The Wades motion to keep Herron as trustee

Story by Shannon Taylor Senior Investigative Reporter

On March 27, Ronnie and Reba Wade, grandparents of Cody, filed a motion to alter or amend the previous order that removed Attorney Roy Herron as Trustee citing that the removal of Herron as Trustee “does not serve the best interest or well-being of Cody Wade.”

Herron was previously removed as Trustee for Cody Wade after findings of violating Supreme Court Rule 8, violating his fiduciary duty by failing to protect assets, not substantiating or justifying his fees and acting as a conflict of interest.

Weakley County Circuit Court Judge Jeff Parham heard the Chancery case regarding the conservatorship of Cody Wade on Nov. 2, 2022, and further on Jan. 30, 2022, addressing issues with the Trustee, the accounting of the trust, billing and fees related to the Trustee, along with attorney fees. The order, filed Feb. 24, 2023, addressed the issues with the case.

The Chancery Court found that Herron violated Supreme Court Rule 8 by entering into a business transaction (acting as Trustee) with the Wades, then a current client, without advising them in writing of the desirability of seeking and the opportunity to seek the advice of independent legal counsel for the transaction. The court found that he never executed a document of informed consent as provided by Rule 1.8(a)(3) because they were informed by Herron that no conflict existed.

The Chancery Court found that Herron violated his fiduciary duty to the trust by failing to properly protect the assets through bond or insurance and that he never justified or substantiated his Trustee fee charges. The court also found that Herron has a conflict of interest in acting as Trustee and as the attorney for the Wades, the Wade Conservatorship and any other legal capacity with the Wades. The Chancery Court also found that prior fees charged by Herron, as Trustee and Herron & Herron Law Firm, would not be ordered to be repaid, but that Herron be removed as Trustee effective no later than May 1, 2023, and that a Successor Trustee be submitted before that date. The court also ruled that the time entries of Martha Stutts, Paralegal from Herron Law Firm be modified to $100 per hour and approved from July 1,2020 to June 30, 2021, in the amount of $7,229.

The Wades stated in their motion filed that they have had a “long and very close working relationship” with Herron and that the relationship is important to the best care for Cody and that Herron has contributed to the “smooth functioning” of Cody’s care.

The Wades questioned whether law existed that gave the court authority to remove Herron as Trustee and that in 2014 the court granted the Trust Protector the right to remove a trustee and that the court did not consider factors in Tenn. Code 35-15-706 in making the order to remove Herron and that the removal of him was not warranted.

The Wades stated that “neither the original Trust Protector, Trustee, or Investment Advisor shall be required to file or furnish any bond or other security for any purpose” and “a trust instrument may not preclude a court from requiring a trustee to furnish a bond.” The Wades stated that “it appears to be incorrect that the current trustee committed a breach of fiduciary duty by failing to do an act that is expressly excused by the trust instrument.” The Wades assert that the proper procedure would be that the trustee furnish a bond if the court determines a bond necessary. The Wades assert that “no serious breach of trust” has occurred and that the court amend its prior order removing Herron as trustee.

This matter was heard on Thursday, April 13 at 9 am in the Chancery Court at Weakley County Courthouse and Parham ruled that Herron could stay on as Trustee until all appeals had been filed.

Herron responded, “The Court has modified its original Order so that, as the Wades have respectfully but emphatically requested, they are allowed to have me continue to serve as Trustee while they appeal the Court’s ruling.  Ronnie Wade, Reba Wade and Randy Wade all believe we have worked well together for Cody’s best interest and should be allowed to continue to do so.  I am grateful to work with the Wade family and for Cody, as we have done since 2007, now more than 15 years.

Chancery Court Clerk and Master Regina Vancleave told the Press that “the order has not been entered. That file is sealed and is not available to the public. No copies can be given out to anyone not associated with the case.”