The New Jersey Uniform Trust Code (UTC or “the Act”) was enacted on Jan. 19, 2016, and became effective on July 17, 2016. The UTC provides a sweeping set of directives regarding the administration of trusts in this state and is largely based on model legislation prepared by the Uniform Law Commission in 2000. Not only do the provisions of the UTC control newly created trusts, but they also generally apply retroactively to trusts created before its effective date. N.J.S.A. 3B:31-84(a)(1).
Despite passage of such comprehensive legislation, the UTC does not repeal existing New Jersey case law governing trusts. Rather, the UTC confirms that accepted principles of common law and equity continue to apply unless specifically modified by the Act or another New Jersey statute. N.J.S.A. 3B:31-6. While the UTC contains many useful provisions, the ability for parties to enter into nonjudicial settlement agreements is one of the most significant.
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