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Tuesday, June 1, 2021 A recent ruling serves as a good reminder of the importance of assessing all aspects of a claim before taking the decisive action of filing a complaint. Particularly, when evaluating a potential claim against a corporate fiduciary, which often has more resources than most beneficiaries (whose legal fees may or may not be paid from the estate or trust), a beneficiary considering litigation must identify a legal cause of action; determine the evidence available to support each cause of action; plan how to obtain additional evidence that is required but may not be...

The drafters of the Uniform Trust Code back in 2000 decided to leave open for further consideration by the courts the extent to which a trustee may claim attorney-client privilege...

To embed, copy and paste the code into your website or blog: In a recent case, the Massachusetts Supreme Judicial Court held that the Settlor's irrevocable trust which he had established for his own sole lifetime benefit could be attached after his death to pay his debts for his pre-death offenses. The facts in De Prins v. Michaeles were gruesome. Two neighbor couples in Arizona got into a water rights dispute that led to litigation. A short time after one couple prevailed in the case, the wife of the other couple committed suicide. A few months later, the surviving spouse created an irrevoca...

Getty Images The seeming finality of an irrevocable trust can sound scary to a lot of people. The whole idea that you are tying up large pools of your assets in a trust, and then giving control of that trust to someone else just doesn’t sit well with them. However, irrevocable trusts have a little more leeway to retain some control than you might realize. Before we get into the details, we should talk about the two different types of trusts: revocable and irrevocable. The revocable trust, or living trust, is an agreement between the client (commonly called the settlor, grantor or trustor in...

Advertisement New Texas Bill Would Provide Release Relief To Trustees Who Deliver Adequate Accountings Without A Timely Objection By The Beneficiary Tuesday, March 16, 2021 A recent bill has been submitted that would provide a trustee release relief for transactions described in an accounting where a beneficiary fails to timely object to the accounting and there is no fraud, intentional misrepresentation, or material omission. The bill provides: Sec. 113.153. BENEFICIARY’S APPROVAL OF ACCOUNTING. (a) This section does not apply to a trust that is under judicial supervision. (b) If...