Estates and Trusts Commons^™

Trust And Fiduciary Duty In The Early Common Law, David J. Seipp

Faculty Scholarship

Trust is an expectation that others will act in one’s own interest. Trust also has a specialized meaning in Anglo-American law, denoting an arrangement by which land or other property is managed by one party, a trustee, on behalf of another party, a beneficiary.1 Fiduciary duties are duties enforced by law and imposed on persons in certain relationships requiring them to act entirely in the interest of another, a beneficiary, and not in their own interest.2 This Essay is about the role that trust and fiduciary duty played in our legal system five centuries ago and more.

An Impregnable Fortress? Possible Attacks On The Singapore Trust?, Hang Wu Tang

Research Collection Yong Pung How School Of Law

In the past ten years, Singapore has emerged as one of the most important wealth management centres in Asia.1 This development can be attributed to a number of factors. First, favourable laws were enacted to encourage high net worth individuals to ‘park’ their money in Singapore. These include changes to laws governing trust companies, confidentiality, taxation rules with regard to foreign earned income, abolition of estate duty and amendments to the Trustees Act.2 Secondly, both the private and public sectors embarked on an aggressive marketing campaign to promote Singapore as a wealth management centre.3 Thirdly, Singapore has one of the …

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 …

The Role Of Trust Protectors In American Trust Law, Richard C. Ausness

Law Faculty Scholarly Articles

“A trust is an arrangement whereby one person (the trustor) transfers property to another person or entity (the trustee) and directs the trustee to hold the property for the benefit of another person (the beneficiary).” These days, trustees often have significant discretionary and administrative powers. The increased use of institutional trustees, as well as the growing sophistication and complexity of modern trust asset management, have induced many settlors to give their trustees greater power and discretion. In addition, many states have enacted statutes, such as the Uniform Trustees’ Powers Act or the Uniform Trust Code (UTC), that confer broad powers …

Powers Of Withdrawal, Claims For Set-Off, And Spendthrift Protection, Alan Newman

Akron Law Faculty Publications

If a beneficiary of a spendthrift trust has a right to withdraw property from the trust, may the beneficiary’s creditors reach the assets subject to the withdrawal power? That was the principle question recently addressed by the 1st District Court of Appeals in Great American Insurance Company v. Thompson Trust. Also of interest: the case may have involved an offset by the trustee of amounts distributable to the beneficiary to repay amounts owed by the beneficiary to the trust.

Conditional Love: Incentive Trusts And The Inflexibility Problem, Joshua C. Tate

Faculty Journal Articles and Book Chapters

This Article examines the contemporary phenomenon of incentive trusts: trusts that use money to encourage or discourage certain behaviors. Using evidence from Internet websites, practitioner articles, and newspaper articles, the Article considers the likely provisions that a typical incentive trust might have, and explains how such trusts might lead to a problem of inflexibility when they are not drafted so as to take into account the possibility of changed circumstances. The Article also examines current law regarding trust modification and termination as well as recent reform proposals, and suggests some alternatives that might better take into account the particular characteristics …

Ohio Uniform Trust Code Takes Shape, Alan Newman

Akron Law Faculty Publications

The Uniform Trust Code (UTC) has been under study in Ohio since shortly after its approval by the National Conference of Commissioners on Uniform State Laws in 2000. See, e.g., Susan S. Locke, et. al., Uniform Trust Code, 11 PLJO 49 (Mar./Apr. 2001); David M. English, The Uniform Trust Code (2000) and Its Application to Ohio, 12 PLJO 1 (Sept./Oct. 2001); and David M. English, The Uniform Trust Code (2000) and its Application to Ohio, 30 Capital University Law Review 1 (2000).

Substantial progress has been made towards the adoption of a modified version of the UTC in Ohio. At …

Managing Assets: The Oklahoma Uniform Principal And Income Act, Mark R. Gillett, Katheleen R. Guzman

Oklahoma Law Review

No abstract provided.

