Legal Articles

Consent/Ratification to Breach of Trust, Minors

Under certain circumstances, a trust beneficiary can consent to a trustee’s conduct that would otherwise constitute a breach of fiduciary duty. For a consent to be proper, the beneficiary must know of all material facts relating to the breach. Section 456.10-1009(2), RSMo. Missouri law, furthermore, imposes specific limitations on consent or ratification on behalf of…

Trust Settlor

A “settlor” — previously and sometimes referred to as a “grantor” or “trustor” — is a person who creates a trust. Most trusts are revocable living trusts in which the settlor, during his, her or their lifetime, serve as trustee and principal beneficiary. Even when the settlor is living and not serving as trustee, the…

Trust Law versus Corporate Law, Controlling Duties

When a trust owns corporate shares, do corporate fiduciary obligations or trustee obligations prevail? The answer is that generally a trustee’s obligations take priority. Upon incorporation of trust assets, the corporation becomes the alter ego of the trustees and the trustee’s acts are determined in the light of the trust. Weldon Revocable Trust v. Weldon, 231 S.W.3d 158, 171…

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