McNees Wallace & Nurick reports that in August 2014, in In re Edward Wiinslow Taylor, O.C. No. 3563 IV of 1939, August 14, 2014, the Philadelphia Court of Common Pleas ruled on an issue of first impression under the Uniform Trust Act – whether a trust could be amended under § 7740.1 to add a provision allowing for the removal of the corporate trustee without Court approval.

The Court rejected the requested amendment, reasoning that when a party wished to remove a trustee, the more specific requirements of §7766 must be met.

Read full article at NOT SO FAST … The Lesson of Taylor: A trust cannot be modified to allow removal of the trustee without court approval. | McNees Wallace & Nurick LLC – JDSupra.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.