An in terrorem clause, commonly found in wills and trusts, is a legal provision designed to deter beneficiaries from challenging the validity of the document or taking legal action against the estate. Also known as a no-contest clause, it threatens forfeiture of inheritances if a legal challenge is initiated. The…
This legal case involves JPMorgan Chase Bank’s petition to resign as a trustee for trusts created by Harriet F. Bush and Donald F. Bush. The court has already granted their request for resignation and appointed J.P. Morgan Trust Company of Delaware as the successor trustee. The remaining issue is the…
In estate proceedings, the involvement of corporate holdings, like a company owned by the deceased, can significantly affect the distribution of assets. Imagine someone owned a business worth millions when they passed away. Now, their estate has to be sorted out. The company’s value and income become part of the…
If the language of a trust in New York is not clear, it can result in a dispute among the beneficiaries, as well as between the beneficiaries and the trustee. If the language of the trust is ambiguous or uncertain, the court may be required to step in and interpret…
The trustees managing seven trusts executed by Martin B. in 1969, filed request that the Surrogate’s Court, New York County provide direction on distribution of trust assets to post-conceived children of Martin B.’s deceased son, James. The court was asked to construe the terms “issue” and “descendants.” Background The grantor…
In New York a construction proceeding involves a petitioner asking the Surrogate’s Court to interpret language in a will or trust that is unclear. The language may be open to conflicting interpretations, the language may be inconsistent with other terms of the will, or the language simply might not make…
Testators often include provisions for successor executors to take over the responsibilities of administration in the event that the primary executor is not able or is unwilling to serve through the entire period of administration. Naming a successor trustee also provides for a more efficient transfer of responsibility in the…
In this case the Surrogate’s Court had to decide how to make sure that a testator’s overall testamentary plan remained intact where a portion of the will is determined to be invalid. A. Dawe died on March 11, 2014. He was never married and never had children. He was survived…
Ballasalmo died at the age of 95, leaving 2 daughters, Knuth and Ayers as her distributees. Petitioner, the decedent’s niece-in-law, submitted a document dated August 16, 2007, purportedly as Ballasalmo’s last will and testament. The will stated that Ballasalmo’s entire estate was to be divided between the petitioner and her…
In this case the New York Surrogate’s Court considered a request to modify a testamentary trust to change the name of a beneficiary, based on the doctrine of “cy pres.” The cy-près doctrine allows the court to amend the terms of a charitable trust in order to keep the gift…