Tips From the Pros: Update on ULC Activity in Estate PlanningTips From the Pros: Update on ULC Activity in Estate Planning

“Diversity of Thought, Uniformity of Law.” That’s the motto of the Uniform Law Commission (ULC), which since 1892 has provided states with non-partisan, well-conceived and well-drafted legislation in an effort to bring clarity and stability to critical areas of state statutory law, including trusts and estates. Let’s discuss two current ULC drafting projects—revising the Uniform Principal and Income Act (UPIA) and creating a new Electronic Wills Act (EWA)—and briefly review some of the other ULC activity in the trusts and estates arena.

A Brief History

Way back in 1931, the ULC adopted a Principal and Income Act (the 1931 Act) with default rules directing trustees and personal representatives to allocate receipts and disbursements between ...