved on several areas of law that were unclear and inconsistent throughout the Commonwealth. The major improvements deal with: (i) the formalities of revocable or “living” trusts, (ii) jurisdiction issues with trusts, (iii) virtual representation, and (iv) the trustees’ duties and powers.
These issues are especially relevant to our clients at Saile & Saile LLP because many of our estate plans involve trusts. Also, the newly adopted doctrine of virtual representation allows for certain individuals, usually parents and grandparents, to represent the best interests of incompetent, unborn or minor children. Often times virtual representatives are used to “close” an estate or trust without incurring unnecessary accounting fees, court costs and additional legal fees. Saile & Saile LLP would like to congratulate Michael J. Saile, Esq. and the Advisory Committee on Decedents’ Estates Laws for their important contribution to society. A copy of the Pennsylvania Uniform Trust Act can be downloaded here: Pennsylvania Uniform Trust Act.pdf
