Estates and Trusts Commons^™

Wills, Trusts, Guardianships, And Fiduciary Administration, Mary F. Radford

Mercer Law Review

This Article examines the major cases decided and legislation enacted during the period from June 1, 2004 through May 31, 2005. The cases and statutes discussed cover the substantive law relating to decedents' estates, trusts, and guardianships, and to the fiduciaries who administer these entities.

Wills, Trusts, And Estates, J. Rodney Johnson

University of Richmond Law Review

The General Assembly enacted legislation dealing with wills, trusts, and estates that added or amended a number of sections of the Virginia Code in its 2005 Session. In addition, there were two opinions from the Supreme Court of Virginia that presented issues of interest to the general practitioner as well as to the specialist in wills, trusts, and estates during the period covered by this review. This article reports on all of these legislative and judicial developments.

The Virginia Uniform Trust Code, John E. Donaldson, Robert T. Danforth

University of Richmond Law Review

In its 2005 Session, the Virginia General Assembly enacted Senate Bill 891,1 thus adopting the Uniform Trust Code ("UTC"), with modifications considered appropriate to this state's institutions, traditions, and jurisprudence. The Virginia Uniform Trust Code ("Virginia UTC"), set forth in new Chapter 31 of Title 55 of the Virginia Code, has an effective date of July 1, 2006, but, once in effect, it will be applicable (with some exceptions) to trusts created before, on, or after that date. The new Virginia UTC, which encompasses the great bulk of the principles and rules that comprise the law of trusts in Virginia, …

In Defense Of The No Further Inquiry Rule: A Response To Professor John Langbein, Melanie B. Leslie

William & Mary Law Review

No abstract provided.

Perpetuities Or Tax: Explaining The Rise Of The Perpetual Trust, Max M. Schanzenbach, Robert H. Sitkoff

Public Law and Legal Theory Papers

By abolishing the Rule Against Perpetuities, 21 states have validated perpetual trusts. The prevailing view among scholars is that the 1986 generation skipping transfer (GST) tax prompted the movement to abolish the Rule by conferring a salient tax advantage on long-term trusts. However, an alternate view holds that demand for perpetual trusts stems from donors’ preference for control independent of tax considerations. Proponents of both views have adduced supporting anecdotal evidence. Using state-level panel data on trust assets prior to the adoption of the GST tax, we examine whether a state’s abolition of the Rule gave the state an advantage …

A Prudential Exercise: Abstention And The Probate Exception To Federal Diversity Jurisdiction, Christian J. Grostic

Michigan Law Review

Ann-Marie Brege's parents established an irrevocable trust in 1985, with Ann-Marie as sole beneficiary. When Merrill Lynch Trust Co. took over as trustee years later, however, the trust's principal dropped sharply, losing over half its value in just a few years. Ann-Marie sued in Michigan probate court, alleging that Merrill Lynch had violated its legal duties in administering the trust. Since Ann-Marie was from New York and Merrill Lynch had its headquarters in New Jersey, Merrill Lynch had an apparently easy argument for diversity jurisdiction. In an unremarkable turn of events, Merrill Lynch filed a notice of removal to federal …

Estate Management Software, Mark Gillett

Mark R Gillett

No abstract provided.

Can Business Learn To Love The Environment? The Case For A U.S. Corporate Carbon Fund, Sophie E. Smyth

ExpressO

No abstract provided.

Dependent Relative Revocation Has Lost Its Way But Can Be Found And Better Understood, Frank L. Schiavo

ExpressO

No abstract provided.

Breaking The Bank: Revisiting Central Bank Of Denver After Enron And Sarbanes-Oxley, Celia Taylor

ExpressO

No abstract provided.

Beyond Our Conception: A Look At Children Born Posthumously Through Reproductive Technology And New York Intestacy Law, Erica Howard-Potter

Buffalo Women's Law Journal

No abstract provided.

Estate Management Software, Mark Gillett

Mark R Gillett

No abstract provided.

Form 706 Software Shootout, Mark Gillett

Mark R Gillett

No abstract provided.

The Use Of "Request," "Wish," "Desire": Precatory Trust Or Not?, Frank L. Schiavo

ExpressO

No abstract provided.

Rev. Proc. 2005-24 And The Upc Elective Share, Lawrence W. Waggoner

Law & Economics Working Papers Archive: 2003-2009

This article discusses Revenue Procedure 2005-24, which came as a bombshell to the estate-planning bar. The Rev. Proc. requires a spousal waiver of elective-share rights in order for a charitable remainder annuity trust (CRAT) or a charitable remainder unitrust (CRUT) created on or after June 28, 2005, to qualify for a charitable deduction. The elective share is a statutory provision common to most probate codes in non-community-property states that protect a decedent’s surviving spouse against disinheritance.

The Rev. Proc. is primarily though apparently not exclusively addressed to the elective share of the Uniform Probate Code (UPC). Unfortunately, the Rev. Proc. …

Lingering Questions Regarding The Devise Of Black's Acre: How Many Witnesses Are Required To Prove The Execution Of A Lost Will?, Sarah Shirey

Washington Law Review

Prior to the 1994 revisions to Washington's lost will statute, courts required that execution of a lost will be proved by a preponderance of the evidence. In In re Estate of Black, the Washington State Supreme Court announced that under the revised lost will statute, execution of a lost will must be shown by clear, cogent, and convincing evidence. However, the Black court did not clearly define the quantum of proof necessary to meet this new burden. The dissent in Black read the majority opinion as creating a "two witness requirement," necessitating testimony from both attesting witnesses to meet …

Wills—Holographic Wills And Testamentary Intent—Extrinsic Evidence Is Inadmissible To Prove Testimentary Intent For Holographic Wills Lacking Words Of Disposition. Edmundson V. Estate Of Fountain, No. 03-1459, 2004 Wl 1475423 (Ark. July 1, 2004), J. M. Robinette

University of Arkansas at Little Rock Law Review

No abstract provided.

