This chapter provides a brief history of the first three Restatements of Trusts, and it then offers suggestions for a Restatement (Fourth). As this chapter traces, the three Restatements reflect the legal development of the “modern trust,” which holds a variety of financial interests; the chapter also shows how the evolution of the trust Restatements reflect economic, social, and cultural changes. After a brief history, the chapter then turns to trace three themes: first, it threads together how the three Restatements address the question of shifting social and legal norms, including how diverse populations across the wealth spectrum engage with wealth transfer through trusts; second, the chapter focuses on the “public policy” provision in each of the three trust Restatements and tracks that provision’s focus on gender roles, marriage, religion, and “detriment to community”; and third, it traces provisions relating to trustees’ fiduciary responsibilities to beneficiaries, primarily relating to decisions about investments. As this chapter celebrates the positive impact of the Restatements of Trusts on the development of trust law, the chapter also provides suggestions for a Restatement (Fourth) of Trusts that, as has been true of the previous Restatements, would reflect contemporary developments in both trust and society in each of the three categories.
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