Estates and Trusts Commons^™

Adminstrability Over Testementary Freedom Of Disposition, Kevin Bennardo

University of Richmond Law Review

Freedom of disposition is unquestionably accepted as the organizing principle of inheritance law in the United States. But what if we’ve been wrong about that this whole time? Or perhaps we haven’t been wrong exactly, but instead have been badly overstating things? Regardless of the answers, these are questions worth exploring. It’s time for a reckoning. …

Trust Law And The Tides Of Colonialism, Allison Anna Tait

Law Faculty Publications

Tethered to and inextricably linked with the absence or decline of democratic governance, there has always been empire. Empires rise and fall, as they say, but the imperial impulse is perennial and new iterations of old empires emerge with dismal regularity, showing us that imperial formations are hard to erase...

Wills, Trusts, And Estates, Allison A. Tait, Hunter M. Glenn

University of Richmond Law Review

This year could be considered quiet in both legislative and judicial activity, lacking as it was in any substantial new legislative enactments or major opinions from the Supreme Court of Virginia on core wealth transfer issues. Nevertheless, a set of modest legislative changes helped bring the rules for revocable trusts in line with the rules for wills, standardizing estate planning and wealth transfer regulation, while other changes also brought clarity to existing rules by amplifying procedures and providing additional de- tail for administrative processes. In the judicial setting, while guidance for this practice area was primarily provided by the Court …

First Comes Love: Advocating For A Revival Of Pre-Obergefell Estate Planning Vigor For Lgbtq+ Couples And Families, Kimberly N. Furtado

Law Student Publications

On June 24, 2022, the Supreme Court of the United States handed down its decision in Dobbs v. Jackson Women’s Health Organization. Beyond the obvious devastation this opinion wreaked on abortion rights nationwide, it also unleashed a fear in communities that have gained substantive rights through the Court’s decisions based on similar reasoning. News organizations and LGBTQ+ advocacy groups quickly published stories discussing the fate of same-sex marriage in a post-Dobbs society. If the Supreme Court were to overturn Obergefell v. Hodges, it would be a crushing loss to the LGBTQ+ community. Not only would it signal the lack of …

Wills, Trusts, And Estates, Allison A. Tait, Hunter M. Glenn

University of Richmond Law Review

This year’s legislative and judicial activity surrounding wills, trusts, and estates did not bring any radical shifts in the law, but rather expansions and clarifications. In the legislative realm, the bulk of the activity centered on expanding protections for parties under guardianship, with a sensitivity to safeguarding vulnerable parties from neglect or even predation. The new rules aim to increase transparency in process, preserve confidential financial information, and ensure minimums of care and contact. The rules affect these goals by providing for more transparency through notice requirements as well as required written filings. Moreover, they protect parties under guardianship by …

Conditional Purging Of Wills, Mark Glover

University of Richmond Law Review

The laws of most states unconditionally purge a testamentary gift to an individual who serves as an attesting witness to the will. Under this approach, the will is valid despite the presence of an interested witness, but the witness forfeits all, some, or none of her gift, depending on the particularities of state law. While the outcome of the interested witness’s gift varies amongst the states that adhere to this majority approach, the determination of what the interested witnesses can retain is the same. The only consideration is whether the beneficiary is also a witness; whether her gift is purged …

The Haunting Of Wealth Law, Allison Anna Tait

Law Faculty Publications

Wealth law is full of ghosts, ghosts everywhere all at once. As a form of both preservation and disruption, a form of continuance as well as a form of interruption, ghosts are reminders of the past in its multiple forms. But they are also figures that prompt consideration of the present as well as speculation about the future. Jacques Derrida, who suggested the idea of “hauntology,” posited haunting and the ghostly as being “time out of joint,” a reference to Hamlet’s confused cry upon seeing his father’s ghost that Derrida analyzes extensively. In this sense, ghosts are akin to inheritance, …

Wills, Trusts, And Estates, Hunter M. Glenn, Allison A. Tait

University of Richmond Law Review

Between legislative and judicial activity, there have been a number of noteworthy developments and changes to the rules governing trusts and estates. Several of these developments turn on questions related to the role of fiduciaries, what responsibilities they have with respect to reporting as well as asset management, and when they can be removed. These questions concerning fiduciaries implicitly address the rights of beneficiaries and the protections available to them. New developments also will have multiple repercussions for estate planners and wealth managers. New planning strategies in response to changes in the law of undue influence may become important to …

Fringe Inheriting: Probate Avoidance At Both Ends Of The Wealth Spectrum, Allison Anna Tait

Law Faculty Publications

The principal system in the United States for transferring wealth from one generation to the next - the probate system - is a historically and steadfastly public one. Probate is a set of public processes and a court system created to situate and facilitate wealth transfer, giving legal imprimatur to the distribution of family money. Nevertheless, while the probate system may be the central and most conventional system for transferring wealth, not all families and individuals avail themselves of the system. The broad swath of families who avail themselves of the services and certain benefits of the probate system are, …

