News & Analysis as of

Trust Accounting

Seward & Kissel LLP

Changes to FDIC Insurance of Trust Accounts Effective April 1, 2024

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As described in our previous client memo in May 2022, the FDIC is amending its regulations governing deposit insurance to merge the revocable and irrevocable trust deposit insurance categories into one “trust accounts”...more

Farrell Fritz, P.C.

Surrogate’s Court Jurisdiction to Resolve Close Business Owner Disputes

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Do New York’s Surrogate’s Courts have jurisdiction to compel an accounting related to a non-party limited liability company in which the decedent’s estate has only a minority interest? ...more

Winstead PC

New Texas Bill Would Provide Qualified Release Relief To Trustees Who Deliver Adequate Accountings Without A Timely Objection By...

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A recent bill (H.B. 1552) has been submitted that would provide a trustee release relief for transactions described in an accounting where a beneficiary fails to timely object to the accounting and there is no fraud,...more

Wyrick Robbins Yates & Ponton LLP

New Twist in Wire Fraud Scams and Five Ways to Prevent Becoming a Victim

In June 2022, the FBI and Internet Crime Complaint Center (IC3) issued a warning about a new wire fraud scam involving attorney trust accounts and the acquisition of medical equipment that resulted in approximately $2 million...more

Winstead PC

Corporate Trustee’s Statements May Suffice For A Statutory Accounting

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Trust beneficiaries often request a corporate trustee to prepare a statutory accounting. The Texas Trust Code in Section 113.151 provides that a beneficiary may request a written statement of accounts....more

Pullman & Comley, LLC

ABA Ethics Committee Weighs in on Practicing Law Virtually

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In  Formal Opinion 498, issued on March 10, 2021, the American Bar Association’s Standing Committee on Ethics and Professional Responsibility has provided some guidance on the ethical obligations triggered when a lawyer...more

Winstead PC

New Texas Bill Would Provide Release Relief To Trustees Who Deliver Adequate Accountings Without A Timely Objection By The...

Winstead PC on

A recent bill has been submitted that would provide a trustee release relief for transactions described in an accounting where a beneficiary fails to timely object to the accounting and there is no fraud, intentional...more

Morrison & Foerster LLP

Is 2021 the Year Of SPACs In Asia? What You Need To Know

Special Purpose Acquisition Companies (“SPACs”) played a critical role in U.S. capital market growth in 2020. There were 248 SPACs launched, raising an aggregate of $83 billion in proceeds. The beginning of 2021 witnessed an...more

Chambliss, Bahner & Stophel, P.C.

A Brief Overview of a Trustee's Duties

If you have been appointed the trustee of a trust, it is a strong vote of confidence in your judgment and trustworthiness. It is also a major responsibility. A trust is a legal arrangement through which one person (or an...more

Carlton Fields

District Court Denies Summary Judgment to Trustee of Trust Account Maintained for Beneficiary of “Fronted” Reinsurance Program

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The U.S. District Court for the District of South Carolina denied summary judgment to the trustee of an account established pursuant to a “fronted” reinsurance program. The plaintiff, Accident Insurance Co. (AIC),...more

Nutter McClennen & Fish LLP

Writing for Massachusetts Lawyers Weekly, David C. Henderson Highlights the Importance of the IOLTA Program

David C. Henderson, a partner in Nutter’s Litigation Department and a member of the Massachusetts IOLTA Committee, authored an article that elaborated on the amendment to the Supreme Judicial Court’s Rule 3:15 and the...more

Winstead PC

A Court Rejects A Trust Protector’s Claims and Holds That A Trustee Properly Merged Trusts

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In In re Macy Lynne Quintanilla Trust, a settlor created three trusts for his children in 2014. No. 04-17-00753-CV2018 Tex. App. LEXIS 8223 (Tex. App.—San Antonio October 10, 2018, no pet. history)....more

Holland & Hart LLP

Prudently Investing: What Trustees Need to Know

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Acting in the best interests of the trust and the trust beneficiaries, a trustee has the duty to protect and preserve trust assets and, generally, to make the assets productive. In making investment decisions and managing...more

Dickinson Wright

Summary of Amendments to Construction Lien Act

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In December 2017, the Ontario Legislature passed the Construction Lien Amendment Act, 2017 (the "Act"). The Act introduces significant changes to Ontario’s construction lien regime and is intended to reduce delays in...more

Winstead PC

Court Denies Request For Mandamus Relief Regarding Court Order Requiring Spouse of Deceased Trustee To Prepare An Accounting

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In In re Ng, after a jury found that a deceased trustee did not breach fiduciary duties, a trial court nonetheless ordered the deceased trustee’s spouse to prepare an accounting of the trust. No. 09-17-00386-CV, 2017 Tex....more

Carlton Fields

District Of South Carolina Denies Motion To Dismiss Action Involving Fronting Relationship

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Applying Delaware law, a South Carolina District Court found Plaintiff had properly pled its causes of action for breach of contract, breach of fiduciary duty, negligence/gross negligence and negligent misrepresentation...more

Winstead PC

Courts Hold That Multiple Probate Court Orders Were Not Appealable

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In The Management Trust of Norsworthy, the court reviewed a trustee’s accountings and petition for approval to enter into an agreement with the beneficiary’s wife to make regular distributions to her for certain recurring...more

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

The enforceability of a trust accounting clause’s failure-to-object provision (the non-judicial settlement of trustees’ accounts)

It is common for the accounting clause of an inter vivos trust instrument to contain a provision along the lines of the following: “The written approval of such an account by the person or persons thus entitled to such...more

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