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in the 16 parcels of timberland had a fair market value of
$5,091,285.
On August 1, 1977, John, Sarah, and three of Sarah’s
relatives, as settlors, established an inter vivos trust pursuant
to the laws of Louisiana. Before the 1977 creation of the family
trust, Sarah, O.E. Williams, and two of their other siblings
coowned several thousand acres of timberland. With the consent
of his siblings, O.E. Williams initiated a voluntary partition.
The partition was a difficult experience for family members. The
relatives contributed their respective holdings, resulting in a
14/65 (21.54 percent) and a 17/65 (26.15 percent) undivided
interest in the family trust being held by John and Sarah,
respectively. The remainder of the trust interests were
contributed by Sarah’s relatives, including 31/65 (47.69 percent)
by her brother, O.E. Williams, and 1.5/65 (2.31 percent) each by
Sarah’s nephew and niece. The trust was intended to keep the 16
parcels held by family members in undivided ownership. The
family trust provided for the sale of an interest, but only with
the written consent of all of the beneficiaries. The 16 parcels
ranged in size from 32 to 320 acres, and most of it was best
suited to use as timberland. Approximately 140 of the 2,957
acres had some potential for residential development. Less than
one-half of an acre had residential development as its highest
and best use.
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Last modified: May 25, 2011