New Bill Allowing Trusts for 360 Years

Legislation that would allow residents of Mississippi to place their assets in a trust for up to 360 years passed in the state House yesterday and is now before Governor Phil Bryant.  A spokesperson for Bryant said the governor would spend adequate time studying the legislation when it reaches his desk before deciding whether to sign it into law. 

House Judiciary Chair Mark Barker said many states have been passing similar laws allowing for the establishments of trusts for 360 years or longer.  In reality, the process is already occurring through loopholes in the existing state rules against perpetuities.  Under the new Mississippi bill, a trust on property could last for 110 years, but a trust for assets could last 360 years. 

See Bobby Harrison, Bill Allowing Trusts for 360 Years Heading to Governor, Northeast Mississippi Daily Journal, March 13, 2015.