All the essential issues in Massachusetts trust law and practice can be found in this book, including formation of the trust; duties, powers, and liabilities of trustees; responsibilities for various types of trust investments, including guidance on the Massachusetts Prudent Investor Act; distribution, funding, and accounting issues; duties relating to income tax and GST tax; obtaining the court's assistance with trust administration; administration of charitable trusts; and trust termination.Cradle-To-Grave Guidance on Trusts
Table of Contents
Chapter 01 - Requirements for a Trust=Frederick D. Royal, Esq.,
Western New England University School of Law
Chapter 02 - Implementing the Trust=
Heather N. Harris, Esq.,
Day Pitney LLP
Leiha Macauley, Esq.,
Day Pitney LLP
Exhibit 2A - Letter to Client
Exhibit 2B - Letter to Transfer Agent
Exhibit 2C - Trustees’ Certificate
Exhibit 2D - Trust and Schedule of Beneficial Interests and Agreement
Exhibit 2E - Declaration of Trust Ownership
Chapter 03 - Trustee Appointment and Succession=
Dennis R. Delaney, Esq.,
Hemenway & Barnes LLP
Kurt F. Somerville, Esq.,
Hemenway & Barnes LLP
Chapter 04 - Trustee’s Duties=
Eric P. Hayes, Esq.,
Goodwin Procter LLP
Chapter 05 - Trustee’s Powers=
Eric P. Hayes, Esq.,
Goodwin Procter LLP
Exhibit 5A - Sample Language for Holding a Closely Held Business Interest
Chapter 06 - Trustee’s Liability=
Frederick D. Royal, Esq.,
Western New England University School of Law
Exhibit 6A - Receipt and Indemnification Agreement
Chapter 07 - Trustee’s Responsibility for Investments=
Thomas E. Bator, Esq.,
Pratt, Bator & Popov LLP
Frederick D. Royal, Esq.,
Western New England University School of Law
Exhibit 7A - Ad Hoc Committee Report
Chapter 08 - Trustee’s Responsibility for Special Assets=
Kevin O'Shea, Esq.,
Sulloway & Hollis, PLLC
Chapter 09 - Trustee’s Responsibility for Real Estate=
Ellen M. Harrington, Esq.,
Verrill Dana LLP
Exhibit 9A - Site Review Checklist
Exhibit 9B - Higher Offer Clause
Chapter 10 - Trust Distribution Issues=
Sarah Ryan Grandfield, Esq.,
Fiduciary Trust Company
Suma V. Nair, Esq,
Fiduciary Trust Company
Chapter 11 - Funding of Marital Trusts=
Jennifer Collins, Esq.,
Nixon Peabody LLP
Checklist 11.1 - Pros and Cons of Using the Date of Distribution Method When Applying the Pecuniary Funding Formula to a Trust Estate
Checklist 11.2 - Pros and Cons of Using the Fairly Representative Method When Applying the Pecuniary Funding Formula to a Trust Estate
Checklist 11.3 - Pros and Cons of Using the Minimum Worth Method When Applying the Pecuniary Funding Formula to a Trust Estate
Checklist 11.4 - Pros and Cons of Using the Pro Rata Method When Applying the Pecuniary Funding Formula to a Trust Estate
Checklist 11.5 - Pros and Cons of Using the Pick-and-Choose Method When Applying the Pecuniary Funding Formula to a Trust Estate
Chapter 12 - Funding Generation-Skipping Trusts=
Craig A. Standish, Esq.,
Brown Advisory
Chapter 13 - Trustee’s Duty to Account=
Exhibit 13A - Accounting Provision (Example No. 1)
Exhibit 13B - Accounting Provision (Example No. 2)
Exhibit 13C - Assent Form
Exhibit 13D - Example of a Testamentary Trust Account
Exhibit 13E - Examples of an Inter Vivos Trust Account
Chapter 14 - Trust Principal and Income=
Ruth A. Mattson, Esq.,
Verrill Dana LLP
