McGuireWoods has made available for download an installment report on recent cases of interest to fiduciaries. Some of the cases include,
- In the Matter of Estate of Leon C. Chamberlain, 135 A.D.3d 1052 (N.Y. App. Div. Jan. 7, 2016)
Modification of trust terms is appropriate where limitations on investments permitted under trust instrument frustrated the purposes of the trust, even though this circumstance was not necessarily “unforeseen” at the time of creation of the trust.
- Domino v. Braswell, 165 So.3d 530 (Miss. Ct. App. May 19, 2015)
Filing of trust as public record triggers statute of limitations.
- In re Estate of Tigani, No. CV 7339-ML (Del. Ch. Ct. Feb. 12, 2016)
A remainder beneficiary in default of exercise of testamentary limited power of appointment has standing regarding trust, and the donee of testamentary limited power of appointment may not remove the appointee’s standing by contracting to exercise that power during life.
- Queen v. Schmidt, No. CV 10-2017 (PLF), 2015 WL 5175712 (D.D.C. Sept. 3, 2015)
Probate exception to federal jurisdiction does not apply where dispute involves a revocable trust, rather than a will.
Click here to view the full legal alert summary and find the download link: Recent Cases of Interest to Fiduciaries
Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal