In his second post as a contributor to the Columbia Law School (CLS) Blue Sky Blog, Reid Kress Weisbord, Vice Dean and Associate Professor of Law at Rutgers School of Law–Newark, introduces some of the issues raised by reforms affecting perpetuities law that he explores at length in the forthcoming article, “Trust Term Extension.” The CLS Blue Sky Blog is one of the most respected blogs that focus on corporations, securities, and capital markets.
In the blog post, titled “How Financial Institutions May Benefit from Changes to the Rule Against Perpetuities,” Weisbord writes that with most jurisdictions having repealed or abrogated the Rule Against Perpetuities, “estate planning practitioners have started to consider whether a trust created to comply with the Rule could, after the Rule’s repeal, be extended in perpetuity to provide for future generations of the settlor’s descendants.” Weisbord asserts that trust term extensions of this sort would create lucrative opportunities for financial institutions in the form of corporate fiduciary fees, but that courts should not authorize trust modifications for the benefit of the fiduciary.
The article concludes, Weisbord reports, that “modification of an existing trust to provide for new beneficiaries not explicitly selected by the settlor would constitute a misapplication of trust law doctrine and would be inconsistent with the modern trend in trust law favoring the rights of living beneficiaries over dead hand control.”
Professor Weisbord’s growing reputation in the areas of trusts and estates and nonprofit law is also reflected in his invited participation in the Vanderbilt Law Review spring 2014 symposium “The Role of Federal Law in Private Wealth Transfer.” He will serve as commentator for papers presented by Professor Adam Hirsch of the University of San Diego School of Law and Professor Ronald Mann of Columbia Law School.
A member of the Rutgers Law faculty since 2010, Weisbord received a B.S. from the Wharton School of Business, University of Pennsylvania, and a J.D. from the University of Pennsylvania Law School. His published work has been cited in the Restatement (Third) of Trusts and the American Law Institute’s Principles of the Law of Nonprofit Organizations. “Wills for Everyone: Helping Individuals Opt Out of Intestacy” (53 Boston College Law Review 877, 2012), was recognized as one of the top 10 trusts and estates law review articles published in 2012.| Read Story