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Mississippi Living Trust Form (Revocable)

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Mississippi Living Trust Form (Revocable)

Updated May 01, 2024

A Mississippi living trust is a legal document that allows a grantor to place their assets in trust to be managed by a trustee and distributed to designated beneficiaries upon the grantor’s death. A living trust can be amended or revoked by the grantor at any time, and the grantor is also able to act as the trustee themselves.

Requirements (5)

  1. Competent: The grantor must have the capacity to create a trust.
  2. Trustee’s Duties: The trustee must have duties to perform.
  3. Definite Beneficiary: The trust must have a definite beneficiary, unless it is a charitable trust or a trust for the care of an animal.
  4. Intent: The grantor must indicate an intention to establish a trust.
  5. Sole Trustee Cannot be the Sole Beneficiary: The same person cannot be both the sole trustee and the sole beneficiary of the trust.[1]

Laws

Amending/Revoking – The grantor may amend or revoke the trust, provided that the terms of the trust do not specifically state that it is irrevocable.[3]

Bond Requirement – A trustee is only required to put forward a bond if this is a requirement under the terms of the trust or if they have been ordered to do so by the court.[4]

Certification of Trust – To prove the existence and validity of the trust, the trustee may furnish a certification of trust in lieu of a copy of the trust instrument. The certification must be signed by the trustee and include specific information about the trust.[5]

Co-Trustees – Co-trustees may act by majority decision if, after consulting amongst all the co-trustees, they are unable to reach a unanimous decision.[6]

Contesting a Trust – A person may initiate a proceeding to contest a trust within 120 days of receiving notice from the trustee of the existence of the trust or within two years of the grantor’s death, whichever is earlier.[7]

Costs Related to the Trust – In administering the trust, the trustee may only incur expenses that are reasonable in light of their own skills, the trust property, and the purposes of the trust.[8]

Jurisdiction – A trust created elsewhere is considered valid in Mississippi if its creation complied with the laws of the jurisdiction in which the trust instrument was executed.[9]

Oral Trusts – Only “clear and convincing evidence” may be used to establish the existence and terms of an oral trust.[10]

Pet Trusts – A trust may be validly created to provide for the care of one or more animals alive during the grantor’s lifetime. Upon the death of the last surviving animal being cared for, the trust terminates.[11]

Signing Requirements – If the assets of the trust include real property, the trust instrument must be in writing and signed by the grantor.[12]

Spendthrift Provision – Both the voluntary and involuntary transfer of a beneficiary’s interest may be restrained by a provision stating that the interest is held subject to a “spendthrift trust” or words of a similar meaning.[13]

Trustee’s Compensation – The trustee is entitled to reasonable compensation, provided that the terms of the trust do not establish a compensation rate and the grantor and trustee have not otherwise agreed on a specified compensation.[14]

Trustee’s Duties – The trustee must administer the trust in good faith, in the interest of its beneficiaries, and in alignment with its terms and purposes.[15]

Trustee’s Powers – Unless the terms of the trust state otherwise, the trustee has the power to collect, acquire, sell, exchange, or change the character of trust property.[16]

Sources

  1. § 91-8-402(a)
  2. § 91-8-407(b)(2)
  3. § 91-8-602(a)
  4. § 91-8-702(a)
  5. § 91-8-1013(a)
  6. § 91-8-703(a)
  7. § 91-8-604(a)
  8. § 91-8-805
  9. § 91-8-403
  10. § 91-8-407(a)
  11. § 91-8-408(a)
  12. § 91-8-407(b)(1)
  13. § 91-8-502(b)
  14. § 91-8-708(a)
  15. § 91-8-801
  16. § 91-8-816(b)