Demircan v. Mikhaylov
Florida District Court of Appeal
306 So. 3d 142 (2020)
- Written by Tammy Boggs, JD
Facts
Igor Mikhaylov (plaintiff) sought to invest in a business venture—the development of a shopping mall—that would benefit his children. To that end, Igor created an irrevocable trust, funded with $25 million. The beneficiaries of the trust were four of Igor’s children (the Mikhaylov beneficiaries) (plaintiffs). The trust appointed Genna Demircan (defendant) as trustee and named Anatoly Zinoviev as the only person with power to remove the trustee or appoint an additional one. Subsequently, Igor, Demircan, and Zinoviev had a disagreement over the scope of the business venture. Igor, as the trust’s settlor, and the Mikhaylov beneficiaries initiated a probate proceeding against Demircan to modify the trust, among other claims. While the matter was pending, Demircan resigned as trustee, and Zinoviev appointed a new trustee, Nelson Rincon (defendant), who was named as a defendant in the suit. The court granted the trust modification, noting that Igor and all beneficiaries consented to modification pursuant to the common-law rule. Rincon appealed the order modifying the trust, arguing that the court had failed to make certain evidentiary findings required for trust modifications under the Florida Statutes.
Rule of Law
Issue
Holding and Reasoning (Lobree, J.)
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