Trusts are often used to transfer wealth privately without the messiness of a public estate administration. That financial privacy can get blown, however, when trusts become the subjects of very public litigation. In open court and in publicly available filings, dollar figures, assets, and dirty laundry can get thrown about for anyone to see. This is especially true in trust accounting actions, which dig into the financials: income, expenses, assets, investment performance, and so on. In Estate of Fuller, however, the Court of Appeals of Mississippi indicated that a grantor may be able to shroud a trust in greater secrecy through restrictive language in the trust instrument.
The trust at issue was a private trust that provided that the trustee would not “be required to account to anyRead More