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 consider and recent judicial opinions may influence a planner’s drafting decisions, particularly with respect to no-contest and arbitration clauses. Overall, the developments clarify the balance of rights and responsibilities allocated between settlors, beneficiaries, and fiduciaries and, in many cases, bolster the rights of beneficiaries and those under legal guardianship.
Hunter M. Glenn & Allison A. Tait,
Wills, Trusts, and Estates,
U. Rich. L. Rev.
Available at: https://scholarship.richmond.edu/lawreview/vol57/iss1/9