Don’t Overlook a Trust’s Material PurposeDon’t Overlook a Trust’s Material Purpose

The majority of jurisdictions now allow for trust beneficiaries and fiduciaries to resolve trust matters by consent through the use of a nonjudicial settlement agreement (NJSA).¹ Resolving a matter by NJSA is almost always more expedient and cost effective than petitioning a court. Additionally, virtual representation statutes have made it possible to obtain the consent of all beneficiaries. As a result, the demand for NJSAs has dramatically increased in recent years. Rarely does a day go by without receiving a request from a beneficiary or fiduciary to use an NJSA to resolve a matter of trust administration, modify a trust agreement, terminate a trust, change the situs of a trust or remove and appoint trustees. For those reasons, the NJ...