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Silent Trusts Are Trending: Will They Hold Trustees To Account?, Kent D. Schenkel
Silent Trusts Are Trending: Will They Hold Trustees To Account?, Kent D. Schenkel
ACTEC Law Journal
A common intuition is that easy money creates a disincentive to efforts for personal success. Many trust settlors seem to embrace this view but still wish to provide generously for their families. Enter the so-called “silent trust,” which seeks to moderate the disincentive effect by way of trust provisions that limit or waive notice and disclosure requirements to beneficiaries.
But a fundamental tension plagues these trusts. Beneficiaries need basic information about a trust in order to hold trustees to account. Consequently, traditional trust law provides limits on the degree to which trustees can be silent as respects a beneficiary’s right …
The Uniform Probate Code's New Intestacy And Class Gift Provisions, Mary Louise Fellows, Thomas P. Gallanis
The Uniform Probate Code's New Intestacy And Class Gift Provisions, Mary Louise Fellows, Thomas P. Gallanis
ACTEC Law Journal
Law and society inextricably link family and wealth transmission. An individual’s right to inherit from an intestate decedent depends on whether the individual has a legally recognized familial relationship to the decedent. Similarly, when a class gift in a donative document uses a term of relationship to identify the class members, an individual’s right to share in the gift depends on the legal recognition of the relationship. The enactment of the 2017 Uniform Parentage Act required a revision of the intestacy and class gift provisions of the Uniform Probate Code.
We were the reporters, or principal drafters, of the UPC …