If endowments are fundamentally creatures of restriction, they are also in smaller measure creatures of interpretation and discretion. Universities should use what flexibility they do have to stand up for their programs, employees, and students – for the core constituents in a mission-driven environment – in this time of unprecedented assault.

One common critique of trust law is that it exacerbates wealth inequality by creating layers of financial secrecy for families with substantial assets. Yet in facilitating the purchase of high-end real estate, private jets, and super-yachts, trust law also produces visible, even mappable effects on our physical landscape.

In the resurgence of family fortunes in recent decades, regressive tax cuts tell only half the story. Just as important were trust law reforms that helped family dynasts protect their new gains in ways previously thought impossible.

Step into a Trusts & Estates classroom and you’ll find the first thing most students learn is that the guiding principle in U.S. wealth transfer law is freedom of disposition. As the Restatement (Third) of Property tells us: “The organizing principle of the American law of donative transfers is freedom of disposition. Property owners have…

Legal scholars who care about how law creates wealth and power cannot afford to disregard the trust. As Katharina Pistor mentions in her recent book, The Code of Capital, the trust stands out as one of Anglo-American law’s “most ingenious modules for coding capital.” Trusts are a longstanding component of the “feudal calculus” that Pistor…