In re Trust Under the Will of Holt
Minnesota Court of Appeals
491 N.W.2d 25 (1992)
- Written by Serena Lipski, JD
Facts
Arthur Holt died in 1975. Arthur’s will created two testamentary trusts, Trust A and Trust B. Trust A, an intermediary estate, paid income to Arthur’s wife, Esther Holt, during her lifetime. If Esther did not exercise her power of appointment, then on her death, the trust corpus would pass to Trust B. Trust B’s corpus was then to be paid to 13 named beneficiaries. All 13 beneficiaries survived Arthur, but two predeceased Esther (the deceased beneficiaries). The trustee, First Bank, filed an action to determine who had an interest in the trust property. Four of the surviving beneficiaries (the contesting beneficiaries) argued that the deceased beneficiaries’ shares should be distributed among the remaining beneficiaries. After a hearing, a probate referee recommended that the deceased beneficiaries’ shares pass to their estates, and the district court approved the recommendation. The contesting beneficiaries appealed, arguing for a blanket rule that a remainder beneficiary must be living at the end of an intermediary estate.
Rule of Law
Issue
Holding and Reasoning (Lansing, J.)
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