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Gaslowitz Frankel Successfully Obtains an Order Granting Clients' Petition to Modify an Irrevocable Trust


News provided by

Gaslowitz Frankel LLC

Aug 18, 2022, 13:05 ET

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Leading fiduciary litigation firm in Atlanta secures a provision permitting their client to replace a trustee

ATLANTA, Aug. 18, 2022 /PRNewswire-PRWeb/ -- Two partners of Atlanta-based fiduciary litigation firm Gaslowitz Frankel LLC, Craig Frankel and LeAnne Gilbert, successfully obtained an order granting their clients' petition to modify an irrevocable trust by adding a provision to permit the beneficiaries to remove the trustee and replace him with a corporate trustee.

Petitioners had previously sought to remove the trustee in an arbitration action, alleging that the trustee had breached his fiduciary obligations to the beneficiaries. The arbitrator awarded damages to the petitioners, but opted not to remove the trustee.

“Removing a trustee for cause usually requires showing the trustee has breached his duties,” explained Gaslowitz Frankel LLC partner, LeAnne Gilbert. “The modification statute allows beneficiaries to modify a trust to provide them with a no-fault mechanism for removing and replacing the trustee.”

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Several years later, the trustee and beneficiaries were not communicating, and the trust was not functioning as the beneficiaries believed their deceased father, the trust grantor, intended. Rather than suing the trustee for breach of duty and seeking his removal a second time, Craig and LeAnne counseled the clients to utilize Georgia's trust modification statute, Ga. Code § 53-12-61(c), which requires a court to grant a petition to modify a trust if: (1) the grantor is deceased, (2) all of the beneficiaries consent, and (3) the Court finds that the proposed modification is not inconsistent with any material purpose of the trust.

"Removing a trustee for cause usually requires showing that the trustee has breached his duties," explained Gilbert. "The modification statute allows beneficiaries to modify a trust to provide them with a no-fault mechanism for removing and replacing the trustee."

In this case, the trustee objected to the modification, arguing that his service as trustee was a material purpose of the trust. Following an evidentiary hearing, the trial court concluded that there was no indication that having a corporate trustee manage the trust assets would be inconsistent with the trust's stated purposes, and therefore granted the petition to modify.

The trustee filed a notice of appeal less than a day after the trial court issued its decision, which he withdrew several weeks later, making the trial court's order final.

About Gaslowitz Frankel LLC:

Gaslowitz Frankel LLC is the Southeast's premier fiduciary litigation law firm. The legal team specializes in all aspects of fiduciary disputes representing individuals, executors, trustees, investors, shareholders, and corporate fiduciaries in complex fiduciary disputes involving wills, estates, trusts, guardianships, and businesses.

To learn more, please visit: http://www.gaslowitzfrankel.com.

Media Contact

Cheryl Gaslowitz, Gaslowitz Frankel LLC, 404.892.9797, [email protected]

SOURCE Gaslowitz Frankel LLC

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