Tuesday, February 2, 2021
In his recent Journal column, "Where There's a Will," Dan Holbrook writes about Purpose Trusts. If you haven't seen one you're not alone, but Holbrook explains them in detail. "A successful non-charitable purpose trust needs a sufficient purpose, enforceability and careful drafting," he writes. "Purpose trust purposes can be almost anything imaginable. Consider that the Tennessee Uniform Trust Code (TUTC) requires only that the purpose be lawful and possible to achieve and (unlike the UTC) does not require that the purpose not be contrary to public policy."
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