II Trust Arbitration at the Institutional Level, 4 ACTEC’s Simplified Trial Resolution Option with Model Laws and Clauses
Robert W Goldman
Edited By: SI Strong, Tony Molloy (Consultant Editor)
- Arbitrability — Arbitral agreements — Arbitral tribunals — Arbitrators
This chapter considers various recommendations made by the American College of Trust and Estate Counsel (ACTEC) concerning trust arbitration. It describes ACTEC’s views about the need for and propriety of various types of internal trust arbitration. It discusses two model statutes to assist legislators considering statutory reform in this area of law. The first model makes arbitration clauses in wills and trusts enforceable and uses existing arbitration statutes to establish a default dispute resolution process. The second proposed enactment is longer and includes a standalone default process for resolving disputes. The chapter also presents several model arbitration clauses devised by ACTEC as a means of facilitating arbitration of certain internal trust disputes.