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Charles L. Govern, Sr.'s trust estate into two separate trusts,
the Marital Trust and the Family Trust. The Revocable Trust
instrument provided, in pertinent part, the following directions
with regard to the general power of appointment over the
principal and undistributed income of the Marital Trust:
10. Concerning the Marital Trust - The Marital Trust
shall commence at the date of the settlor's death and
the trust estate thereof shall be held and disposed as
follows:
* * * * * * *
(b) Wife's Power of Appointment - The
settlor's wife shall have the power to
appoint the entire corpus of the trust
estate free of this trust by her last
will and testament (express reference to
the power being requisite to its
exercise) in favor of her estate or in
favor of any other appointee or
appointees whom she may designate, all
in such manner and upon such terms as
she may designate. Such power shall be
exercisable by her alone and in all
events.
Petitioner was the appointed trustee of the Revocable Trust,
and the subsequently created Marital Trust and the Family Trust.
At the time of Charles Govern, Sr.'s death, the assets held
by the Revocable Trust included 91.36 acres of unimproved land,
subject to various easements, in Eagan, Minnesota (Eagan real
estate). At the time of decedent's death, the only asset held by
the Marital Trust was a one-half undivided interest in the Eagan
real estate. The one-half undivided interest had a fair market
value of $412,500. The Marital Trust has issued promissory notes
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Last modified: May 25, 2011