In Re Dll, 98-P-03 (Blkft. Tr. Ct., Aug. 30, 1999), Blackfeet Tribal Court

Court Decisions

In the Blackfeet Tribal Court, in a Probate matter, the Court considered whether it could defer to federal administrative probate law when it makes a paternity determination in Tribal Court. The Court noted that Federal Administrative Tribunals determine heirs to determine the beneficial ownership of trust land, not for purposes of tribal enrollment. See Estate of Duke Hawley Tsoodle, Sr., 32 IBIA 108 (March 23, 1988) IBIA 97-91, 97-94. Federal disposal of land does not implicate public fisc or other benefits of tribal membership. Conversely, a federal tribunal may not use the same procedures a tribal court would when the …

Property Rights Of Unmarried Cohabitants In New York: Proposal For Legislative Action Towards A More Equitable Future, Helene Kulczycki

Touro Law Review

No abstract provided.

Testamentary Substitutes: Retained Interests, Custodial Accounts And Contractual Transactions—A New Approach, Sidney Kwestel, Rena C. Seplowitz

Scholarly Works

No abstract provided.

A Proposal For A Variation Of Trusts Statute In Washington, Julie A. Anderson

Seattle University Law Review

This Comment argues that similar legislation would be desirable in Washington. Even though the proposed statute would entail a substantial deviation from the common-law rule, the resulting benefits justify the change. This Comment also examines the retroactive application of variation of trusts statutes and concludes that a retroactive application is constitutional. A requirement that courts consent on behalf of the beneficiaries only when the variation benefits the beneficiaries in some manners sufficiently protects the beneficiaries' constitutional interests under the contract clause10 and the due process clause of the federal Constitution. Finally, this Comment proposes that a Washington variation of trusts …

The Winds Of Change In Wills, Trusts, And Estate Planning Law, The Editor

Vanderbilt Law Review

The articles in this Symposium illustrate three different aspects of change. The essay by Professor Fellows provides an analysis and criticism of one very important change, the trend toward the use of a legislative rather than judicial forum to create new law. In the second article, Professor Rein discusses adoption and proposes a mechanism by which the laws of succession can be modernized better to reflect the social phenomenon of adoption,whether of children or adults, legal or equitable. Professor Miller and Mr. Rainey in their article examine the premises that have prompted the increasing use of a revocable trust rather …

Inheritance, The Share Of The Surviving Spouse, And Wills: Arkansas Law And The Uniform Probate Code Compared, Ellen B. Brantley, Richard W. Effland

University of Arkansas at Little Rock Law Review

No abstract provided.

Principal And Income Allocation Of Stock Distributions--The Six Per Cent Rule, Michael C. Devine

Michigan Law Review

A productive trust is usually dynamic in two ways: the principal assets appreciate in value, and their use produces income. When the beneficial interests in such a trust are successively divided between income recipients and principal remaindermen, every payment to the trust must be characterized either as income or as an addition to principal. The most difficult categorization problems arise when the receipt is of corporate stock.

Trusts-Trustees-Investment Duties Of Trustees And The Problem Of Unduly-Conservative Trust Investments, Lawrence Hirsch S.Ed.

Michigan Law Review

This comment will first examine the trustee's investment duties, particularly those relating to investments in securities, and then consider the factors which have brought to the fore the problem of the unduly-conservative trust investment. On the basis of this examination, it may be determined whether the present law in this area provides the beneficiary with adequate safeguards against the unduly-conservative investment. Finally, assuming such safeguards have not been provided, some suggested remedies for this situation will be considered, including the possible imposition of a duty upon trustees to invest at least part of the trust funds in common stock.

Taxation-Federal Estate Tax-The Construction Of Section 2036, William S. Bach S .Ed.

Michigan Law Review

This comment will explore two problems: first, an analysis of the legislative history of the present section 2036 in an effort to discover exactly which property relationships Congress intended to reach by this provision; second, an examination of the treatment which several specific arrangements have been given by the courts to determine whether there is any degree of certainty or predictability in the application of section 2036.

Creation Of A Trust On Insurance Proceeds By The Use Of Precatory Expressions In A Testamentary Instrument - Waesche V. Rizzuto, Daniel F. Thomas

Maryland Law Review

No abstract provided.

