Interpretation of “Balance of Income”

Trust document was interpreted to give grandchildren all of the trust income following their mother’s death, even though document provided for shares of income to other persons who predeceased the mother and directed that upon the death of an income beneficiary a share of principal shall be paid to charity, because the grandchildren were entitled to the “balance of income” not payable to the other named beneficiaries. However, award of legal fees to grandchildren was an abuse of discretion and reversed. In re: Insurance Trust Agreement of Frank P. Sawders, Jr., 2018 PA Super 345 (12/18/2018).

Print Friendly, PDF & Email

Comments are closed.