Wills, Trusts, And Estates, Katherine E. Ramsey, Sarah J. Brownlow

University of Richmond Law Review

The 2021 Virginia General Assembly did not pass any major laws governing estates or trusts this year. However, it did pass several legislative efforts related to the field and of which practitioners should be aware. Perhaps the most relevant update given the COVID-19 pandemic was the Legislature’s effort to modernize procedures for electronic notarizations and electronic recording of documents. Another new law was designed to improve retirement savings participation rates in the Commonwealth by requiring certain employers to enroll their employees by default in a new, state-facilitated individual retirement account program. The Legislature also passed several bills designed to make …

Funeral Poverty, Victoria J. Haneman

University of Richmond Law Review

This Article makes a unique contribution to the literature by drawing attention to the financial burden of death service being shouldered by those who are “relatively poor,” or those for whom everyday life may be a financial struggle. The thesis is equal parts positive, normative, descriptive, and prescriptive: it is imperative that options be made available to transition human remains in a way that does not exacerbate cycles of poverty and allows for the living to preserve dignity. This need calls for important changes to existing legal structures, including modernization of consumer protection regulation, change to laws regulating the death …

Custom Of The Country: Trust And Marriage Planning In High-Wealth Families, Allison Anna Tait

Law Faculty Publications

That marriage has always been a property arrangement in some form or another – particularly for those families and couples with property to arrange – is a truism. It is a truism because marriage has significant property implications for the intended spouses, with the result that financial planning around marriage is both a historical and continuing reality, despite changes in the social and economic norms governing marriage. Moreover, the wealth management industry has, past and present, trained its eye and its expertise on marriage planning as part of a family’s larger wealth planning, offering services and products to help mitigate …

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

The 2020 Virginia General Assembly addressed a wide variety of matters affecting wills, trusts, and estates, ranging from a new article of the Virginia Uniform Trust Code and an expanded partition procedure to a $2 increase in the circuit court clerk’s recordation fees. Among the most helpful were new rules that clarify and expand the powers and responsibilities of non-trustees who may direct the trustee on certain issues and a revised procedure for partitioning real property while protecting the rights and interests of co-owners. The legislature also dealt with fiduciary issues, including express authorization for multiple-party bank accounts, additional duties …

The Law Of High-Wealth Exceptionalism, Allison Anna Tait

Law Faculty Publications

No family is an island. But some families would like to be – at least when it comes to wealth preservation – and they depend on what this Article calls the law of high-wealth exceptionalism to facilitate their success. The law of high-wealth exceptionalism has been forged, over the years, from the twinned scripts of wealth management and family wealth law, both of which constitute high-wealth families as sovereign entities capable of self-regulation and deserving of exemption from the rules that govern ordinary-wealth families. Consequently, high-wealth families take advantage of complicated estate planning techniques and highly favorable wealth rules in …

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

The 2019 Virginia General Assembly did not enact any major new legislation, but it did pass several significant amendments. Among the most useful was an amendment to the Virginia Uniform Transfers to Minors Act which extended the maximum age for custodianships from twenty-one to twenty-five. The legislature also decided to cease imposing income taxes on estates and trusts whose sole connection to the Commonwealth is that they are being administered here. It responded to two recent court cases involving the required execution formalities for leases and the right to award attorneys’ fees in actions involving an agent’s breach of fiduciary …

Max's Taxes: A Tax-Based Analysis Of Pet Trusts, Gerry W. Beyer, Jonathan P. Wilkerson

University of Richmond Law Review

No abstract provided.

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

The 2018 Virginia General Assembly enacted legislation to conform the interpretation of wills with trusts, revised the recent trust decanting and augmented estate statutes, and provided a procedure for resolving doctor/patient disputes over appropriate medical care. It also confirmed the creditor protection available for life insurance and annuities, and addressed certain entities’ eligibility for real and personal property tax exemptions, annual disclosures of charitable organizations’ administrative and charitable service expenses, virtual nonstock corporation member meetings, bank directors’ stock holdings, the disposition of unused tax credits at the taxpayer’s death, and fiduciary qualification without surety. The Supreme Court of Virginia handed …

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

The Supreme Court of Virginia has handed down seven recent

decisions addressing the authority of an agent to change the principal's

estate plan, legal malpractice claims in estate planning,

rights of incapacitated adults, limits of the constructive trust doctrine,

effects of a reversionary clause in a deed, ownership of an

engagement ring, and proof of undue influence. The 2017 Virginia

General Assembly clarified rules on legal malpractice and tenancies

by the entireties, adopted the Uniform Trust Decanting Act

and the Uniform Fiduciary Access to Digital Assets Act, and expanded

provisions governing estate administration, life insurance,

and advance medical directives. Other …

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

No abstract provided.