Chancery Practice On The American Frontier: A Study Of The Records Of The Supreme Court Of Michigan Territory, 1805-1836, William Wirt Blume

Michigan Law Review

The act of Congress of January 11, 1805, which created Michigan Territory out of Indiana Territory, provided that the new territory should have a government "in all respects similar" to that provided for the Northwest Territory by the Ordinance of 1787. The Ordinance had provided for the appointment of a court to consist of three judges who should have "a common law jurisdiction. "

Trusts - Principal And Income - Apportionment Under Pennsylvania Rule Of Stock Dividends Based On Capital Surplus, James H. Devries

Michigan Law Review

Under the terms of a trust established in New York in 1915 income was to be paid to a beneficiary for life and upon his death the principal was to be distributed to certain descendants of the settlor. Two extraordinary stock distributions were received by the trust during the life of the income beneficiary. In issuing the additional shares each of the corporations had transferred to capital stock account its entire capital surplus and sufficient earned surplus to support the additional shares at their par value. At the time of creation of the trust New York applied the Pennsylvania rule …

The Apportionment Of Stock Distributions In Trust Accounting Practice, Arthur W. Machen Jr.

Maryland Law Review

No abstract provided.

Taxation - Federal Estate Tax - Insurance And Annuity Combinations, John B. Schwemm S.Ed.

Michigan Law Review

Decedent, aged seventy-six, invested in three single premium life insurance policies. Issuance of each was conditioned on the purchase of a single life, nonrefundable annuity of specified value, and no physical examination was required. Each combination was balanced so that the total premium, exclusive of loading charges, equalled the face value of the insurance. The resulting correlation between compound interest and annuity disbursements made the guaranteed payments to the annuitant correspond precisely with the expected income of a reinvestment of the entire deposit by the insurer. Decedent retained the annuity rights, but all present and future interests in the life …

Scott: The Law Of Trusts (Second Edition)., Lewis M. Simes

Michigan Law Review

A Review of The Law of Trusts (second edition). By Austin Wakeman Scott

Taxation - Federal Income Taxation - Problems Created By The Complex Trust Provisions Of The 1954 Code, Harvey A. Howard S.Ed.

Michigan Law Review

This comment will not be expository of all of the trust provisions but rather will attempt to deal with some of the more important interpretative difficulties likely to be encountered in the new law involving the taxation of the income of those trusts which may accumulate income, distribute corpus, or pay or set aside amounts for charitable purposes. It will be assumed that the reader is familiar with the basic statutory pattern of the trust sections of the new code.

Legal Effect Of Contracts To Devise Or Bequeath Prior To The Death Of The Promisor: Ii, Bertel M. Sparks

Michigan Law Review

After there has been a contract to make a will it is often said that the promisor is a trustee of the property for the use of the promisee. This statement is usually offered as a reason for or an explanation of the relief granted in a particular case, without any indication as to how such a premise was arrived at and without any consideration of other possible results that might How from the designation of the relationship as a trust.

Trusts - Validity And Effect Of Assignment Of Beneficial Interest In Trust For Support - Claims Of Beneficiary's Divorced Wife And Children, William E. Parmenter Jr.

Michigan Law Review

A testamentary trust required the trustee to apply income in such amounts as might be necessary for the education, support and maintenance of H until he attained the age of 35 years; then to hand over the corpus and accrued interest. Contingent interests were created for children of H who might survive his death before the age of 35. After the death of testatrix, H married W and had two children. In an agreement subsequently incorporated in a California decree of divorce obtained by W, H promised to make monthly payments to W for her own support and for the …

Duration Of The Trustee's Interest Where The Trust Property Is Personalty, Victor H. Laws Jr.

Maryland Law Review

No abstract provided.

Premature Closing Of A Class Upon Death Of A Member - Sale Deposit & Trust Co. V. Forbes

Maryland Law Review

No abstract provided.

Exercise Of A General Power Of Appointment Without Specific Reference To The Power - Merwin V. Sale Deposit & Trust Co. Of Baltimore

Maryland Law Review

No abstract provided.