Practical Risk Management For Trustees And Other Fiduciaries, Office Of Continuing Legal Education At The University Of Kentucky College Of Law

Continuing Legal Education Materials

Materials from the conference on Practical Risk Management for Trustees and Other Fiduciaries held by UK/CLE in July 2005.

32nd Midwest/Midsouth Estate Planning Institute, Office Of Continuing Legal Education At The University Of Kentucky College Of Law

Continuing Legal Education Materials

Materials from the 32nd Midwest/Midsouth Estate Planning Institute held by UK/CLE in July 2005.

Charity Governance: What’S Trust Law Got To Do With It? (Symposium), Evelyn Brody

All Faculty Scholarship

No abstract provided.

The Charity In Bankruptcy And Ghosts Of Donors Past, Present, And Future (Symposium), Evelyn Brody

Evelyn Brody

The bankruptcy of a charity represents the clash of two policy regimes: charity law's willingness to preserve assets for the public purpose determined by the donor as against bankruptcy law's desire to maximize assets for distribution to creditors. As a general rule, assets will be distributed to creditors; as the courts say, 'a man must be just before he is generous.' However, when a charitable donee goes out of existence or otherwise becomes unable to perform a charitable trust or restricted gift, the courts will try to identify those charitable assets that are restricted in such a manner that they …

Charity Governance: What’S Trust Law Got To Do With It? (Symposium), Evelyn Brody

Evelyn Brody

No abstract provided.

Limited Liability Companies And Estate Planning, Michael D. Larobina J.D., L.L.M.

WCBT Faculty Publications

Discusses court cases involving the use of limited liability companies as an estate planning tool in the U.S. Facts of the case of Estate of Strangi versus Commissioner; Stance of the court on the transfers made to the limited partnership; Impact of the case of Kimbell versus U.S. on the use of limited liability companies as estate planning vehicles.

Section 1014(B)(6) And The Boundaries Of Community Property, Jeremy T. Ware

Nevada Law Journal

No abstract provided.

When Gift Planning Goes Awry, Thomas E. Simmons

Thomas E. Simmons

Who's Your Daddy?: Challenging The Application Of The Best Interest Of The Child Standard To Adults And In The Context Of An Intestate Estate, Tyler E. Heffron

ExpressO

This article includes a discussion of (1) whether the best interest of the child standard should apply to an adult, (2) whether the best interest of the child standard should apply in the context of an intestate estate, and (3) whether the Kansas Probate Code should defer heirship challenges to the Kansas Parentage Act. The article, following case law from New Mexico and statutes from Georgia, concludes that the best interest of the child standard should not apply to an adult or in the context of an intestate estate. The article proposes an amendment to the Kansas Probate Code.

No-Fault Death: Wedding Inheritance Rights To Family Values, Linda Kelly Hill

Kentucky Law Journal

No abstract provided.

Modification And Termination Of Irrevocable Trusts Under The Ohio Uniform Trust Code, Alan Newman, Jamie R. Minor

Akron Law Faculty Publications

The adoption of the Ohio Uniform Trust Code (the “OUTC” or “the Code”) will constitute a comprehensive codification of trust law in Ohio. Among the many subjects it covers are the modification and termination of trusts. As noted in a comment to the national Uniform Trust Code (the “UTC”), “the overall objective of these [modification and termination] sections is to enhance flexibility consistent with the principle that preserving the settlor’s intent is paramount.” Given such factors as the increased use of trusts in recent years (including trusts created by non-lawyers and lawyers who do not specialize in estate planning); the …

Spendthrift And Discretionary Trusts: Alive And Well Under The Uniform Trust Code, Alan Newman

Akron Law Faculty Publications

Spendthrift and Discretionary Trusts: Alive and Well under the Uniform Trust Code

Among the provisions of the Uniform Trust Code (“UTC” or the “Code”) that have attracted the most attention are those of Article 5: Creditor’s Claims; Spendthrift and Discretionary Trusts. Although much of the UTC is a codification of the common law of trusts, there are many differences among the states in their handling of various creditors’ rights issues, and many jurisdictions have no law on some of those issues. As a result, there is no well-accepted, established common law on some of the issues addressed by Article 5. …

September 11 Relief Efforts And Surviving Same-Sex Partners: Reflections On Relationships In The Absence Of Legal Recognition, Nancy J. Knauer

Nancy J. Knauer

The criteria established by federal, state, and private relief efforts to assist the families of the victims of the September 11 attacks present a unique opportunity to examine the status of same-sex relationships in the United States. In the absence of uniform relationship recognition, surviving same-sex partners continue to struggle with a loss that legally is not cognizable. The stories from the September 11 survivors illustrate that a surviving partner is a legal stranger, who often must reconfigure her relationship with her partner to fit within the various legal categories where relief or compensation might be forthcoming. These legal categories …