The Louisiana Court of Appeal, Third Circuit, upheld the powers of a trust protector in a litigation concerning the estate of Robert Andrew Wolf Jr., who established a trust and a family property company. The ruling affirmed that Wolf's son, Robert 'Drew' Wolf III, appointed as trust protector for his stepbrother Gerald 'Jerry' Wise, has the right to modify contingent beneficiaries and to require the trustee's approval for early termination of the trust. [1]
The case erupted after the deaths of Robert and his wife, Clara Wise Wolf, in 2016 and 2024, respectively. Following Clara's death, the ownership of Wolf Family LLC required a new manager. Jerry challenged the appointment of Scotty Stevens, sponsored by Drew, fearing his influence, although he later withdrew his objection regarding the position. However, Jerry continued to challenge Drew's powers as trust protector. [1]
The appeals court rejected Jerry's arguments, finding that Louisiana law does not distinguish between regular and contingent beneficiaries, and Wolf's will explicitly allows for modification of contingent beneficiaries. Additionally, the court accepted that Drew can impose on the trustee the requirement to obtain written approval before terminating the trust, a power delegated by the trust documents to protect the intentions of the settlors. [1]
- Categories:
- Justice
- Entities:
