In Re Estate Of Buc California Superior Court, Marin County (

1986)

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Nature of the Case

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Facts

Settlor left the residue of her estate to the San Francisco Foundation (P), a community trust which administered charitable funds in five counties surrounding San Francisco. P held the funds, which were to be used to assist the needy in Marin County, as trustee. After settlor's death, the stock which comprised the bulk of her estate greatly increased in value. P petitioned for an order allowing to spend some of the money in the trust in the other counties in the area. It argued that the increase in value was a change in circumstances which raised substantial doubt that, had she known about it, settlor would have limited the trust to Marin County. In support of this argument, P noted that settlor had left the funds to a foundation which administered funds to four other counties besides Marin, that most philanthropists seek to expand to a larger community as their resources increase, and that given the increase in the fund's value, the settlor would have been interested in the efficient use of the money over benefiting a limited geographic area. During trial, P offered to resign as trustee. The parties entered into a settlement agreement, which was objected to by some of the beneficiaries of the trust who had intervened.