Announcements & Articles
As a Trustee, You Need Trusted Resources
As an organization dedicated to the service and support of private trusts and their Trustees, the Private Trust Consortium is pleased to provide the following resources, some of which are available exclusively to members.
Announcements
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Articles
I am an Arizona trustee; what’s the risk? …
In Arizona, a violation of a duty the trustee owes to a beneficiary is a breach of trust. Ariz. Rev. Stat. Ann. § 14-11001. Such duties include, but are not limited to, the duty to administer the trust in good faith, A.R.S. § 14-10801, the duty of loyalty, A.R.S. §...
Texas has conflicting caselaw regarding when Remainder Beneficiaries can sue the trustee/trust for actions/inactions during trust administration…
In Texas, can contingently remainder beneficiaries have standing to assert claims regarding trust administration? We will look at 2 cases with different outcomes to analyze that question. In the first case, John Little, Jr. (Father) created a will and a revocable...
It’s good to be a Successor Trustee in Florida…here is why.
You have been named as a trustee or a successor trustee of a Florida trust. That means the settlor has shown supreme confidence in you to administer the trust assets to care for the trust beneficiaries according to the terms outlined in the trust. While your...
As a New York trustee you’ve made a financial mistake with trust funds, so what comes next?
In New York, no mistake made in good faith and in the exercise of due care in connection with the administration of a trust shall impose liability on the Trustee if, promptly after the discovery of the mistake, the Trustee shall take whatever action may be practicable...
Those tricky tax planning clauses found in California living trusts in the 90s and 2000s are causing headaches today!
Part 1.The Trust The trust, as we know it today, began in medieval England. This concept originated not as a separate area of the law, but rather a blend of English common law and through the Court of Chancery, which was a court of equity (fairness). [mepr-show...
My trust is irrevocable, but can I still make changes?
Trusts are a contract between a trustee (the person charged with managing the trust and its assets) and a grantor (the trust creator and person placing assets into the trust, also known as the trust maker or settlor) and are governed by each state enacting laws...
Does the direct payment of medical expenses, tuition, etc. from trust funds by a trustee qualify as an exception to the federal gift tax?
If not, who pays the gift tax, the beneficiary or the trustee from trust funds? Generally, there are 2 broad categories of trusts, revocable (the trust-maker retains the right to change the terms of the trust) and irrevocable (the trust-maker gives up all rights to...
I am the trustee of a Special Needs Trust, are there any special requirements or concerns that I should have?
To answer this question, we will highlight some concepts discussed in an article by Jersey M. Green & Marilyn W. McWilliams - Â Preserving the Disabled Plaintiff's Access to Public Benefits with the Special Needs Trust, Colo. Law., MAY 1996, at 49, 50. [mepr-show...
“Go ahead and sue me, you are paying for my defense anyway”
In Colorado, can a trustee use trust assets to defend a lawsuit against that same trustee, and what does that mean to the beneficiary? In general, Colorado follows the traditional American Rule that, absent statutory authority, an express contractual provision, or a...
Are revocable trusts considered marital property in Colorado?
You might be surprised by the answer. Marital property is an important concept primarily used in a proceeding for dissolution of marriage. Property in the context of a marriage can either be held as separate property or marital property. Colorado defines marital...
