Family Trusts & Trustees in COURT
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Scooped by Chicago Trustee Collaboratory
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Spencer v. DiCola - Part 2 - the family falls out of love with their trustee – could this relationship be saved?

The Chicago Trustee Collaboratory took a look at both the legal and practical lessons from a trust relationship that degenerated to the point of court hearing, appeal, and re-appeal.

 

In Part 1, we looked at the legalities.  Now in this Part 2, we look at the practicalities.

 

The Chicago Trustee Collaboratory is also staffing a full day seminar using this lawsuit as a case study.   For more details of this offering from the Illinois Institute for Continuing Legal Education, check out goo.gl/FACR8p

Chicago Trustee Collaboratory's insight:

1)   The litigation was expensive, and could have been out of proportion to the size of the trust.

 

2)   To what extent could the lawsuits have been avoided through:

  1. the development of a Distribution Policy Statement for the limited funds in the trust?
  2. better communication through the down market?
  3. mediation as the family became increasingly alienated from the trustee? 
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Scooped by Chicago Trustee Collaboratory
Scoop.it!

Spencer v. DiCola - Part 1 - the family falls out of love with their trustee, but the court won't grant the divorce.

The Chicago Trustee Collaboratory took a look at both the legal and practical lessons from a trust relationship that degenerated to the point of court hearing, appeal, and re-appeal.

In this Part 1, we look at the legalities. In Part 2, we'll look at the practicalities.

The Chicago Trustee Collaboratory is also staffing a full day seminar using this lawsuit as a case study. For more details of this offering from the Illinois Institute for Continuing Legal Education, follow this link: http://goo.gl/PghywJ

Chicago Trustee Collaboratory's insight:

1) It can be hard to remove a sitting trustee.   A trustee’s defense of his position is permitted, and not considered “self-serving” even if it goes against the family.


2)   Drafting pointer: a trust can provide in what situations a sitting trustee may be replaced.


3)   Court modifications of the trust are best memorialized with word-for-word changes to the trust document.

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