Charles E. Rounds, Jr. - Suffolk University Law School

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Boston, MA 02108-4977, United States
Phone: 617-573-8185
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Whether an equitable power of appointment incident to a trust relationship is “in gross” or “collateral”: The practical implications

Section 17.3, comment f, of the Restatement (Third) of Property (Wills and Other Donative Transfers) explains the difference between a collateral power of appointment and a power of appointment in gross: “In traditional…more
 /  Finance & Banking, Wills, Trusts, & Estate Planning

The trustee has brought a reformation action to reorder the equitable property rights of the trust’s beneficiaries: Spotting the fiduciary issues

Section 415 of the Uniform Trust Code provides that even in the absence of ambiguity the court may reform the terms of a trust to conform the terms to the settlor’s intention if it is proved by clear and convincing evidence…more
 /  Civil Procedure, Wills, Trusts, & Estate Planning

The federal Corporate Transparency Act (CTA), whose constitutionality is currently being tested in the courts, creates another statutory exception to the trustee’s duty of confidentiality

The federal Corporate Transparency Act (CTA), effective January 1, 2024, whose constitutionality is currently being tested in the courts, follows in the footsteps of the IRC in that it creates a limited statutory exception to…more
 /  Commercial Law & Contracts, Constitutional Law, Finance & Banking, Privacy, Wills, Trusts, & Estate Planning

Trustee in breach of trust conveys trust property to a third party: Is the transferee a necessary party to an action for breach of trust brought by a beneficiary of the trust?

If the trustee in breach of trust conveys the trust property to a third party to the trust relationship, would the transferee be a necessary party to any action for breach of trust that the trust beneficiaries might bring? It…more
 /  Civil Procedure, Constitutional Law, Family Law, Finance & Banking, Wills, Trusts, & Estate Planning

Creating a nonvoidable domestic asset protection trust (DAPT) that has multijurisdictional contacts: The state and federal conflict-of-laws minefields

Creating a domestic asset protection trust (DAPT) that both has multijurisdictional contacts and is nonvoidable in whole or in part is easier said than done. There are the state conflict-of-laws issues, a few of which I have …more
 /  Commercial Law & Contracts, Constitutional Law, Real Estate - Residential, Wills, Trusts, & Estate Planning

When the parties to a trust relationship, as well as its subject property, are located in different states, which state’s law governs the construction and enforceability of the trust’s dispositive provisions?

Consider the following situation. Settlor owns a thousand acres of land in a domestic-asset- protection haven (DAPT state). While he is alive, he transfers in trust the land to a corporate trustee that does business exclusively…more
 /  Conflict of Laws, Real Estate - Residential, Wills, Trusts, & Estate Planning

Uniform Trust Code (UTC) and Uniform Voidable Transactions Act (UVTA) could be better coordinated in the Domestic Asset Protection Trust (DAPT) space

In a Sept. 11, 2023 JDSUPRA posting I questioned the doctrinal and practical utility of partial legislative codifications of equity’s principles-based jurisprudence, such as the UTC, the very institution of the trust being a…more
 /  Civil Remedies, Family Law, Wills, Trusts, & Estate Planning

Trustee’s Duty To Defend Trust Property From Third-Party Claims Versus Trustee’s Duty To Defend Trust’s Very Existence, As Well As Its Material Provisions

A longstanding and critical incident of a trustee’s fiduciary duty of loyalty is the duty to vigorously defend the trust’s very existence, as well as all its material provisions (hereinafter “existence defense”), unless it is…more
 /  Civil Remedies, Commercial Law & Contracts, Finance & Banking, Wills, Trusts, & Estate Planning

The Case For Making Substantial Unrestricted Gifts To A Charitable Corporation Indirectly Via Assignment To An Independent Trustee

When considering how to make a substantial gift to a charitable corporation, one should not rule out making it indirectly via assignment to an independent trustee. First, an independent trusteeship facilitates proper asset…more
 /  Bankruptcy, Civil Remedies, Family Law, Finance & Banking, Wills, Trusts, & Estate Planning

When the guardian ad litem “representing” the yet-to-come-into-existence beneficiaries of a trust is nonfeasant or malfeasant

Does a court-appointed GAL in a trust matter owe fiduciary duties to the parties to the trust relationship who have yet to come into existence, e.g., the settlor’s future great grandchildren (hereinafter the “non-existent…more
 /  Civil Remedies, Constitutional Law, Family Law, Wills, Trusts, & Estate Planning

Incorporating into a trust instrument a nonjudicial mechanism for effectuating on an ongoing basis the wishes of the deceased settlor: The doctrinal and practical challenges

There is much to commend in O’Brien, Proposing a Model Antilapse Clause, 48 ACTEC L. J. 257 (2023), particularly its flagging of the doctrinal and practical flaws in Uniform Probate Code §2-707, which would apply the concept…more
 /  Civil Remedies, Family Law, Real Estate - Commercial, Real Estate - Residential, Wills, Trusts, & Estate Planning

“Clearing” the constructive trustee’s legal title: The doctrinal and practical considerations

The court in Freeport-McMoRan Oil & Gas LLC v. 1776 Energy Partners, LLC, 672 S.W.3d 391 (Tex. 2023) explained that “constructive trusts, being remedial in character, have the very broad function of redressing wrong or unjust…more
 /  Civil Remedies, Commercial Law & Contracts, Family Law, Real Estate - Residential, Wills, Trusts, & Estate Planning

In the case of a donative transfer in irrevocable inter vivos trust, it is not the trustee who is the donee of the gift

In International Rescue Committee v. Trustee of the Wylie Street Emergency Fund, 537 P.3d 30 (2023), the Supreme Court of Idaho cited Black’s Law Dictionary (11th ed. 2019) as authority for the proposition that “a person can…more
 /  Commercial Law & Contracts, Wills, Trusts, & Estate Planning

A trust’s in terrorem clause is unenforceable as a matter of public policy to the extent that it would subvert fiduciary accountability

In my April 20, 2022 JDSUPRA posting I wrote that when adjudicating trust disputes the equity courts are duty-bound to act, sua sponte if necessary, in vindication of the lawful intentions of settlors. See…more
 /  Alternative Dispute Resolution (ADR), Civil Remedies, Family Law, Professional Malpractice, Wills, Trusts, & Estate Planning

Even a pet-trust instrument needs to be free of ambiguities and unaddressed contingencies

There are two flavors of pet trust, the Uniform Trust Code §408 pet-trust and equity’s non-statutory pet-trust. Under the former, the pet is a trust beneficiary; under the latter, the pet is merely a trust asset. While it may be…more
 /  Agriculture, Family Law, Nonprofit Law, Professional Malpractice, Wills, Trusts, & Estate Planning
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