NC Fiduciary Litigation Commentary
This is the first of a four-part series examining trustee’s fiduciary duties and the circumstances that could result in litigation. To begin, we will discuss basic principles that will lay a groundwork to inform our larger discussion. What is a Trust and a Trustee?[1] …
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North Carolina joins four other states in providing a path to ensure decedents’ assets are distributed according to their wishes upon death.[1] The North Carolina General Assembly recently enacted legislation amending statutes regarding estate administration by adding a procedure for “living probate.” This action is usually commenced by a testator…
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Wills must meet several basic requirements to be valid and enforceable under state law. If any of the below factors are at work, then a will’s validity may be challenged. (1) Undue Influence Undue influence exists when a person uses coercion to influence the…
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A recent decision by the North Carolina Court of Appeals reinforced the distinction between claims over which the trial divisions have original jurisdiction and claims which are properly brought before the Clerk of Court.[1] In Morgan-McCoart v. Matchette, an elderly woman, Ms. Simpson, created…
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In October the North Carolina Court of Appeals issued an unpublished opinion addressing the circumstances under which it is appropriate to grant a motion to dismiss in the context of a will caveat.[1] A caveat is a legal challenge to the probate of a will when there is confusion or…
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Earlier in September the North Carolina Court of Appeals highlighted the procedural difference between challenging the validity of a will through a caveat proceeding and resolving questions as to the construction of a will through an action for declaratory judgment.[1] …
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In 1960 Charles Pickelsimer (“Charles”) inherited significant stock holdings in a family telecommunications company.[1] Over the next 45 years, Charles gave his children and grandchildren stock certificates as gifts. When he sold the company in 2008 for $65 million, Charles and his children received significant cash distributions. In 2009, Charles…
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The landscape of the American economy changed dramatically in the last decade, particularly due to the 2008 financial crisis. America’s largest commercial banks were forced to sell assets, reorganize, shake-up top management positions, and/or close altogether. As a result, trusts managed by corporate trustees experienced high turnover among trust officials and changes in…
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