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DTSTART:20260923T220000Z
DTEND:20260924T003000Z
LOCATION:Madison Hotel | 1 Convent Rd, Morristown, NJ 07960
UID:2973120260923T220000ZHow Will the Trust Survive?
DTSTAMP:20260721T033212Z
DESCRIPTION:\nMeeting Sponsor: NAECP\n\nHow Will the Trust Survive?\nHow far can fiduciary duty be eroded before what we call a "trust" is no longer one? Beginning with the equitable origins of the trust — the Lord Chancellor, the medieval Use, and the moral foundation that made legal power answerable to conscience — the presentation traces how American trust law departed from the English property-based model toward a policy instrument shaped increasingly by interstate competition. It addresses the contractarian debate over whether fiduciary duties are mandatory or merely default rules; the fault line between settlor intent and beneficiary welfare; how codification and policy have displaced courts of equity as the engine of trust law development; and the cumulative effect of three specific mechanisms — exculpation clauses, silent trusts, and directed trusts — that together shift risk to beneficiaries while diluting accountability. The presentation also examines decanting as the mobility tool that makes these features portable across jurisdictions, enabling the migration of a trust from a traditional fiduciary environment to a "neo-trust" state — often without court involvement, beneficiary notice, or anyone left holding enforceable responsibility.\n\nAttendees will learn:\n - How the historical and equitable foundations of trust law define what a trust actually is — and why that baseline matters when evaluating modern statutory innovations that use fiduciary language while hollowing out fiduciary substance.\n\n - How exculpation clauses, silent trusts, directed trusts, and decanting interact as a system — not merely as isolated planning tools — to shift risk from trustees to beneficiaries and reduce meaningful accountability.\n\n - How interstate trust competition and choice-of-law rules have created a race among jurisdictions that practitioners, drafters, and advisors are already participating in, whether they recognize it or not — and what courts of equity are likely to do when the arrangement is eventually tested.\n \nPhilip J. Hayes\nAs Chief Fiduciary Counsel at Storgate, Philip serves as the firm’s lead legal and governance advisor for trusts, estates, and fiduciary structures. In this role, he guides families through complex wealth transfer strategies, ensures thoughtful and precise trust administration, and manages fiduciary risk with integrity. He also helps shape Storgate’s fiduciary framework and long-term stewardship model, collaborating with teams and partners across multiple trust jurisdictions.\n\nPhil brings more than 30 years of experience advising ultra-high-net-worth families. Most recently, he served at Northern Trust, where he guided multigenerational families requiring sophisticated planning and administration. Prior to that, he spent two decades at Bessemer Trust, where he advanced to Managing Director and Senior Fiduciary Counsel for the West Region. Phlip is a nationally recognized leader in the field and a Fellow of the American College of Trust and Estate Counsel (ACTEC).\n
SUMMARY:How Will the Trust Survive? - Estate Planning Council of Northern New Jersey 
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