In 2003, Kobe Bryant created a trust for the benefit of his wife, Vanessa, and their children. Last amended in 2017, the trust does not provide for their nine-month-old daughter, Capri. If Kobe were still alive, the trust could have been amended with relative ease by his signing an amendment drafted by his estate planning lawyer. However, since his tragic passing, the trust became irrevocable (i.e., Kobe is no longer alive to revoke or amend the trust) and any modifications to that instrument will require court approval. As such, on March 17, 2020, Vanessa filed a Petition to Modify Trust in Los Angeles Superior Court. So what is required to…
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Breach of Trustees’ Fiduciary Duty – Part 1: General Considerations
This is the first of a four-part series examining trustee’s fiduciary duties and the circumstances that could result in litigation. To begin, we will discuss basic principles that will lay a groundwork to inform our larger discussion. What is a Trust and a Trustee?[1] A trust is a financial instrument or tool through which people can transfer their assets to others over time. People who create trusts are called “settlors,” because they “settle” or initially put assets into the trust. Those who stand to benefit from the assets in the trust are known as “beneficiaries.” The person…
