Statement Regarding Mrs. Sherri Crichton and Her Role as Co-Trustee in Late Husband Michael Crichton’s Trust
LOS ANGELES, Oct. 16 /PRNewswire/ — Today, Taylor Crichton filed papers in the Los Angeles Probate Court in connection with a petition Taylor intends to file seeking to remove Mrs. Sherri Crichton as a Co-Trustee of her late husband Michael Crichton’s trust. Adam Streisand, partner of Loeb & Loeb and Mrs. Sherri Crichton’s attorney, commented:
“Taylor Crichton has absolutely no legal or factual basis to make any claim that Mrs. Crichton has done anything other than faithfully discharge her fiduciary duties to all trust beneficiaries, including Taylor Crichton. There is no conflict of interest that in any way precludes Mrs. Crichton from exercising her duties, which she has done at all times, exactly as Michael Crichton intended.”
It is extremely common for a trustee to “wear different hats” as a fiduciary and as a beneficiary or creditor of an estate and the law expressly permits it. Sherri Crichton serves as one of three Co-Trustees of Michael Crichton’s trust. The trust gives the Co-Trustees clear instructions as to how it shall be administered and requires that the Co-Trustees act unanimously with regard to each and every exercise of their powers so that even if one Co-Trustee had any idea of doing anything other than what the Trust dictates, she could not do so. Sherri Crichton has no power to take any unilateral action – with regard to herself, Taylor Crichton, or any other beneficiary – because she must act with the unanimous consent of her fellow co-trustees in the best interests of all trust beneficiaries. Sherri Crichton has done and continues to do exactly that. Mr. Streisand said:
“It is sad that Taylor Crichton would dishonor her father’s wishes and wage such an undignified attack on her family members, especially actions that would attempt to deprive her own brother of his right to share in their father’s estate. We have absolutely no doubt that Mrs. Sherri Crichton will continue to serve as a Co-Trustee of her late husband’s trust.”
Mrs. Crichton lost her husband, Michael Crichton, suddenly to cancer while she was six months pregnant with their son, John Michael, who is now eight months old. Michael Crichton was in the process of updating his estate plan to provide for John Michael but passed away before he could complete the revisions. The law provides for a child when this situation occurs. As the court appointed guardian of John’s Michael estate, Mrs. Crichton filed a routine petition with the court to determine John Michael’s right to a share of his father’s estate as an “omitted heir.” The law, and not the Co-Trustees of Michael Crichton’s Trust, shall determine John Michael’s legal rights to inheritance. Taylor Crichton’s litigation will unfortunately and unnecessarily delay distributions from Michael Crichton’s estate to all the beneficiaries.
Media Contacts: Sallie Olmsted/Jason Magner Rogers & Cowan 310-854-8124 /8128
SOURCE Loeb & Loeb