In Re Trust For Wol

708 A.2d 787 (1998)

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Nature of the Case

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Facts

Elaine Wold was the life beneficiary of a trust. Elaine advised the trustees that she wished to create a testamentary trust appointing the proceeds of a 1944 Trust in further trust for the benefit of her spouse and surviving issue. The proposed trust would create nonvested property interests in one or more issue; it would permit property held for one of her children, upon the death of that child, to continue in trust for the benefit of that child's own issue. The trust interest of that child would be considered nonvested since it would pass to the next generation upon the occurrence of a specific event; the death of the child. As for the Rule, Elaine indicated her intention to rely on the 90 year wait and see perpetuities period as codified in 1991 by the New Jersey Legislature. This suit was seeking direction from the court to determine if the 1944 trust would allow creation of a successive testamentary trust and if it would ensure that the disposition would come down as Elaine wanted it to. The original trust stated that upon the death of Elaine the trust property was to go the surviving spouse and issue of any of them in such shares as Elaine may direct by her last will and testament.