Fiduciaries

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In Matter of Sinzheimer, the New York County Surrogate’s Court held that a corporate co-trustee that had been “removed” pursuant to the terms of the trust agreement was not required to deliver the trust’s assets to the sole individual trustee where the individual defied the instruction in the trust instrument to appoint a successor corporate co-trustee. The perceived objectivity on the part of the removed corporate trustee figured prominently in the Court’s decision sustaining its decision to withhold delivery of trust assets to the individual trustee until a new corporate trustee had been appointed. Brian Corrigan discusses the decision in our latest post.
Continue Reading Removed Corporate Trustee’s Refusal to Turn Over Trust Assets to Individual Trustee Was Prudent and Appropriate

            The term “adopted-out” child, commonly used by the courts, refers to a child adopted out of his or her biological family, i.e., a child placed for adoption by his or her biological family. A detailed discussion of the inheritance rights of adopted-out children is available here. Recently, in a case of first impression…

In the recent decision of Matter of the Accounting of Tydings, the Bronx County Surrogate’s Court addressed the misconduct of the trustee of a lifetime trust, in view of an exoneration clause contained in the instrument. Ilene Cooper discusses the case in our latest entry.
Continue Reading Fiduciary Beware: Contested Accounting in the Face of Exoneration Clause Results in Liability for Inter Vivos Trustee

In Matter of Rivas, Surrogate Calvaruso of Monroe County addressed multiple legal issues pertinent to trustees, including but not limited to exoneration clauses, the Prudent Investor Act, delegation of investment responsibilities, and a fiduciary’s duty of loyalty. Frank Santoro discusses the case in our most recent entry.
Continue Reading Construction, Exoneration, Delegation, and Fiduciary Duty

The American Rule provides that each party to a litigation generally remains responsible for his own legal expenses regardless of who prevails. In Matter of Lasdon, Surrogate Glen of New York County explained the few and narrow exceptions to that Rule, one of which pertains to cases of fiduciary misconduct. Jaclene D’Agostino discusses the decision in our latest entry.
Continue Reading Exception to the American Rule: Shifting Objectants’ Legal Fees to the Surcharged Fiduciary