Foreclosure Of A Deed Of Trust In Virginia, Doug Rendleman

University of Richmond Law Review

This article deals with foreclosure of a deed of trust in Virginia.

The Introduction discusses the deed of trust or mortgage as a social

and political institution and the foreclosure crisis that seems

to be ending. Part I is a brief history of mortgage law. It provides

a short history of the modern mortgage system in the United

States. Part II follows with a description of the approach that

Virginia takes to mortgages. It localizes the mortgage institution

to Virginia and introduces Virginia's vocabulary and technical details,

the deed of trust, and the parties' rights and obligations.

Part III provides …

The Will To Prevail: Inside The Legal Battle To Save Sweet Briar, William H. Hurd, Ashley L. Taylor Jr., Nancyellen Keane, Stephen C. Piepgrass, C. Reade Jacob Jr., James M. Giudice, J. Westwood Smithers Iii

University of Richmond Law Review

Part I provides an in-depth factual overview, beginning with the Sweet Briar College's founding in the early 1900s. The commentary then turns to the controversial decision to close and discusses the facts and legal theories of the case, the decisions by the circuit court and the Supreme Court of Virginia, and the eventual settlement that kept the school alive.

In Part II, the discussion shifts to the landmark nature of this case, not only for Sweet Briar College, but also for other Virginia colleges and non-profits around the country. The essay analyzes the legal questions arising from the case, including …

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

No abstract provided.

The Secret Economy Of Charitable Giving, Allison Anna Tait

Law Faculty Publications

Charitable giving is big business. In 2009, the Internal Revenue Service reported close to 100,000 private foundations, almost double the number from fifteen years earlier. Some of these charitable trusts, like the Gates Foundation, are multi-billion dollar enterprises. Trust instruments and other governing documents set forth the terms that control these gifts. Because charitable trusts can exist in perpetuity, however, changing circumstances sometimes render the terms difficult to fulfill. Courts can apply cy pres, a doctrine that allows for the modification of gift restrictions, but in the past courts have tended to apply cy pres narrowly and privilege donor intent …

Publicity Rules For Public Trusts, Allison Anna Tait

Law Faculty Publications

That museums are public trusts is a truism in academic discourse and industry discussion. What various commentators mean when they speak about museums as public trusts, however, is less clear. This Article untangles and analyzes the various meanings of "'public trust" and how these meanings translate into regulatory systems. I propose that two predominant meanings-the public resource and trust law meanings-jointly constitute the definition of a public trust, and that each meaning has a consequent regulatory framework. These definitional and regulatory frameworks coexist without conflict in most contexts. In the context of deaccessioning,however, they collide.

Deaccessioning-the practice of a museum …

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

No abstract provided.

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

No abstract provided.

A Distinction Without A Difference? An Examination Of The Legal And Ethical Difference Between Asset Protection And Fraudulent Transfers Under Virginia Law, Elizabeth Southall

Law Student Publications

“A distinction without a difference”—a colloquial expression employed by one wishing to recognize that while a linguistic or conceptual distinction exists between any number of options, any such distinction lacks substantive practical effect. To allege that a situation presents “a distinction without a difference” is to suggest that any difference between a given set of options is a logical fallacy—purely a creature of erroneous perception. When it comes to concepts of asset protection planning and fraudulent transfer law, one must ask whether the law draws a distinction where there is no difference....This essay identifies these distinctions. Part II provides a …

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

No abstract provided.

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

The 2011 session of the Virginia General Assembly enacted wills, trusts, and estates legislation that: (i) eliminated a potential federal transfer tax trap in inter vivos marital trusts, (ii) interpreted transfer tax formula clauses in light of recent changes in federal law, and (iii) adopted the Uniform Adult Guardianship and Protective Proceedings Jurisdiction Act. Three other legislative enactments and seven opinions of the Supreme Court of Virginia during the twelve months ending June 1, 2011, addressed issues affecting this field. In addition to addressing those developments, this article summarizes a recent federal district court opinion that dealt with a significant …

Wills, Trusts, And Estates, J. Rodney Johnson

University of Richmond Law Review

The 2010 Session of the General Assembly enacted wills, trusts, and estates legislation (i) adopting the Uniform Power ofAttorney Act, (ii) passing emergency legislation for the construction of tax-oriented wills and trusts of persons who die during 2010 with documents drafted prior thereto, (iii) revising the small-estate statutes, and (iv) clarifying the burial power of attorney. In addition, there were six other enactments, and seven opinions from the Supreme Court of Virginia during the one-year period ending June 1, 2010 that present issues of interest in thisarea. This article reports on all of these legislative and judicial developments, along with …