Preface to Edition 2001 (103 Years Serving the Trust Community)

New features and enhancements. Edition 2001 contains the following new sections:

§5.4.1.8		Right [of Beneficiary] to Proceed in Stead of Trustee Against Those with Whom the Trustee Has Contracted, Against Tortfeasors, and Against His Agents, i.e. Against Third Parties.
§5.4.4		Beneficiary's Right to Terminate the Trust.
§5.7		The Necessary Parties to a Suit Brought By a Beneficiary.
§7.2.3.7		Assessment of Attorneys' Fees and Other Costs Against the Trustee Personally.
§8.12.1		Civil Law Alternatives to the Trust.
§8.12.2		The Hague Convention on the Law Applicable to Trusts and on Their Recognition.
§8.15.20		Doctrine of Deviation.
§8.15.21		Doctrine of Cloberrie's Case.
§8.15.23		The Thelluson Act.
§8.15.25		Doctrine of Undisclosed Principal.
§8.15.26		Fraud on the Power Doctrine.
§8.32		Can the Trustee Escape Liability for Making a Mistake of Law If He Acted in Good Faith on Advice of Counsel?
§8.33		Is the Level of an Uncompensated Trustee's Duty of Care Less Than That of a Compensated Trustee?
§9.20		The Gallo Trust
§9.21		Alaska's "Community Property Trust."

The Uniform Trust Act, now called the Uniform Trust Code, was approved August 3, 2000, by the National Conference of Commissioners on Uniform State Laws. Accordingly, we have had to update and revise Loring 2000's more than 63 citations to the October 1999 draft of the Act. The Uniform Trust Code with prefatory notes and comments is reprinted in its entirety in Appendix I of Loring 2001.

An effort has been made to weave some material about non-U.S. trust practices and about civil law trust analogues into the text and footnotes. The reader will note that Loring now includes The Hague Convention on the Law applicable to Trusts and on Their Recognition in its entirety. The Convention is reproduced in Appendix VII.

We have added yet more material of interest to litigators trying trust cases. We also continue to make every effort to keep our readers abreast of the Rule Against Perpetuities abolition movement and of the proliferation of domestic asset protection havens.

The region-by region mathematical analysis of standard charge schedules of professional trustees has been updated to September 2000 and now contains a sixth column devoted to an analysis of the standard charge schedules of Boston's private, i.e. non-corporate, individual trustees. See §8.4 (The Trustee's Compensation). The federal income tax rates for trusts, reproduced in Chapter 10, now has 2001 numbers. All tax-related materials have been revised to accommodate the annual increases in the credit equivalent/applicable exclusion amount, a process that began in 1998 and concludes in the 2006. Appendix IV contains the Form 706 for decedents dying in 2000. An attempt has also been made to keep a current tally of those states adopting some form of the Prudent Investor Rule. See §6.2.2.1, footnote 94 (The Harvard College Prudent Man Rule and Its Progeny).

§5.2 (Class Designation: "Children," "Issue," and "Heirs") has been considerably beefed up as has §8.2.1.8 (Perpetuities and Powers of Appointment).

There is even more cross-referencing in Loring 2001 than there was in Loring 2000. With the introduction of 15 new sections, we continue the process of filling in gaps in our presentation of the substantive material. And we continue to comb the text and footnotes for errors. Finally, the handbook's index continues to be refined and expanded.

Additional statistics. There are approximately 20 pages of new text in Loring 2001. 24 U.L.A. references have been updated. There are 251 new footnotes, 69 new case references, 33 new law review references and four new treatise reference. Hundreds of pre-existing footnotes have been corrected, updated, and/ or revised. The reader should understand, however, that in spite of all this new material, Loring continues to be lean and mean. There is no frivolous footnoting, no mindless stringing of citations. Each footnote is either itself a wealth of useful information or the gateway to it.

Charles E. Rounds, Jr.  CRoundsJr@aol.com
Web Page: http://www.law.suffolk.edu/faculty/addinfo/rounds/

December 1, 2000