Understanding and Using 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