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Appeals court hears trust dispute over whether conveyance was a nominee trust or revocable trust
Summary
The Appeals Court heard May 8 an appeal over how to classify a family trust instrument — whether it is a nominee trust (beneficiary control and immediate vesting) or a trust that reserved broader fiduciary powers to the settlor.
The panel considered an appeal over the legal character of an instrument that transferred family property into a trust. Appellant counsel argued the trial judge erred in labeling the instrument a nominee trust and said the instrument’s text and separate schedule of beneficiaries reserved substantial fiduciary powers to the settlor.
Why it matters: Classification as a nominee trust or a revocable/irrevocable trust determines whether beneficial interests vested at creation and whether later amendments or deeds are effective; the outcome affects property rights and…
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