Nature of the Case
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Facts
Lawrence A. Wilson, Jr. created two irrevocable trusts, one for each of his two children. He made D the trustee for both of the trusts. The Trustee was not required by any law, rule or regulation to prepare or file for approval any inventory, appraisal or regular or periodic accounts or reports with any court or beneficiary, but may from time to time present his accounts to an adult beneficiary or a parent or guardian of a minor or incompetent beneficiary. Ps sued alleging a breach of fiduciary duty. Ps wanted an accounting. Ps alleged that D had allowed Jr. to take control of the assets of the Trusts and that Jr. subsequently invested the assets in his personal business ventures which were highly speculative and resulted in a substantial depreciation of assets. D keeps pointing to the trust terms in refusing to supply an accounting. Ds filed a motion for a protective order. The court ruled for Ds; state law did not require a duty to inform beneficiaries, and the trust agreement negated that duty as well. Ps appealed.
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