The Uniform Prudent Investor Act (UPIA) was prepared by the Uniform Law Commission (ULC) in 1994 and was approved by the American Bar Association in 1995. The UPIA contains a comprehensive set of standard rules that the ULC has approved and recommended for enactment in all states. The UPIA creates rules for the actions of trustees with respect to the investment of trust property and addresses the following matters:
- Risk and return
- Needs of the beneficiaries
- Effects of inflation or deflation
- General economic conditions
- Potential tax consequences
- Liquidity, income, and preservation of capital
The following states have enacted in whole or in part the UPIA:
- Colorado (1995)
- Washington (1995)
- California (1995)
- New Mexico (1995)
- Oregon (1995)
- Oklahoma (1995)
- Utah (1995)
- Maryland (1995)
- Rhode Island (1996)
- Arizona (1996)
- Minnesota (1996)
- Missouri (1996)
- West Virginia (1996)
- Maine (1996)
- Hawaii (1997)
- Nebraska (1997)
- Connecticut (1997)
- Idaho (1997)
- North Dakota (1997)
- New Jersey (1997)
- Arkansas (1997)
- New Hampshire (1998)
- Vermont (1998)
- Alaska (1998)
- District of Columbia (1998)
- Indiana (1999)
- Michigan (1999)
- Massachusetts (1999)
- South Dakota (1999)
- North Carolina (1999)
- Iowa (1999)
- Virginia (1999)
- Ohio (1999)
- Wyoming (1999)
- Kansas (2000)
- South Carolina (2001)
- Tennessee (2002)
- Montana (2003)
- Nevada (2003)
- Texas (2003)
- Wisconsin (2004)
- Alabama (2006)
- Mississippi (2006)
- Georgia (2020)
[Last updated in October of 2021 by the Wex Definitions Team]