Exhibit 14A - Report of the Ad Hoc Principal and Income Act Committee
Exhibit 14B - Massachusetts Principal and Income Act (2005 Mass. Acts c. 129) Annotated
Exhibit 14C - Comment to Section 104 of the Uniform Principal and Income Act
Chapter 15 - Obtaining the Court’s Assistance in Trust Administration=
Thomas P. Jalkut, Esq.,
Nutter McClennen & Fish LLP
Exhibit 15A - General Trust Petition for Instructions
Exhibit 15B - General Trust Petition for Declaration of Rights
Exhibit 15C - General Trust Petition for Approval of Compromise Agreement
Exhibit 15D - Amended Report on Bosch Litigation
Exhibit 15E - General Trust Petition for Reformation
Exhibit 15F - General Trust Petition for Allowance of Account
Exhibit 15G - Probate and Family Court Amended Standing Order 3-17: Fiduciary Litigation Pilot Project
Chapter 16 - Termination of the Trust=
James J. Casiello, Jr., Esq.,
Goulston & Storrs, PC
Matthew R. Hillery, Esq.,
Goulston & Storrs, PC
Exhibit 16A - Revocation of Trust
Exhibit 16B - Receipt, Release, Indemnity, and Assent
Exhibit 16C - Release and Receipt
Exhibit 16D - Assignment and Stock Power
Chapter 17 - Charitable Split-Interest Trusts=
Martin Hall, Esq.,
Hall & Diana LLC
Exhibit 17A - Comparison of CRTs and CLTs
Chapter 18 - Administering Charitable Trusts=
Evelyn V. Moreno, Esq.,
Nixon Peabody LLP
Chapter 19 - Income Taxation of Trusts and Estates=
Jeremiah W. Doyle, IV, Esq.,
BNY Mellon
Exhibit 19A - Example of a 2024 Fiduciary Income Tax Return for a Complex Trust
Chapter 20 - Trustee’s Duties Relating to Generation-Skipping Transfer Tax=
Richard B. James, Esq.,
Bank Of America
Exhibit 20A - Definitions Related to GST Tax
Exhibit 20B - Form 709 for Reporting a Direct Skip Gift
Exhibit 20C - Forms for a Taxable Distribution
Exhibit 20D - Form for a Taxable Termination
Chapter 21 - Lawyer as Trustee=
Eric P. Hayes, Esq.,
Goodwin Procter LLP
Chapter 22 - Representing a Trustee=
Eric P. Hayes, Esq.,
Goodwin Procter LLP
Frederick D. Royal, Esq.,
Western New England University School of Law
Exhibit 22A - Addendum to Formal Advisory Opinion No. 91-R1, Supreme Court of Georgia
Authors
Editor(s)Eric P. Hayes, Esq.,
Goodwin Procter LLP, Boston
Author(s)
Thomas E. Bator, Esq.,
Pratt, Bator & Popov LLP, Boston
James J. Casiello, Jr., Esq.,
Goulston & Storrs, PC, Boston
Jennifer Collins, Esq.,
Nixon Peabody LLP, Boston
Dennis R. Delaney, Esq.,
Hemenway & Barnes LLP, Boston
Jeremiah W. Doyle, IV, Esq.,
BNY Mellon, Boston
Sarah Ryan Grandfield, Esq.,
Fiduciary Trust Company, Boston
Martin Hall, Esq.,
Hall & Diana LLC, Boston
Ellen M. Harrington, Esq.,
Verrill Dana LLP, Boston
Heather N. Harris, Esq.,
Day Pitney LLP, Boston
Eric P. Hayes, Esq.,
Goodwin Procter LLP, Boston
Matthew R. Hillery, Esq.,
Goulston & Storrs, PC, Boston
Thomas P. Jalkut, Esq.,
Nutter McClennen & Fish LLP, Boston
Richard B. James, Esq.,
Bank Of America, Boston
Leiha Macauley, Esq.,
Day Pitney LLP, Boston
Ruth A. Mattson, Esq.,
Verrill Dana LLP, Boston
Evelyn V. Moreno, Esq.,
Nixon Peabody LLP, Boston
Suma V. Nair, Esq,
Fiduciary Trust Company, Boston
Kevin O'Shea, Esq.,
Sulloway & Hollis, PLLC, Concord
Frederick D. Royal, Esq.,
Western New England University School of Law, Springfield
Kurt F. Somerville, Esq.,
Hemenway & Barnes LLP, Boston
Craig A. Standish, Esq.,
Brown Advisory, Boston
