In re Sunray Holdings Trust

Lester and Harriet Shoup created an inter vivos trust. After Lester and Harriet died, the couple's only children, Gregory and Larry Shoup, filed a motion to terminate the trust. Gregory and Larry argued that the trust had fulfilled its purpose because it only provided for Lester and Harriet during their lives and no trust provision existed directing disposition of the remaining trust assets. Lee and Linda Shoup, Gregory's children, objected, arguing that the trust had not fulfilled its purpose and that two letters found with the original trust document provided instructions on the disposition of trust assets. The circuit court terminated the trust. The Supreme Court affirmed, holding that the circuit court (1) correctly determined that the letters would substantially change the trust if given effect, but that the change was prohibited because the trustees did not consent to the letters in writing; and (2) correctly concluded that the trust had fulfilled its purpose and should be terminated. View "In re Sunray Holdings Trust" on Justia Law