- 4 - 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 notesPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011