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Washington & Lee Law School
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  ALI-ABA Estate Planning Course Materials Journal
  Volume 16, Number 5, October 2010
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  • Drafting Charitable Lead Trusts And A Look At The IRS Lead Trust Forms (With Samples)
        Lawrence P. Katzenstein
        p.5                                                                                          +cite        
        Charitable lead trusts are valuable planning tools for the charitably inclined donor in the current low interest rate and depressed asset value environment. This outline reviews the mathematics and qualification rules of charitable lead trusts and discusses how to use them to your client's advantage.
  • Virtual Representation In Trust And Estate Dispute Resolution: Opportunities And Risks (With Sample Language)
        Susan T. Bart, Gail E. Mautner, Heidi L.G. Orr, and Lyman W. Welch
        p.23                                                                                        +cite        
        Due process requires that all persons who have an interest in estate and trust issues that arise in a judicial proceeding are represented and have an opportunity to be heard. Many trusts or estates have minor, incapacitated, unborn, or unascertained beneficiaries who cannot represent their own interests and who cannot legally enter into binding agreements judicial or nonjudicial. Therefore, it is necessary for someone else to represent such beneficiaries' interests with respect to the matter. The common law doctrine of virtual representation addresses such conflicts. The doctrine of virtual representation provides that participation in a proceeding by an interested party can sometimes be deemed sufficient to protect the interests of and bind minor, incapacitated, unborn, or unascertainable beneficiaries.
  • Drafting And Administering Discretionary Trusts: Can Beneficiary Happiness And Trusts Coexist?
        Christopher P. Cline
        p.49                                                                                        +cite        
        Trusts have been with us a very long time, and are ubiquitous in the estate planning world. But, as with any technique that has become standard operating procedure, some of the first principles tend to become glossed over. Grantors seem to accept the recommendations of professionals without much question, the drafting lawyers seem to lapse into drafting "default" mode too often, and corporate trust officers seem to administer trusts by internal checklist rather than according to the trust's original purpose. This outline goes back to first principles. It will start by looking at the factors that make people happy, it will then examine the reasons trusts are created in the first place, it will look at whether discretionary or "incentive" provisions are more suitable for achieving those purposes, and finally it will set out some drafting suggestions in light of all the factors raised.