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Full-Text Articles in Law
Disclose - Disclose - Disclose - Longmeyer Distorts The Trustee's Duty To Inform Trust Beneficiaries, David M. English, Berry T. Turney, Dana G. Fitzsimons Jr.
Disclose - Disclose - Disclose - Longmeyer Distorts The Trustee's Duty To Inform Trust Beneficiaries, David M. English, Berry T. Turney, Dana G. Fitzsimons Jr.
Faculty Publications
The evolution of the law concerning the trustee's duty to disclose information to the trust beneficiaries, through cases like Longmeyer, creates new risks for trustees who are unaware of their obligations. Trustees will also face an increasing number of difficult situations as in Longmeyer as a result of an aging and increasingly infirm population. Although it can be a difficult decision to make under pressure, a trustee should give strong consideration to policies that favor prompt and complete disclosure even in difficult circumstances. Also, trustees should remember that the courts are available for their protection when confronted with genuine doubt …
Longmeyer Exposes Or Creates Uncertainty About The Duty To Inform Remainder Beneficiaries Of A Revocable Trust, David M. English, Turney P. Berry, Dana G. Fitzsimons Jr.
Longmeyer Exposes Or Creates Uncertainty About The Duty To Inform Remainder Beneficiaries Of A Revocable Trust, David M. English, Turney P. Berry, Dana G. Fitzsimons Jr.
Faculty Publications
This article discusses the surprising Longmeyer decision, handed down by the Supreme Court of Kentucky earlier this year in which a predecessor trustee was held to have a duty to give certain notifications to former remainder beneficiaries of a revocable trust. The authors then examine how Longmeyer might have been decided in other states and under other statutory schemes. The article concludes with observations concerning when certain notices to trust beneficiaries may be conducive to effective trust administration and suggestions to those who administer trusts on how best to comply with beneficiary notice requirements.