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Full-Text Articles in Estates and Trusts
Justice Before Generosity: Creditors' Claim To Assets Of A Revocable Trust After The Death Of The Settlor, Lauren Ashley Gribble
Justice Before Generosity: Creditors' Claim To Assets Of A Revocable Trust After The Death Of The Settlor, Lauren Ashley Gribble
Akron Law Review
The Ohio legislature recently passed the Ohio Trust Code, which primarily codified existing trust law. In keeping with the operation of revocable trusts and the principle that settlors should not be able to use such trusts to avoid creditors, it provides that creditors may claim the assets of a revocable trust during the lifetime of the settlor. It is, however, silent as to creditors’ ability to access trust funds after the settlor’s death. Two Ohio appellate courts have discussed the statute, only to arrive at different conclusions regarding its operation and significance in light of case precedent. This Article will …
Exposing The Hocus Pocus Of Trusts, Kent D. Schenkel
Exposing The Hocus Pocus Of Trusts, Kent D. Schenkel
Akron Law Review
Part II makes the conceptual case for viewing the trust as an elective cost-externalization device. Part III offers the spendthrift trust as the archetypal model for purposes of our analysis, briefly describes the spendthrift trust, and explores its consequences to outsiders to the trust deal. Part IV offers some reasons why the elective externalities of trusts persist. Part V first examines and rejects a couple of approaches to minimizing the externalized costs of trusts that rely on the “bundle of sticks” approach to property interests. It then moves beyond the bundle of sticks approach, settling on a solution based on …