Griff's Notes, January 28, 2022: Guest Speaker Gray Edmondson Discusses Fiduciary Duties and Powers of Appointment

Tax, trusts and estates updates from around the country

A couple of months ago, I was researching an issue that popped up in a client matter - whether a child (who was an interested trustee) could cut off their fiduciary duties to born and unborn remainder beneficiaries using a testamentary power of appointment? In my search, I was delighted to discover an article from Gray Edmondson, an ACTEC fellow and partner at Edmondson Sage Allen PLLC in Oxford, Mississippi. Here is Gray’s article:

https://esapllc.com/poa-and-fid-duties-benetrustee2020/

In my quest for more insight on this topic, I reached out to Gray, and he was gracious enough to carve out time for an interview on this topic. The following is a video of our interview and discussion on the intersection of a fiduciary duties held as a trustee, and a non-fiduciary power of appointment held by a beneficiary, when the same individual wears both hats:

I hope you enjoy this interview, and if you would like to learn more about Gray and his firm, I would encourage you to visit his website at https://esapllc.com/. Gray and his team do a great job of providing technical updates in the areas of tax, trusts, and corporate law.