- 4 -
correspondence with the draftsman of the trust or the will.
On November 4, 1997, 22 days after executing the trust and
the will, decedent died. He was 50 years old. Mrs. Whiting
survived decedent. She was 48 years old when decedent died.
The trust was initially funded with $10. During the 22-day
period between the date the trust was executed and the date of
decedent’s death, substantial amounts of decedent’s real estate
holdings were transferred to the trust as trust corpus. Upon
decedent’s death, life insurance proceeds also funded the trust.
B. Terms of the Trust
1. Merle Allen Whiting, Jr., and Vicki Ann Whiting
Trust
Decedent and Mrs. Whiting were the grantors of the Merle
Allen Whiting, Jr., and Vicki Ann Whiting Trust. While both
grantors were alive, the trust was revocable.
Purpose. The stated purpose of the trust was to create a
means “by which certain assets may be held for the benefit of the
Grantor and the Grantor’s loved ones * * * . It is the Grantor’s
intent in creating this trust that the Grantor’s assets avoid
probate at the time of the Grantor’s death. All provisions of
this trust shall be construed in such a manner as to best effect
these intentions.”
Grantors’ Separate Trust Shares. Upon receipt of property
in the trust, the trustee “shall establish an undivided separate
trust share for Merle Allen Whiting, Jr., equal to fifty percent
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011