Law Commons^™

The Effect Of Guardianship On Estate Plans, George T. Stevenson

Michigan Law Review

One responds to the certainty of death with dread and respect, and one lays plans for the event. Few, however, admit or even think of the possibility that they may become incompetent in their old age; hence, provision is rarely made for this possibility in estate plans. The increased longevity resulting from the recent rapid strides in medicine has as its corollary an increase both in the number of persons who become incompetent before death and the duration of their affliction. This poses a challenge to estate planners and the law of guardianship.

Today the guardianship of the person of …

Joint Tenancy: The Estate Lawyer's Continuing Burden, John E. Riecker

Michigan Law Review

The discussion which follows will be divided into three major parts. First, it will be important to see why so much real and personal property remains in joint tenancy between husband and wife or in entireties tenancy. It has been almost eighteen years since Congress eliminated the necessity of holding property in this form in order to split income therefrom for income tax purposes. Is inertia the only reason for the popularity of joint ownership, or are there other reasons? Second, we shall review the familiar but false assumptions most laymen (and even a few attorneys) commonly make regarding the …

Trusts-Descent And Distribution-Wife's Forced Share And An Inter Vivos Trust, Fredric L. Smith

Michigan Law Review

Settlor had created an inter vivas trust, retaining income for life, right to revoke, and control over the investment. Upon settlor's death, plaintiff, settlor's wife, was to receive income for life, with gift over to settlor's children. Plaintiff elected to take against settlor's will in favor of a statutorily provided distributive share. Upon application for declaratory judgment the trial court declared the trust to be valid, but granted relief to plaintiff as to her distributive share out of the trust assets, and the court of appeals affirmed. On motion to certify, held, reversed. Since the trust is valid, title …

Trusts - Interchangeability Of The Inter Vivos Trust And The Will - Various Tests Of Trust Validity, Stephen B. Flood S.Ed.

Michigan Law Review

This comment will be devoted to an examination of various tests of trust validity in this setting and their relative utility as tools for analysis.

Wills - Testamentary Additions To The Corpus Of An Inter Vivos Trust-Recent Judicial And Legislative Developments, Richard I. Singer S.Ed.

Michigan Law Review

The shape of the law relating to testamentary additions to the corpus of an inter vivos trust was outlined in 1951 by Professor George E. Palmer in an article entitled "Testamentary Dispositions to the Trustee of an Inter Vivos Trust." It is the purpose of this comment to consider recent developments in this area. A generalized formulation of the problem to be dealt with is-may a valid bequest be made to the trustee of an inter vivos trust without setting out the terms of the trust in the will?

Trusts - Jurisdiction - Trustee And Trust Assets Outside Jurisdiction Of Forum, Richard J. Riordan

Michigan Law Review

The purpose of this comment is to examine these rationales and determine their validity--first as to testamentary trusts and then as to inter vivos trusts.

Trusts-Creation-Significance Of Creation Of Honorary Trust By Inter Vivos Transfer, John W. Hupp S.Ed.

Michigan Law Review

Settlor made an inter vivos transfer of certain property in trust for a specified period with directions that the trustees should, in accordance with their own discretion, apply the income of the trust fund toward all or any of several specified purposes. These purposes included the "establishment ... of good understanding, sympathy and co-operation between nations," "the preservation of the independence and integrity of newspapers," and "the protection of newspapers ... from being absorbed or controlled by combines." Summons was taken out by the settlor to have the validity of the trusts determined. Held, the trusts were void because …

Obtaining The Gift Tax Exclusion On Gifts In Trust: Drafting And Legislative Suggestions, Zolman Cavitch

Michigan Law Review

The purposes of this article are to outline the "future interest" pitfalls in the use of various conventional trust provisions, to explore remedial drafting possibilities even under the present law, and to suggest a statutory amendment which will eliminate the fundamental defects of the present poorly-drafted law.

Trusts-Addition To Corpus By Will-Nature Of Bequest, Robert H. Frick

Michigan Law Review

Testator created an amendable inter vivos trust which he amended in 1938, 1940, and 1942. By a codicil to his will, executed in 1945, he left his residuary estate to the trustees of the inter vivos trust to be held according to the terms of that trust as amended. On certification from the probate court, held, the bequest to the trustees was valid, and it was not necessary for the trustees to give bond and account to the probate court as required of trustees of testamentary trusts by statute. In re York's Estate, (N. H. 1949) 65 A. …

Trusts-Illusory Transfer-Rights Of Surviving Widow, John E. Grosboll S.Ed.

Michigan Law Review

On May 12, 1939, the testator created an inter vivos trust, the corpus consisting of roo shares of stock in a closed corporation, of which the testator was president and a director. He reserved the life income and the right to revoke or modify the trust agreement. The agreement gave no express authority to the trustee to sell or invest the trust property. It did, however, authorize the trustee to vote the stock, but further authorized him to enter into a trust agreement with the remaining four stockholders, which was done on May 15, 1939. This had the effect of …

Trusts And Estates-Trends In The Law: 1941-1945 (A Service For Returning Veterans), Lewis M. Simes

Michigan Law Review

In every generation there are some judicial decisions so revolutionary that any summary of developments in the law, regardless of its author or of its brevity, would include them. Such cases as Erie Railroad v. Tompkins and Williams v. North Carolina will fall into this category no matter who lines up the materials. But such avulsive changes rarely if ever occur in the law of Trusts and Estates; and it is anybody's guess to determine the significant aspects of the day-to-day accretions which actually take place. Thus, the writer has no illusions that he is singling out the trends as …