There are many laws contained in the Mississippi Uniform Trust Code that goven many aspects of trusts.
One law states that the laws provided in the trust code can be changed by the trust agreement. I’m not sure that makes a lot of sense, but it is allowed except for certain provisions.
Unless the trust agreement provides otherwise, the provisions of the trust code, governs the duties and powers of a trustee or any other fiduciary, relations among trustees and such other fiduciaries, and the rights and interests of a beneficiary.
The terms of a trust may actually expand, restrict, eliminate, or otherwise vary the duties and powers of a trustee, any such other fiduciary, relations among any of them, and the rights and interests of a beneficiary.
However, the trust agreement cannot override or nullify the following provisions:
(1) The requirements for creating a trust;
(2) The duty of a trustee to act in good faith in accordance with the terms and purposes of the trust and the interests of the beneficiaries;
(3) The requirement that a trust and its terms be for the benefit of its beneficiaries as the interests of such beneficiaries are defined under the terms of the trust, and that the trust have a purpose that is lawful and possible to achieve;
(4) The power of the court to modify or terminate a trust under 91-8-410 through 91-8-416;
(5) The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Article 5 of the Uniform Trust Code (Title 91, Chapter 8, Article 5, Mississippi Code of 1972);
(6) The power of the court under 91-8-702 to require, dispense with, or modify or terminate a bond;
(7) The power of the court under 91-8-708(b) to adjust a trustee’s compensation specified in the terms of the trust which is unreasonably low or high;
(8) Subject to below, the duty under 91-8-813(b) to notify beneficiaries of an irrevocable trust (including anyone who holds a power of appointment) who have attained twenty-five (25) years of age that the trust has been established as set forth in 91-8-813(b);
(9) Subject to below, the duty under 91-8-813(a)(1) and (2) to keep the beneficiaries (including anyone who holds a power of appointment) informed and to respond to the request of a beneficiary of an irrevocable trust for trustee’s reports and other information reasonably related to the administration of the trust;
(10) The effect of an exculpatory term under 91-8-1008;
(11) The rights under 91-8-1010 through 91-8-1013 of a person other than a trustee or beneficiary;
(12) Periods of limitation for commencing a judicial proceeding;
(13) The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice; and
(14) The subject-matter jurisdiction of the court and venue for commencing a proceeding as provided in 91-8-203 and 91-8-204.
Notwithstanding (8) and (9) above, the duties of a trustee to give notice, information and reports under 91-8-813(a) and (b) may be waived or modified in the trust instrument or by the settlor of the trust, or a trust protector or trust advisor that holds the power to so direct, directs otherwise in a writing delivered to the trustee in any of the following ways:
(1) By waiving or modifying such duties as to all qualified beneficiaries during the lifetime of the settlor or the settlor’s spouse;
(2) By specifying a different age at which a beneficiary or class of beneficiaries must be notified under 91-8-813(b); or
(3) With respect to one or more of the beneficiaries, by designating a beneficiary surrogate to receive such notice, information and reports who will act in good faith to protect the interests of the beneficiary or beneficiaries.
